Paying off all my loans on time but my score is getting worse!! Why! Help!?

robin58

(Text removed by MSE Forum Team)

I would never, never, never ever take out a loan for someone else in my name.

As other posters say the debt is in YOUR name regardless of who is paying it. You are liable to pay it off, not them.

As someone with 3 other brothers I learnt very early in life not to take any form of loan on behalf of someone else.

Unfortunately blood is not thicker than water. One day you will find that out.

Time to scale back the wedding to the local Registry Office and a cheap local hall.

robin58

Dionne88 wrote: »

Also, I spoke to a few people today such as the bank and experian and they advised me that as long as I keep paying the debts off as I am monthly then my score will improve majorly. My fiancee as I said earns just as much as I do and im due a payrise in september as I accepted a promotion so my pay will rise from 36k to 58k as a head teacher.

Hopefully all these factors will grow my credit and in a few years time my credit score should be way up there

Are they the ones selling you the loan? You are building a credit mountain with which you only need a small earthquake and it will all come tumbling down.

And for god sake, credit scores mean !!!! all.!!!!!!!!!

fusionx212

Dionne, I'd like to say congrats on the wedding and the promotion.

as I said MSE is full of many who love to point and hiss, but there are genuine people who want to help.

if at any point you need some further advice just drop into the forum and we'll be happy to assist.

fusionx212

Dionne88 wrote: »

Also, I spoke to a few people today such as the bank and experian and they advised me that as long as I keep paying the debts off as I am monthly then my score will improve majorly. My fiancee as I said earns just as much as I do and im due a payrise in september as I accepted a promotion so my pay will rise from 36k to 58k as a head teacher.

Hopefully all these factors will grow my credit and in a few years time my credit score should be way up there

Dionne, paying on time and clearing balances off does assist in successful credit applications

you've done no wrong and all the debt is paid on time. keep plugging away at it. it'll take you a while I'm sure. I think a lot of people get stung sometimes with lending to family etc that is why you get some having issues.

I've got loans out for relatives and they always paid me back but that judgement is always your call and you have to accept that although not likely, there is a risk involved in these things.

as long as you are aware of the risk then that is fine,

also the high sums are interesting due to the lenders giving you the money for that amount. you must of had a high credit worthyness when you got the loans they would of done the relevant checks to clarify.

DCFC79

Dionne88 wrote: »

Thanks for your advice. The loans for my sister and my mother are being paid back monthly by them. I dont actually fork out for them that would be very silly of me.

Why would you do this ?

Your open to getting royally screwed if they stop paying for whatever reason eg injury or sickness etc.

DCFC79

Dionne88 wrote: »

Also, I spoke to a few people today such as the bank and experian and they advised me that as long as I keep paying the debts off as I am monthly then my score will improve majorly. My fiancee as I said earns just as much as I do and im due a payrise in september as I accepted a promotion so my pay will rise from 36k to 58k as a head teacher.

Hopefully all these factors will grow my credit and in a few years time my credit score should be way up there

Your focusing too much on the score, the score meanings nothing. You checked the score with the other 2 agencies as they could give you a low rating.

Thrugelmir

Dionne88 wrote: »

Hey Guys, Thanks for everyones feedback! I took a gamble and applied for a top up loan with Sainsburys and was approved for another 30k ....I dont need 30k to pay for a wedding so I settled for the 25k which would be enough for a wedding and to pay off some other unnecessary debts.

Clearly a credit score isnt the most important I think it depends on your relationship with the lender its still possible

Thanks again

Was that online? The full credit check will have to be performed before the formal offer is made. .

ViolaLass

Dionne88 wrote: »

Hey Guys, Thanks for everyones feedback! I took a gamble and applied for a top up loan with Sainsburys and was approved for another 30k ....I dont need 30k to pay for a wedding so I settled for the 25k which would be enough for a wedding and to pay off some other unnecessary debts.

Clearly a credit score isnt the most important I think it depends on your relationship with the lender its still possible

Thanks again

Out of curiosity, what interest rate did they offer you?

downhillfast

Dionne88 wrote: »

im due a payrise in september as I accepted a promotion so my pay will rise from 36k to 58k as a head teacher.

Hopefully all these factors will grow my credit and in a few years time my credit score should be way up there

Forgive me if I'm wrong but I smell a rat here... a Head Teacher... aged 28??? Plus, I believe that position to normally be attained through an application process rather than being offered as a promotion for you to 'accept'?

DCFC79

downhillfast wrote: »

Forgive me if I'm wrong but I smell a rat here... a Head Teacher... aged 28??? Plus, I believe that position to normally be attained through an application process rather than being offered as a promotion for you to 'accept'?

I dont buy ithe that the OP has taken out another loan.