Credit score help, with Littlewoods

kiwicries

Hello, so I’ll start by saying I’m not completely educated on credit scores and how they work and what affect them other than the obvious. So I’m here to ask a few questions.

I'm trying to move out of home as a first time renter and my credit score is terrible. Well, except it’s not. It’s 408 on clearscore but 912 on Experian which are 2 very different results, I don’t know why, how, or which one would be checked when credit checks are underway.

i don’t have a credit card and haven’t pulled out any loans. I rarely use klarna but have always paid those on time, the only other place I’m borrowing money is Littlewoods. I have a £600 limit on there. Which I used last year. Well, half of, but they add half interest too so almost the whole £600 was used until I payback the £250ish I owed. Well, I’ve steadily been paying this off, around £50 a month, and I have one more £30 payment next month before it’s completely paid off and I don’t plan on using it anytime in the near future as to help my credit score. However, what I’m wondering is, would it help my credit score to shut down my littlewoods account, rather than to leave it sit not being used?
I know if I don’t use my account but still have it open then my credit score will still slowly go up, but If I close my account, would that technically consider me not borrowing money anymore, and would that be better for my credit score or about the same?
i would keep the Littlewoods account for the future, it’ll especially be useful when I move and am tight on money and might need something. However if it would be better for me to close the account then I will. I’m just sort of wondering if anyone could help me understand how it works.

On another note, any way to boost your credit score quicker? Obviously all my payments are going to be made and I will owe nothing to anyone from the end of this month (finally!) but I know the credit score increase will be slow. Any advice to someone who’s young and clueless? Thank you!

Ebe_Scrooge

Ignore your score - it's not used, nor even seen, by a lender.  What they look at is the data contained in your credit file, they want to see a history of responsible borrowing and repayment.

If you have a credit account at Littlewoods that is now fully repaid, you're probably better off leaving it open.

There is no magic way to increase your score - and even if there was, it would be a pointless exercise as it means nothing.  The simplest way to improve your history (which is what really counts) is to use a credit card for everyday spending (food, petrol, etc.), and always, without fail, pay the statement in full every month when it arrives.  Over time this will build up a positive history, which is what counts.

kiwicries said:

i would keep the Littlewoods account for the future, it’ll especially be useful when I move and am tight on money and might need something.

This is not the correct approach.  If you can't afford to buy something then don't buy it - do NOT just bung it on a credit card and hope for the best.  Apart from costing you a lot in interest, and looking less than ideal on your credit history, that is how serious debt problems begin.  Only ever put something on credit if you know that you will be able to pay it off in full at the end of the month (unless you're on a 0% promotion).