Credit rating improved but match maker showing only cards for poor credit history

chullbulla

Hi All,

I had quite few defaults on my credit file which all remove on second week of December. ( I still owe the money and paying to debt collectors but my file is clean now) also my score jumped by 250 points and is very close to excellent rating.

However when I use Experian or Noodle credit matchmaker its only showing me the cards for poor credit history like Capital & Aqua, I am confuse as I thought once default removed no matter I paid or not it shouldn't effect my report.

[Deleted User]

Your score is made up, so just ignore that. It's not a factor used in lending.

Have you reviewed the contents of all three of your files?

chullbulla

I have reviewed on Noddle and Experian, but showing clean report ( no defaults )

[Deleted User]

Do you have any positive history though?

chullbulla

Sorry what do you mean by positive history?

Summary,
I just checked ClearScore as well and showing no default ( means removed from all three files?)
Currently I have one credit card, overdraft and car finance all in good order no late payment.

[Deleted User]

Positive history means a history of managing credit well. You may have a thin file, which mean there is not much for a lender to go on.

You might also look high risk because of your debts - the car finance, the OD if you are using it and the card if not full paid off each month.

chullbulla

Car finance is only £4k, OD hardly use when I have £5k, Card paying each month from 2 years full payment, I am in permanent employment 7 years £30k, I have not applied any card yet its just experian and noodle match maker which showing poor results.

[Deleted User]

If you need a card use an eligibility checker

David555

Least it’s not just me I suppose!

I have the exact same problem. My one and only default was removed but I’m still only eligible for poor credit rating cards and a handful of guarantor loans at laughable interest rates when I run eligibility checkers.

It’s almost as if companies record the fact you had a default on their own systems even after it’s dropped off your credit file and use it against you. I find it hard to believe with nothing but good credit history I’m not eligible for any normal loans or cards apart from poor credit ones, still.

Like yourself I have 2 years of credit card history and 6 years of a current account being reported on the CRA’s. Maybe my credit eligibility will be poor for another 4 years until I have a full 6 years of credit card history reported?

MoneySavingExpert credit club hit rate says

“MoneySavingExpert
Credit Hit Rate

Out of our basket of top credit cards and loans, you have a good chance of getting 5% of them.“

Couldn’t do much worse if I tried! Maybe I need to miss a few payments, go over my card limits and incur some fees to become more appealing and profitable :rotfl:

Negatives are average age of my accounts being 2 years 1 month and 5 searches in 12 months. Few drop off in January.

binaryuniverse

David555 wrote: »

Out of our basket of top credit cards and loans, you have a good chance of getting 5% of them.“

Couldn’t do much worse if I tried! Maybe I need to miss a few payments, go over my card limits and incur some fees to become more appealing and profitable :rotfl:

Current accounts don't really have many positives for your credit worthiness. There's the longevity factor, but that's about it. At £0 there's no form of payment history, and if you're in your overdraft that's viewed as a negative anyway.

If you only have the one card, in your position, I'd test the water and apply for one of those cards in that 5% in January. Gets you another card for your history. The only other thing you need then is patience. It won't be instant. But your outlook will probably have improved in another year or 2.

[Deleted User]

You need a history to get better market rates.

So get a card for building credit and use it and pay in full each month after statement