Credit rating

Mchad2

Hello i am after some advice if possible.

I was in around 6k of debt 3 years.. thankfully nearly all of that is gone.

I cant seem to get my credit rating above 500 though.

I am in a well paid job ...i have not missed any payment now for around 18 months, i habe a credit card with a limit of £250 which i use once a month and pay off again. I have a loan which i have £500 left to pay and i pay £100 a month. I am on the electoral role and all my details are up to date.

Is it just a matter of time and patience and keeping on top of things?

Any help is greatly appreciated

Mchad2

[Deleted User]

Ignore the score. It has no meaning and isn't used for anything.

Continue to clear your card in full each month and get the loan paid off. That way you will build a solid credit history.

binaryuniverse

Don't worry about the score. It sounds like you're doing the right things, if you have a credit card and loan on the go. Do you need
any new credit, right now? Or it just an obsession with the score?

Was the debt paid off under usual circumstances? Or did they default, or gone to an arrangement to pay? They will also affect your credit score/worthiness.

Have you checked your actual reports to see what is on them? Or are you just going by the score?

Loads of questions there. :rotfl:

DCFC79

You need to be patient.

Have you checked everything on the report is correct ?

You checked the other 2 agencies ? Noddle and clearscore.

Sho says your score is 500 ?

Mchad2

Thanks for the replies.

I do not need credit right now however i will try to get a mortgage in 6 months time.

3 or 4 of the debts were on an arrangement plan, but towards the end i paid them off in full.

Experian say my credit score is 500 , and no i have not checked the others, i will do that.

Ben8282

Mchad2 wrote: »

3 or 4 of the debts were on an arrangement plan, but towards the end i paid them off in full.

You have answered your own question. This is the source of the problem and will remain so until the accounts concerned drop off.

binaryuniverse

Arrangement to pay will affect the score regardless of whether it was paid off in full or not. And it will do until it drops off your credit file.
However, a lender may not be overly concerned about it, but it does depend on the lender. Depending on how recent they were paid off, may also affect a lender's decision.

I'm finding similar: My 'score' is atrocious. Low with all 3 agencies, but I've opened 2 credit cards, in the last 6 months and about 6 bank accounts.

I'm fully expecting, once the remaining defaults and arrangement to pays are removed from my file, it'll suddenly jump to a pretty high score.

But I'm getting new credit with little problems now. Despite the score.

Mchad2

How long do they take? 6 years?

Mchad2

Clearscore gives me 268/700.

[Deleted User]

Do you like that number more or less than the Experian one?

Mchad2

Im guessing now it doesnt matter? I prefer the website more, and its free!