Is it my student status?

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 some sites i've found say 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....!

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 (around 13k). but i'm wondering if my student status is causing an automatic decline? I'm wondering if i should have said i'm a homemaker with an income of 13k :rotfl:

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?

foofi22

Lexica wrote: »

or just forgotten about as the amount owed become not worth their time to chase.

They probably dont total more than £500 between them....!

Who forgot about the debts...the creditors or you? Did they write it off? Any amount, however small will remain on your credit history, for a minimum of 6 years as far as I know.

£500 is not exactly a huge sum, neither is it a small sum. Did this show on your credit report?

The outstanding debt (even if it was officially written off - since this would be recorded too) will be a mark against you, particularly with the more cautious lending of late.

alyth

I have no idea how credit scoring works, but in my job we credit score applicants for rented properties, and their score as to be higher than 800 - and if they have any CCJs or any hint of a problem then they're refused the property! Not good for me as I had the Scottish equivalent of an IVA and I imagine my credit score would be minus something!

I do know from my own personal experience that each hit on your credit record will count against you, I've tried to upgrade my bank account since my trust Deed finished 3 years ago, and I can't, despite earning a good income. Unfortunately I know of no way that you can improve your credit scoring, sorry.

QuirkyChemistry

This is one of Martin's articles on credit scoring. I don't know if you have read it but it might help you.

http://www.moneysavingexpert.com/banking/credit-rating-credit-score