Credit reports

Lexica

I have just got my credit score and report from experian and i'm in a state of credit confusion!

They say my score of 699 is "poor" and that i'm a high risk but everywhere else i look says its "good" my report showed only two companies owed, both of which displayed my payments as being consistently up to date (one of them was orange which is confusing as is an ongoing contract not a loan!)

I had a few debt problems (nothing major) about 5 years ago, all of which got either resolved or just forgotten about as the amount owed become not worth their time to chase. Are they still haunting me perhaps? But not showing on my credit report? They probably dont total more than £500 between them....!

So i am virtually debt free now, i owe my bank about £200 on my managed loan and my income is pretty good as a single parent and full time student in higher education. The help i get to study leaves me earning about the same as my boyfriend who works a full time job.

Halifax refused me a student account after a credit check and my bank (HSBC) said they wouldnt let me have one because i have a managed loan outstanding.....i'm baffled as to where i stand with my credit score really as my situation appears to be good yet i'm afraid to keep applying for credit incase it worsens my score!

Anyone bored or kind enough to advise me?

fermi

Have a read through Martins article here: Credit Ratings

The credit scores given by the agencies are really rather meaningless.:rolleyes:

Lexica

yeh i did read that actually - very interesting but as it states, what makes you a risk for one lender should make you a risk for another, i'm annoyed that my credit report doesnt actually show any reason for my decline or poor credit score as its what i signed up to it for!