Can't understand why my credit score is so bad

robynlouise

Hi all.

My credit score is 1/5 on noddle, 359/700 on clear score.

Current credit - credit card with 2500k credit limit, balance 2200
PCP for car around 15k

The only negative factor on clearscore is that my credit card is close to its limit. i don't use this card, i'm just paying the balance off. minimum payment is around 20 a month and i pay 30.

In the last 2 months i've paid a 3500 bank loan off, fridge freezer finance and carpets and overdraft. these are all showing as closed on my credit report. i did have issues with the electoral roll but am back on now.

i earn 35k a year so my incomings are good. my debt (car and CC) is management - combined less than 300 a month. Do i just need to be patient? I'd really like to get a mortgage next year.

DCFC79

robynlouise wrote: »

Hi all.

My credit score is 1/5 on noddle, 359/700 on clear score.

Current credit - credit card with 2500k credit limit, balance 2200
PCP for car around 15k

The only negative factor on clearscore is that my credit card is close to its limit. i don't use this card, i'm just paying the balance off. minimum payment is around 20 a month and i pay 30.

In the last 2 months i've paid a 3500 bank loan off, fridge freezer finance and carpets and overdraft. these are all showing as closed on my credit report. i did have issues with the electoral roll but am back on now.

i earn 35k a year so my incomings are good. my debt (car and CC) is management - combined less than 300 a month. Do i just need to be patient? I'd really like to get a mortgage next year.

You do know no 1 and I mean no 1 except you can see the score, no lenders, no banks can see it, not even father Christmas has access to it.

Banks etc see the raw data, your credit history.

There's a thread about "what your score really means" near the top of the credit file section, you cant miss it.

robynlouise

Thank you - i'll take a look.

Thrugelmir

Car and credit card combined are around 50% of you income.

Minimal reductions in the card balance aren't a good indicator either.

demi60

I checked my credit score on Clearscore and it was 350/700 saying there was 3 positives and 1 negative.
I've checked 2 credit files Experian and Equifax. I've put a notice of correction on my file as I had a problem with LloydsTSB now Lloyds Bank which I've taken to the Financial Ombudsman. I now use a building society and have used that for 15 years. I've got a credit card with £2845 debt on which I used to pay for my daughter's uni accommodation and her other things she needs for uni, my credit limit is £3200.
I earn 28942 per year and wish to get a mortgage for my Right-To-Buy council house which I've lived in for the past 13 years and am on the Electoral register. I have no other issues apart from my ex husband who tried to obtain a bank card in my ex surname in 2006, 2011 and 2014. Lloyds sent me a letter informing me that he has recently used a joint account we had with Lloyds bank, I signed a form in 2007 which was sent from Lloyds removing my name from this account so all should be ok for my credit score. So am unsure why it is so low ?

[Deleted User]

Because it doesn't mean anything.

But try to get that card debt paid off.

robynlouise

I will try and get the card paid off as soon as possible but this is unlikely to be before we go for a mortgage. is it worth increasing my card limit so it shows more available?

[Deleted User]

You could try. But they may well not allow an increase as you are so close to your limit and struggling to pay it off.