Poor Credit Rating

robertbanking

Hello you very amazing and intelligent individuals that make up this forum. I sincerely hope you are doing well.

Sadly i had ill health earlier this year and had a drastically reduced income. Sadly i was late by 4 months paying a Barclaycard Credit Card and they have issued a default marker on my account. I have a Credit Score of poor which is 598 unfortunately, it used to be in the 900 range.

I have recently paid this debt off can i please ask how much this will affect my Credit Score on my next update, i will then have no debts at all? Further what measures can i kindly take to improve my Credit Score would i be best getting a High Interest Credit Card and paying this off every month please?

Lastly how could i add a Notice of Correction to my report to update that i had ill health and would this be useful information to lenders please? If anyone kindly had any information on this i would be forever grateful and thankful, it would be highly appreciated, it would mean the world to me. 

Sending you lots of good wishes and i truly hope you continue to have a wonderful life. All the very best to you and take care.  

la531983

The score is meaningless, as posted numerous times on this forum. 
Lenders dont see it, lenders don't make decisions based on it, and it merely there to try and sell you credit products. 
If the data is correct then that is what they go off. 

Will let others muse how useful adding that info in is about the illness. 

eskbanker

robertbanking said:

Further what measures can i kindly take to improve my Credit Score would i be best getting a High Interest Credit Card and paying this off every month please?

https://www.moneysavingexpert.com/loans/credit-rating-credit-score/ includes tips about improving creditworthiness (while reiterating that the 'score' is irrelevant).

robertbanking said:

Sadly i had ill health earlier this year and had a drastically reduced income. Sadly i was late by 4 months paying a Barclaycard Credit Card and they have issued a default marker on my account. I have a Credit Score of poor which is 598 unfortunately, it used to be in the 900 range.

I have recently paid this debt off can i please ask how much this will affect my Credit Score on my next update, i will then have no debts at all?

[...]

Lastly how could i add a Notice of Correction to my report to update that i had ill health and would this be useful information to lenders please?

A default on your credit files is certainly a negative factor, so is likely to impede your ability to obtain further credit while it stays on your files, although its impact ought to reduce gradually over those six years.

However, I'm not convinced that it's worth adding a Notice of Correction - if your finances are on a knife edge to the extent that a medical condition rendered you unable to service your debts then this could presumably happen again, so there's nothing to be corrected as such, even though you may feel it's worth explaining.

What additional credit do you anticipate needing?