Stuck with bad credit? I don't know what to do?

B4d_cR3d1t

Hi all, so here goes, I really hope someone who can advise. I have a bad credit score, "poor" on experian. I have no idea what to do to increase it. I'm registered to vote from my address, so that's not an issue. I've got no long term or short term debts, another reason it says on clearscore is that my oldest credit agreement isn't very old (if anyone could enlighten me to what this means?). The last negative is arrears against an old bank account which has been cleared up now anyway. The only thing I seem to be able to do is apply for a low amount credit card but even ones intended to build credit reject me. Experian rates my chances of getting even the lowest rate cards at 10% How do I get my credit up if I'm not allowed anything that would help?

[Deleted User]

What credit agreements do you have?

Which cards have you applied for?

Are you on the ER?

Do you have an income?

When were the arrears paid off?

Ben8282

B4d_cR3d1t wrote: »

Experian rates my chances of getting even the lowest rate cards at 10%

I was unaware that Experian operate an eligibility checker. Could you please post a link to it?

Westminster

Perhaps you have a CIFAS or National Hunter fraud record which may explain your recent rejections if there really is nothing averse on your CRA files.

You mention some arrears being cleared up - what are the details relating to that? (Dates, amount, account status etc)

Also you need to check equifax (ClearScore) and callcredit (noddle)

MSE_Chris

Ben8282 wrote: »

I was unaware that Experian operate an eligibility checker. Could you please post a link to it?

I think B4d_cR3d1t is referring to the eligibility checker that we've incorporated in our new credit club:


http://www.moneysavingexpert.com/creditclub


We also provide an Experian credit score within the club alongside the eligibility checker but these are 2 separate things.

MSE_Chris

B4d_cR3d1t wrote: »

Hi all, so here goes, I really hope someone who can advise. I have a bad credit score, "poor" on experian. I have no idea what to do to increase it. I'm registered to vote from my address, so that's not an issue. I've got no long term or short term debts, another reason it says on clearscore is that my oldest credit agreement isn't very old (if anyone could enlighten me to what this means?). The last negative is arrears against an old bank account which has been cleared up now anyway. The only thing I seem to be able to do is apply for a low amount credit card but even ones intended to build credit reject me. Experian rates my chances of getting even the lowest rate cards at 10% How do I get my credit up if I'm not allowed anything that would help?

It's good to mention that lenders can't see your credit score - this is for your eyes only - it simply give you an indication on your previous credit history.


However, it seems based on your eligibility results for credit cards (you mentioned 10%) that lenders don't see you in a favourable light and this could be for a number of reasons. We've partnered with HD Decisions to provide our eligibility tool - They go to the lenders and get a rough idea on what their ideal customer would be (age/employment status/income/expenditure etc).


A rating of 10% means that 1 in 10 people with your circumstances are likely to be accepted for that particular deal. I'll be interested to know what your eligibility scores are like for higher rate cards listed under "bad credit"?


Sometimes if you've not had much credit before and have any indication of arrears on your account, then this will go against you as lenders simply wouldn't want to take the risk.


It sounds like you're on the Electoral Roll which is positive but I would recommend checking your Statutory Report (£2) to ensure there's no other inaccuracies on your full credit file:


http://www.experian.co.uk/consumer/statutory-report.html


We're hoping to incorporate this full Experian Credit Report into credit club in the near future but in the meantime, you'll need to go to Experian directly for your stat report.