Please help - panic about credit score!

totallyclueless_2

Please help if you can - my partner and I have been turned down for a current account with cheque book etc with the bank of scotland which we wanted to open purely as a household expenses account. We didn't plan to have our salaries paid into it, just to put in a token sum every month to cover groceries and joint bills.

I have been pretty disorganised in the past and have consistently paid utility bills late. I also owe £400 on a credit card.

I have ordered my credit report and it should come tomorrow but I am terrified in case it is my credit rating which is the problem with the account.

If my late payments are affecting my credit score, how can I repair my rating? It's not like I have ever defaulted on mortgage payments, and I have no loans other than my student loan.

Thank you...

tinalives

I think the main thing to do is to make sure you pay EVERYTHING on time from now on.

It won't have an immediate effect, but your report will slowly begin to improve - it just takes time.

totallyclueless_2

Thanks - how long can I expect it to take?

I read something about it taking 6 years (!!!!!) but since I have only been late as opposed to defaulting and since I am solvent and earning money etc I am hoping it can get better a little faster than that?

tinalives

It all depends on how long ago the late payments were, and whether the accounts are still active etc etc.

You'll have a better idea when you get your report tomorrow, and it comes with info regarding what everything means etc.

jonesMUFCforever

You might also have been rejected because you were not willing to put in sufficent monies each month such as £500 or £1000.
You might have more luck if you did this at a bank where you already hold an account.

Eric

totallyclueless_2

Quick update - thanks for all the help - Ordered my reports from all 3 agencies.

2 of them give me a pretty good rating and show all my cards and mobile phone accounts etc. BUT experian seems not to have that information on me and has generated a very low rating based on the idea that I have no credit history. Is that normal?

Since Bank of Scotland use Experian I'm guessing we just have to apply somewhere else for an account?

But where doesn't use experian? And ought I to tell Experian they don't hold enough information so they can improve my rating with them?

Thanks!

Reaper

Lenders have to pay to use the Credit Reference Agencies, therefore they may only choose to use one. That is why not all of your information is showing. There is nothing you can do about it.

As for repairing your credit rating - there is not much you can do. A good rating is hard won and easily lost. Having said that making payments a month late is not too serious an offence (although it depends how often). Being 2 months late is much worse etc.

If Equifax give you a better rating then using lenders/banks which do searches through them will help. Have a read of this thread. It is aimed at credit cards but the banks behind them will be the same.

totallyclueless_2

Thanks - there's nothing to repair on my reports.

None of them make an issue of late payments. Two of them are pretty good.

It's just that Experian seem not to know anything about me really. It seems not to be a case of repairing a bad rating so much as wondering how come they seem to miss all the information the other agencies hold. Quite frustrating.

tinalives

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