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No debts, yet ‘very poor’ credit score, why?
paulajo
Posts: 7 Forumite
I’ve just curiously checked my credit score, only to see it was classed as ‘very poor’ I have under 20k mortgage, no other debts and never miss payments etc. I don’t have a credit card so no debt there. However, my son is not good with his bills so could this affect me as we have the same address? I also got divorced 10 years ago, would anything my ex has done/doing affect my scores? I am really quite worried about this. Thankyou for any help you can give.
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Might be worth you watching the Martin Lewis Money Show from last night - he did a section on credit history and explained exactly this really well. Essentially though - with no use of credit beyond your mortgage, the chances are that you’re too much of an “unknown quantity” to be seen as a good risk.It’s not likely that your son’s financial issues are reflecting on you unless you are someone financially linked - I assume you do have any bank accounts in joint names?Are you in the electoral roll?🎉 MORTGAGE FREE (First time!) 30/09/2016 🎉 And now we go again…New mortgage taken 01/09/23 🏡
Balance as at 01/09/23 = £115,000.00 Balance as at 31/12/23 = £112,000.00
Balance as at 31/08/24 = £105,400.00 Balance as at 31/12/24 = £102,500.00
£100k barrier broken 1/4/25SOA CALCULATOR (for DFW newbies): SOA Calculatorshe/her0 -
Oh ok, I thought a mortgage would create a good credit score? No my son and I do not have any linked bank accounts. So does that mean the only way I could get a better score, would be to have a credit card? Thank you for replying to me!0
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A credit card, used just for some normal household spends and then paid off in full each month can be a good way of building credit history.
As a first port of call I would think about signing up to the (free) MSE Credit club so you can get a proper look at your full report - that should give some tips about things you can do to improve things as well.🎉 MORTGAGE FREE (First time!) 30/09/2016 🎉 And now we go again…New mortgage taken 01/09/23 🏡
Balance as at 01/09/23 = £115,000.00 Balance as at 31/12/23 = £112,000.00
Balance as at 31/08/24 = £105,400.00 Balance as at 31/12/24 = £102,500.00
£100k barrier broken 1/4/25SOA CALCULATOR (for DFW newbies): SOA Calculatorshe/her0 -
Thank you very much for your help 😊1
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I used to work for a CRA, credit scoring needs data to determine the potential risk of doing business with you. You have limited historical data so an automatic credit score algorithm will score you low, this doesn't mean you can't get credit as additional checks are also normally undertaking by lenders e.g. affordability scoring based on income....0
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