Confused and Frustrated

JBgood

7 Years ago I got into financial trouble after a business I was involved in folded. I ended up with 2 CCJs and 4 defaults. Three of the defaults were credit cards because I simply was unable to pay them back. I was very down and burried my head in the sand instead of trying to negotiate with lenders.

Since then, I have knuckled down, paid everything off, and have now got to the point where my cedit file is once again clean. I have zero defaults on my file. Instead I have 2 credit cards which I have religiously paid on time for over a year (since I got them) and my bank account. They are the only accounts showing on my file.

I have been living at my address for much longer than 3 years, and always been on the electoral register, I have no CIFAS markers.

So why does Experian still insist that my credit score is 'Poor'?!? 667 to be precise. And it has updated a few times since my file became clean, so its not just that it hasn't updated.

Now I know the score means nothing and all lenders have their own scoring systems, but even the MSE credit card eligability check shows that only Barclay card, Capital One, and a few more obscure bad credit cards will accept me.

I was refused a lease agreemnt on some computer equipment for my business, that's really the only credit I wanted at the moment. I just don't get why even after working so hard and following all the credit repair advice I can, I still can't get any credit other than 'bad credit' products.

Incidetally, one of the card I defaulted on was Capital one. New they keep sending me letters asking me to apply... can I / should I apply having defaulted with them previously. Do credit cards ever give second chances?

Sanctioned_Parts_List

The dedicated credit/credit scoring board on these forums might be more useful. I understand that credit scores are self-referential - having a history of successfully-managed credit and some successfully closed accounts on file helps you get more credit.

If you've had absolutely no credit for 6 years until those defaults dropped off your report, then you also have no history of successfully managing credit - hence the bad score. Sub-prime cards with tiny limits aren't as helpful as they market themselves to be.

It's also the case that just keeping 2 cards paid off each month doesn't actually help improve the score. You pretty much have to game the system.

Darksparkle

Doesn't your report show your positives/negatives?

National_Debtline

Hi

Posting your enquiry on the Credit File and Rating board is a good suggestion from Sanctioned Parts List.

I’m not sure why your Experian credit score is low, but you already seem to know that the score isn’t important in credit applications anyway. As you’ve been declined credit and only get certain suggestions on the eligibility checker that could indicate an issue though.

If you’ve only checked your Experian file so far I think it’s worth also looking at your Equifax and Call Credit (www.noddle.co.uk) files as it’s possible that creditors have searched those agencies instead.

James
@natdebtline