Why is my score this low? Please help!

lizferris1984

!!! wrote: »

The point, that you’re either ignoring or not grasping, is that for someone that has savings and a deposit for a house and a good sense or budget/money management, somethings not adding up (excuse the pun).

You wouldn’t need a loan and a mortgage advisor or broke will ask why you took the loan when you had disposable cash to pay with instead.

It's not adding up because I don't have access to my savings. They are in a LISA account so I can only withdraw from this for a mortgage deposit.

I chose to pay some of my accounts in a lump sum. Clearly I could have paid them off in small installments (and was doing so previously) but I wanted to clear the full amounts. Hence taking a small loan.

I didn't have hundreds of pounds left over per month to clear the accounts, because a) I am not on a high salary b) I live in an expensive area for rental property, my rent currently costs over double what my mortgage will eventually cost per month c) I am a single parent & support my son on my own.

Hope this sheds some light on the situation. The reason I don't seem receptive to your views, is because I feel like you think I am stupid. So that doesn't really inspire confidence. Sorry.

scandalpk

No need to get upset, its just a score that only you can see. Your score isn’t a thing seen or used by lenders.

phillw

scandalpk wrote: »

No need to get upset, its just a score that only you can see. Your score isn’t a thing seen or used by lenders.

No, but they have their own scoring which won't match exactly but has some correlation.

phillw

lizferris1984 wrote: »

I understand that no one can else can see this, but I obviously know in myself I am not out of control, and for that reason I know a short term loan won't be a repeat occurance!

People who are bad with money will say the same thing.

So they rate you on how your credit file looks, most people about to buy a house aren't borrowing money they are instead saving for a deposit.

You might think it's unfair that you have savings, but they are tied up and can only be used to pay the deposit. Once you buy the house you won't have those savings anymore and whatever caused you to require to borrow £500 could affect your ability to pay your monthly mortgage payment.

Some people won't even switch their energy supplier in the year before they renew their mortgage application, to reduce the number of credit file searches. That is the kind of behaviour you need to portray.

lizferris1984

phillw wrote: »

People who are bad with money will say the same thing.

So they rate you on how your credit file looks, most people about to buy a house aren't borrowing money they are instead saving for a deposit.

You might think it's unfair that you have savings, but they are tied up and can only be used to pay the deposit. Once you buy the house you won't have those savings anymore and whatever caused you to require to borrow £500 could affect your ability to pay your monthly mortgage payment.

Some people won't even switch their energy supplier in the year before they renew their mortgage application, to reduce the number of credit file searches. That is the kind of behaviour you need to portray.

Yes - I'm not buying a house immediately though am I? This is years down the line. And if you actually listened to a word I am saying - the deposit money is inheritance money. So clearly I am not saving this money myself.

I get the impression you think I'm an idiot, so I'm done with the condescension now.

[Deleted User]

5 pages in and you’ve still not gasped what people are trying to explain to you...

lizferris1984

!!! wrote: »

5 pages in and you’ve still not gasped what people are trying to explain to you...

Ok - so what haven't I grasped?

I know that taking out a short term loan for a small amount doesn't look fantastic to lenders, and isn't an ideal choice to make.

Rather than not grasping this, I've actually been sidetracked by correcting incorrect assumptions about me. To list them: a) I have multiple unpaid credit cards b) I've taken out a payday loan c) I have £75k in savings currently d) I have instant access to savings I have currently e) I will apply for short term loans repeatedly f) I plan to apply for a mortgage in the very near future.

NONE OF THIS IS TRUE. And yet points have repeatedly been raised based on these assumptions.

And yet I'm criticised for not grasping things. Unbelievable.

[Deleted User]

Your posts are all over the place that’s why.

To answer the original subject - ignore the score.

If you have debts then rather than putting money into savings, take a break and pay the debts off.

Provide clear and concise information when people ask for it.

Stop getting in a ‘tis-was

lizferris1984

!!! wrote: »

Your posts are all over the place that’s why.

To answer the original subject - ignore the score.

If you have debts then rather than putting money into savings, take a break and pay the debts off.

Provide clear and concise information when people ask for it.

Stop getting in a ‘tis-was

I said ages ago I understand about the score, so I thought that was already covered?

My savings are mainly from my parents, so I'm not putting much money into savings myself.

What information have I been asked for, that I haven't given?

lizferris1984

Everything made sense up until my second update, and then it's just deteriorated into criticism about the loan I took out, and someone sourcing information from another post & misquoting the information, which has then led to people assuming the information was true.

It's all a mess from this point onwards, and I'm not sure that's completely my fault. Just because I'm new on the forum, that doesn't mean I'm happy to be blamed for everything that's gone on in this thread.

Thanks to all the people who've given useful advice - it has been listened to, despite what's being said about me.