Credit Rating won’t improve no matter what I do.

TylerDurden36

Hi all.

Not sure what’s going on with my credit report but it will not budge from the 1 out of 5 it has been on forever.

Up until 5 months ago I had a default on my account but this was cleared and my credit score jumped up around 30 points straight away.

I have 1 credit card which is up to date.
2 bank accounts with overdrafts that are both up to date.
I am on the electoral role.

I have no outstanding finance at all.

I get roughly £20,000 a year.

Cannot understand why it will not go up. As I said the actual points went up by about 30 after the default was cleared but it is still stuck at 1/5 overall.

Have friends who earn less than me with better scores.

Any help would be great.

Cheers.

[Deleted User]

It's fine. Your credit score is a made number not seen or used by lenders. It doesn't matter if it moves or not.

Just continue to manage your credit responsibly.

sourcrates

Credit scores generated by the credit reference agencies are just random numbers based on how they beleive lenders may percieve you, they are used as a marketing gimic to sell you credit improvement products.


My score has been 1/5 on Noddle for decades despite times when my file showed a near perfect credit history, and times when it showed i was insolvent, it never moved...........you should just concentrate on having a good credit history, and ignore the made up score, as it means next to nothing in the real world.

BoGoF

Ignore the score/rating.

But the default stays on your file for 6 years. You don't seem to have much credit available. One credit card - do you use it?

Sncjw

Do you have a balance on your overdrafts. Clear them not for the score but to save money.

SlovakianGuy

TylerDurden36 wrote: »

Have friends who earn less than me with better scores.
Any help would be great.
Cheers.

Information about your income is not on your credit report. In fact, credit reference agencies don't even know how much you earn unless you tell them yourself.

Your credit file is only about credit (the money you borrow), not the money you earn or save.

Btw, check your other two credit reports as well. You can see them for free on ClearScore and MSE Credit Club.

TylerDurden36

Thanks for all the replies.

The one credit card I have never gets used as I never have the need for it. It’s balance is zero. I did use it when I first had it but the interest was ridiculous so now I just save for things I want.

The balance on both overdrafts is not used. One is £2500 and the other is £2000 but again I rarely use them unless there is an emergency.

A friend of mine had two defaults on her account up until last year then within 3 months of clearing these her credit rating went from 1/5 to 4/5.

The credit reference agencies must just not like me!

[Deleted User]

Start using the card.

You're not giving lenders any reason to think you can handle credit. Interest rate is irrelevant as you'll clear it in full each month.

The credit reference agencies have no opinion about you.

phillw

sourcrates wrote: »

Credit scores generated by the credit reference agencies are just random numbers based on how they beleive lenders may percieve you,

The irony of you correcting someone about a credit score, but completely misunderstanding what a random number is.

[Deleted User]

Not irony at all

cymruchris

Why do you need the number to go up? Do you have plans for a mortgage or something?


As others have said - use the card - pay it off - after a few months try the online eligibility checkers to see if you can get a second credit card - also use that (just to buy petrol, or snacks at Sainburys) and pay it off. Form a habit of using - paying - using - paying. That will help move your magical mystical number northwards.