Credit:Why isn't it improving???

MrsFaul

Hello,
Can anyone advise me? I have been trying to improve my credit score , its sitting at a miserable 1/5 and has been for about 2 years +. In the terms of rent, and bills up to date ( no missed payments) and credit cards is paid up in full at the end of each month. My credit limits have vastly increased on my credit cards, which I thought would have helped increase my score.
I am wanting to get a mortgage and with a score like that I won't even get a shed!
Thanks in advance

[Deleted User]

Your score is a made up number that bears little, if any resemblance to your credit worthiness, and that no one sees or uses. Ignore it like a drunk on a night bus.

It's possible to get both a mortgage AND a shed with any score you can think of.

What data appears on each of your three files? Accounts, payments (full or minimum), limits, defaults, CCJS, debts?

MrsFaul

All my accounts are up to date. No arrears. I use way below my credit limit on my cards as they have increased it to a high amount. I had a CCJ 5years ago, which was satisfied pretty much straight away. Its so frustrating !

[Deleted User]

It;s not frustrating at all.

If your credit history is good, then all is well. Lenders don't see the pretend scores the CRAs give you. They score you on the data on your files.

Once all the negatives have fallen off, just keep using your card, clearing full regularly, pay your bills on time, and time will do the rest.

Then you can go out and pick out soft furnishings for your house and shed.

Remember to check the data on all THREE of your credit files.

Craig1981

it seems like there is still a CCJ on your file, which is affecting what you see


this will drop off after 6 years. if you care about the score, this is when you will see it shoot up, once the CCJ has been removed and defaulted accounts dropped off (if any)

[Deleted User]

Actually the score is more likely to drop following the removal of the accounts.

But either way it’s irrelevant

xzibit

I have an Experian credit score of 999. I can't get a phone contract. Score means nothing.

System

Credit agencies intentionally give people low scores this is because they want to sell you credit builder products you don’t actually need. They usually give you a higher score after you’ve purchased a few credit lines through them otherwise don’t expect it to improve.

Thrugelmir

MrsFaul wrote: »

I use way below my credit limit on my cards as they have increased it to a high amount.

The amount you owe is key. Not the level of utilisation. Likewise has the amount of debt owed been on an upward trend. Your a non home owner which means that you've no assets to secure the debt on if you default. To improve your rating reduce the amount you owe. Put it on a downward trend.

Cut out some of your cards and reduce your credit limits. Will hit your rating in the short term. Over a few months will return to normal though. As change will be viewed as negative by CRA's.

If you are considering a mortgage. Then presumably you have savings?

boo_star

Anthonym wrote: »

Credit agencies intentionally give people low scores this is because they want to sell you credit builder products you don’t actually need. They usually give you a higher score after you’ve purchased a few credit lines through them otherwise don’t expect it to improve.

No, they don't.

adomanim

Your credit card balances are too high
The first is that your credit card balances may be too high. A full 30% of your credit score is based on your credit utilization or how much of your total credit limits you’ve used up. You can check yours by dividing the total amount of your credit limits into the amount you’ve used.