Not sure what to do?

JasonDodd89

Hi all, im new here after using Experian for many many months taking all the tips i can to improve my credit etc im getting nowhere with it

my score has been 721 for the last 2 years atleast and no matter what i do it doesn't increase. Ive kept ontop of it every month checking and updating if needed.

i have 3 accounts with Holts banking (military) part of RBS.

one is my current account with +£2000 in it. monthly wage coming it etc.
the other is my loan of £10,000. (only £480 left to pay). never been late or missed a payment.
and the last one is my savings one which i don't really use.

my outgoings are around £500 from my monthly wage of £1400. the rest stays in my current account.

i only have my monthly mobile bill of £17pm.
Fuel £70pm
tax £19pm.
rent £300pm

ive not applied for credit since having my loan.

5 positives and 1 negative on the account.

the negative is a account that i settled with lowell back in march and i have the email stating it was settled in full. yet my report says the account was defaulted:(

im geussing this is the cause of not being able to do anything which is fustrating as im at the point now i want to get a mortgage etc.

any advice?

[Deleted User]

The score is a made up number that isn't used or seen by anyone - that's why it's not changing. You need to focus on the data.

The default won't help you. Build good credit history by using a credit card regularly and clearing in full each month. If you can clear the loan from your savings, then do that to save yourself some money.

You'll find out how lenders view you when you come to apply for credit.

JasonDodd89

Fictional? please elaborate?

And what data? they have all my data possible and its all up to date too.

i dont have a credit card and my loan is paid every month as i explained. i dont get how id save money by paying it off as id still be paying £480...

[Deleted User]

Fictional as in made up. It doesn't reflect how lenders view you and is a poor guide to your credit worthiness. Lenders don't see it and don't want to. It's just a little gimmick to keep your interest up.

The data is what appears on your files. It needs to be correct and you want it to be as positive as possible.

If you settle your loan early, you save interest. Not a huge amount at this stage, assuming you're into the last few months, but the less time you have the loan, the less interest you pay.

A card is the best way of building credit history.

JasonDodd89

Well, thats just stupid then? why am i paying Experian however much a month it is to keep an eye on my score with as much information as possible?

i have 1 month left to pay it off after this month.

my own bank wont give me a credit card or mortgage and give absolutly no reason as to why... theyve even checked my report out themselves and cant understand why?

i have now contacted lowell to see why its marked as defult and not settled on my account. thats the only thing i can think of

[Deleted User]

What was the account with Lowell? How did they come to have it?

Try a sub prime lender for a card - aqua, Vanquis etc.

JasonDodd89

It was for a sum of £670 off the top of my head. as to what for? i have no idea it was apparently from 2003 if i remember right.

[Deleted User]

But did it default? I assume so, if Lowell have it. What do your credit files (all 3) say about it?

I'm trying to understand if there is something about the reporting which is incorrect.

JasonDodd89

i only use Experian

looking at it, it defaulted in 2011, the account was started in 2007

i then satisfied it on the 4/4/17

[Deleted User]

Look at all 3 files.

The account will fall off your files, 6 years from default. So sometime this year, by the sounds of it. That will improve how lenders view you.

JasonDodd89

how do you mean all three files? for each of my other accounts? the current and loan accounts?