Credit score remains unchanged?

Susanr

I am desperately trying to improve a poor credit score. I have repaid over £1000 to my credit card debt this month, but my score hasn't budged: not even by one point?! Every other month it has moved slightly. Can anyone help? I have made no new applications etc this month. I was hoping to have it repaired in 6 months if I clear my credit card debt. Is this unrealistic? Thank you.

[Deleted User]

Don't worry. The score is a made up number that doesn't reflect your credit worthiness.

Just keep clearing your debt. Lenders will simply look at how you manage your accounts, not the pretend scores.

Nebulous2

Your score isn't important. Your history and how lenders view it is.

What do you have on your history? Late payments, defaults and ccjs will cause damage which takes a long time to repair.

A high level of indebtedness, which has been serviced well, much less so.

Why do you want to improve it? Do you have a goal in mind, a big purchase or a mortgage? If you do, then putting your affairs in order is sensible. If not, while reducing interest bearing debt is still sensible, there is no need to chase a magic number.

The people who create your score may not even know you have repaid £1000. It can take 6 weeks or so to be reported to them.

DCFC79

Susanr wrote: »

I am desperately trying to improve a poor credit score. I have repaid over £1000 to my credit card debt this month, but my score hasn't budged: not even by one point?! Every other month it has moved slightly. Can anyone help? I have made no new applications etc this month. I was hoping to have it repaired in 6 months if I clear my credit card debt. Is this unrealistic? Thank you.

You can rest easy susan, just reduce your card debt. Might be more than 6 months but carry on as your doing.

Susanr

Thanks, all I have is my mortgage, car loan and 4 credit cards which were maxed out so I think causing the issue. I plan to clear 3 of these in the next 6 months. I am looking to remrtgage in a year or so, and have recently been offered very poor rates due to my credit score. Glad to hear that is not necessarily as important! No CCJs but some missed payments earlier in the year. I was just worried as it had been steadily improving until this months update.

Nasqueron

Susanr wrote: »

Thanks, all I have is my mortgage, car loan and 4 credit cards which were maxed out so I think causing the issue. I plan to clear 3 of these in the next 6 months. I am looking to remrtgage in a year or so, and have recently been offered very poor rates due to my credit score. Glad to hear that is not necessarily as important! No CCJs but some missed payments earlier in the year. I was just worried as it had been steadily improving until this months update.

You score is not "not necessarily as important" it's utterly meaningless. You were offered poor rates due to the large amount of debt you have and the missed payments - you aren't a prime borrower so don't get prime rates.



The score you get is not seen by your bank or the mortgage company, they score you internally using a process you will never see based on your debt, income etc.


Clear the cards and continue buying on 1 card and paying off in full, keeping another for backup. Close the other 2 so the amount of credit you have available is reduced (a lot of credit can discourage firms from lending as you could go on a spending spree) then pay off the loan