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What your credit score really means

edited 9 January 2019 at 3:57PM in Credit File & Ratings
368 replies 208K views
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Replies

  • I would have thought that if the Co-op wanted your score they would be able to get it themselves rather than asking you.
    -== CREDIT BUILD IN PROCESS 30% COMPLETE ==- :)
    Overdraft - £0 Used/£500 Limit
    Vanquis Card - £1000 Limit
    Aqua Card - £1200 Limit
    Barclaycard Platinum - £2500 Limit

    Credit Utilisation 11%/Savings - £1800
  • pukkamumpukkamum Forumite
    3.9K posts
    on my credit report my only 'negative' is having no settled accounts, but they say a catalogue settled account doesn't count, so what on earth can i settle in order to remove this negative? I have a redundant RBS account, should i close that? Would that count as settled?
    I don't get nearly enough credit for not being a violent psychopath.
  • pukkamumpukkamum Forumite
    3.9K posts
    p.s it says I have no successfully settled accounts, not sure what it wants
    I don't get nearly enough credit for not being a violent psychopath.
  • superboobs wrote: »
    The Right to buy Co-operative, they give advice on buying your Council/housing association property, find you a mortgage etc. Maybe bullying is a bit strong a word, but for the last few weeks I've been asked again and again for our credit score, which you can only get by signing up for something we don't want, I've argued that our credit reports are excellent which they are, so why do we have to have a score, just to be told 'that's what companies want' the score not the report!

    why not just tell them "it's 100%" if that's what they're after?
  • The_BossThe_Boss Forumite
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  • pukkamum wrote: »
    on my credit report my only 'negative' is having no settled accounts, but they say a catalogue settled account doesn't count, so what on earth can i settle in order to remove this negative? I have a redundant RBS account, should i close that? Would that count as settled?

    Lenders like to see settled accounts - it shows that you can open, maintain a credit agreement well, and then close it. It shows a history of a good credit relationship, and you are more likely to do that with them (then say, default). In line with the rest of the advice on this post, remember that the CRA score is not seen by a lender, so don't let the tail wag the dog; do not make a personal financial change simply to move the indicative score given by a CRA. If you aren't using the RBS account, then close it, but it's not a biggie - you may find that in their own scores, many lenders will view a closed mail order as a settled account.
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