Credit Score Unchanged

rachaelfleur

In the past I got myself into quite a pickle with debt but I'm slowly paying it all back and I'm almost clear. I check my credit score regularly using Equifax and I'm a little bit confused. Over the past year roughly 4 defaults have dropped off cause of the 6 year mark. I've also just had an old credit card drop off this month and another default drops off next month. I've also recently managed to get a credit building credit card so I can start repairing my damaged score. The problem is even though all of these things have dropped off my file my credit score has remained the same and it's poor. I thought that by all of these things dropping off that would increase my score along with the fact that I've managed to obtain credit and keeping up with payments.

robber2

'You' dont have a credit score. What you will find is a made up number that the CRAs wil be happy to sell you however as they dont lend money and nobody but them and you see the number it is somewhat meaningless.

In time the organisations that actually give credit or lend money may consider you a lesser risk however only they can determine their criteria for their decision.

DCFC79

rachaelfleur wrote: »

In the past I got myself into quite a pickle with debt but I'm slowly paying it all back and I'm almost clear. I check my credit score regularly using Equifax and I'm a little bit confused. Over the past year roughly 4 defaults have dropped off cause of the 6 year mark. I've also just had an old credit card drop off this month and another default drops off next month. I've also recently managed to get a credit building credit card so I can start repairing my damaged score. The problem is even though all of these things have dropped off my file my credit score has remained the same and it's poor. I thought that by all of these things dropping off that would increase my score along with the fact that I've managed to obtain credit and keeping up with payments.

I'm afraid I have some bad news, you have been thinking your score is important.



Its not seen by the lenders, what matters is your credit history, I repeat your credit history is important not the score.

Doctor_Duke

The score is only an indication as has been said and isn't used by lenders as they don't see it. They consider the information on your file when they credit score you when you apply for a credit facility. Credit scoring varies from lender to lender and each will have its own scoring criteria. However, if you want to see how the CRAs think you score try Noddle as that is free and part of CallCredit. Experian is the biggest and arguably the most used agency by lenders although you'd have to be pay a £2 statutory fee to obtain the file unless you sign up for a free trial with them.

rachaelfleur

Wow, I didn't know the actual score wasn't seen! Thanks very much to everyone who responded! So basically I'm getting stressed out about a number that is really meaningless......

DCFC79

rachaelfleur wrote: »

Wow, I didn't know the actual score wasn't seen! Thanks very much to everyone who responded! So basically I'm getting stressed out about a number that is really meaningless......

The score is a representation of how good/bad your credit file is but it isn't a 100% correct view of your history as for example you could have debts that aren't reported to say Noddle but are on Equifax.