Credit Expert and my Credit Score

CLEAR_DAY

I signed up for Credit Expert in February and found out then that my credit score is only 803, which is classed as 'fair'. I checked it again today, and it's still 803 so I'm pretty disappointed by this, as I pay everything on time and pay more than the minimums. I was really ill last year and between about February and June failed to pay everything on time. Since June 07 though, I've been back on track with everything. Does anyone have any idea when my score will increase, whether there's anything I can do to make it increase a bit faster and whether I'd be able to get a new 0% card to do a balance transfer? My MBNA card is >20% so I need to get this down. I'd also like to get a new mortgage later this year, so I need to have a good credit rating

You guys are the experts, so hopefully you can give me some good advice.

braithers_2

i wouldn't worry too much about that for a credit rating, i have a much worse one. All you can do is keep paying your bills on time and over a period of the next 18 months, you should start seeing improvments.

With a fair rating, you should be able to transfer over cards, as you've had a while since your last default.

CLEAR_DAY

I found out from Credit Expert that 820 is the point where you move from a 'Fair' to 'Good' rating.

I don't want to apply for a new credit card and get refused (personal fear of rejection!) so I want to be sure that I'll get OK'd before I apply.

Would it help if I put more money monthly into my CC repayments - even if I then need to use some of that money during the month?

poorandindenial

Do you have lots of excess credit sitting unused on cards?? I am not sure if this affects your score but it is definitely something that lenders look at, if you already have lots of available credit they will be less likely to lend to you.

bathgatebuyer

My score on credit expert is about 540 and puts me as 'Poor'. I consider that a success because I was 'Very Poor' and in the 400s for about 2 years!

Similar to you, I was unable to pay bills and the like when I was out of work for a few months between Feb and June 06 and it's done my credit score no good whatsoever! Since then, I've signed up for minimum direct debit payments on each of the cards I still have and will top that up with extra on payday. This has certainly helped get the score up, and hopefully as I close these accounts off, things will get better.

Although, would it make sense to get the balance of these accounts to nil, keep them for a while after that to let the missed payments roll off the end of the repayments payment, or just close them as soon as but let the ambers and reds stay frozen in time on my account?

CLEAR_DAY

I don't have much excess credit available because the CC companies reduced my limits when I was missing the odd payment.

How likely is it that I'd be able to get credit if I applied for a new 0% card?

chappers

All these credit scoring things online are a total watse of time and money, lenders have their own criteria/methods of credit scoring and they usually have no resemblance to the ones Experian etc use