Credit score stopped growing

zee34

Hey all,

My credit score is stuck in the "needs work" category. 
I never missed a payment, I have a credit limit of 3.5k , I had CCJ removed after 6 years in July which i thought would increase it but it didnt. 
I am not on the electoral roll yet, I did register the other day though so maybe that should help. 
I have no defaults anymore, I have a car finance, a loan for a couch and 2 personal loans. 
Credit karma says taking out yet another credit card to increase the limit would help but i dnt need another credit card. 
I am on a good salary but i just dont get why is my credit stuck?? When i first took out the car finance 5 years ago it started to grow and went up by 30 points in 5 years..
Any ideas what could be the problem? 

Thanks

MorningcoffeeIV

It's because your credit score is just a gimmick. It doesn't reflect your credit worthiness and no one ever sees it.


Don't follow any advice from the CRAs, but get your loans paid off to make yourself look better to lenders.

MattMattMattUK

zee34 said:

Hey all,

My credit score is stuck in the "needs work" category. 
I never missed a payment, I have a credit limit of 3.5k , I had CCJ removed after 6 years in July which i thought would increase it but it didnt. 
I am not on the electoral roll yet, I did register the other day though so maybe that should help. 
I have no defaults anymore, I have a car finance, a loan for a couch and 2 personal loans. 
Credit karma says taking out yet another credit card to increase the limit would help but i dnt need another credit card. 
I am on a good salary but i just dont get why is my credit stuck?? When i first took out the car finance 5 years ago it started to grow and went up by 30 points in 5 years..
Any ideas what could be the problem? 

Thanks

Your credit score is a meaningless number created for marketing purposes, ignore it. 

Make sure you do not miss payments, that you do not carry large debts, leave debts on credit cards, do not use payday borrowing etc. and lenders will see you as a reasonable prospect when you need to borrow for pretty much the only thing you should, which is a mortgage. 

MEM62

zee34 said:

Any ideas what could be the problem? 

There is no problem.  Your 'score' is a randomly generated number produced for entertainment purposes only.  Lenders never see it.  

zee34

MEM62 said:

zee34 said:

Any ideas what could be the problem? 

There is no problem.  Your 'score' is a randomly generated number produced for entertainment purposes only.  Lenders never see it.  

I always thought they see the number. But yeah all my credit cards and payments up to date and no missed payments so thats a positive then. Thanks 

[Deleted User]

Nope, they don't see the number, the data in the file is everything they need to know.

CliveOfIndia

zee34 said:

MEM62 said:

zee34 said:

Any ideas what could be the problem? 

There is no problem.  Your 'score' is a randomly generated number produced for entertainment purposes only.  Lenders never see it.  

I always thought they see the number.

You'll often hear references to your credit score, and it can be a source of confusion.  To reiterate what has been said previously, the score you see on your credit report is visible only to you and the CRA - lenders can only see the raw data contained in your file.

What a lender does is takes that raw data, runs it through their computer systems, and they generate their own internal score.  The scoring criteria will differ from lender to lender, depending on their risk appetite and their target customer base (one reason why there cannot be a one-size-fits-all score, despite what the CRAs would like you to believe).  The criteria are also confidential and commercially-sensitive, so no-one will ever know how they score you or what score they give you.

One slight caveat - a small number of lenders will use a score generated by the CRAs.  But in those cases it is tailored specifically to the lender's particular criteria, so even then it can be very different to the generic score you see on your report - and again, will be confidential.

macman

The biggest dent in your otherwise meaningless credit score would be due to your absence from the electoral roll. Nothing else.