Poor Credit Rating has me baffled...

SA96

Hi everyone!

Like many other people, I've just signed up to MSE's credit club however and much to my surprise; I've found out that my credit rating is 'Poor' and It's around 579 on Experian, Noodle has my score down as 'Fair' so I'm confused by the inconsistency.

Just some background information, I'm 20 years old and working in a full time job earning not much over £16k, I have absolutely no debts whatsoever and I've got currently about £17k saved up sitting in current accounts with Santander and TSB.

I've got a M&S Credit Card which I rarely use but pay off every month in full and I've also got a HSBC Advance account just purely for the Regular Saver access.

The only thing that I can think of is my perpetual habit of constantly switching bank accounts in order to qualify for switching incentives. I'm not really concerned as I won't be applying for a mortgage until I'm probably near my late 20s so I've got plenty of time to fix it.

The only thing that springs to my mind is potentially sticking with my current accounts and my M&S Credit Card regardless of switching incentives being offered by others in order to show loyalty on my credit file.

Regards
SA

[Deleted User]

The inconsistency is caused by neither score meaning anything.

Ignore them and manage your accounts well. Use your card regularly and clear in full each month.

Dobbibill

Don't worry about the score, it is a number generated by the CRAs. The same CRAs that DO NOT do any lending.

You are 20yrs old, so at maximum would have just 2 yrs history, the CRAs can hold 6yrs of history.

You have savings, which the CRAs do not see.

You have a CC you rarely use.

For a mortgage or any other lending in years to come, make sure you are on the ER, pay all utility and mobile phone bills on time every month, use your CC for things you would spend on a debit card anyway and pay off in full each month, preferably by DD.

Thrugelmir

Are you registering on the electoral roll every year?

SA96

Thrugelmir wrote: »

Are you registering on the electoral roll every year?

Yes, I'm on the electoral roll and I vote in my local council elections and the general election.

forgotmyname

I had an email from Clearscore saying my "score" had dropped. Even though i know the score is a useless number that the CRA generate and that only i see it curiosity got to me and i had a peek. It was because i made an expensive purchase that was over 50% of my cards limit.

Then the following month i got an email saying my score had increased. I assume because i paid it in full as usual. I didnt check.

ern1984

unfortunately there is too much inconsistency between banks