Why are my credit options poor?

dave24872450

Guys

Please help as this is confusing the hell out of me. My noddle report sits between very poor - fair yet I cannot see anything adverse on the account? I have an active credit card which is always cleared, water bill up to date along with my current account. So why is it very poor? I'm also on electoral role? All my open accounts have no adverse info and it's doing my head in. We're trying to get a mortgage at the moment. The same accounts are showing on clearscore and experian but on these I'm "stable" please help.....

[Deleted User]

Don't worry about the comedy scores and ratings . They don't reflect your credit worthiness or likelihood to get credit. Or anything else, for that matter.

Why do you think your credit options are poor? Have you had a lot of declines?

dave24872450

Yeah, looked at mortgage last night who did a soft search and it was rejected. They quoted checking file as a reason. My wife's reports on all 3 are excellent so can only assume it's me. Tried a mobile a while back and that was rejected. It's confusing the hell out of me because I can't see anything obvious?

dave24872450

Would closed accounts affect decision? I had a default on my account a while back which I settled and this has now moved in to my closed account and shows as either satisfied or settled, I can't remember which but the balance is zero? I called Natwest today who tell me this wouldn't affect a lending decision.....

[Deleted User]

The issue may be a thin file.

You mention a credit card. Do you just have the one? What else appears on your three files?

The next thing to look at would be CIFAS.

dave24872450

Just the 1 which is well within limit and mostly cleared in full every month... the only other things in my name are bank account and water bill which are all up to date. What's a CIFAS, sorry....

jimbo26

dave24872450 wrote: »

I had a default on my account a while back which I settled and this has now moved in to my closed account

THAT is the reason. A default is a red flag to any potential lender. Closed accounts are still visible to lenders.

[Deleted User]

Closed accounts will still have an impact. It shows your credit history.

If you have a default on your file, that's likely to be the primary reason, along with a lack of active credit accounts. How old is it?

CIFAS is a fraud database, but if your credit history is poor, then you probably don't need to look any further.

dave24872450

Thanks Jimbo. Does it help that it is now closed and settled/satisfied? Annoyingly, it was only for £72 and was registered in 2014 so will this drop off my closed account in 2020?

dave24872450

The default was 2014. Now it's settled, can I arrange to have it removed or can this only happen in 2020 (after 6 years)?

[Deleted User]

It'll drop off in 2020 - not before.