What your credit score really means

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  • harvey654321
    harvey654321 Posts: 6 Forumite
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    Hi all

    Could really use a bit of advice if anyone can help and thanks in advance!

    Basically did not cancel my receipt of child benefits (from my child born in 2010) after the rules changed (my partner is over the earnings threshold for receiving this benefit) and so HMRC contacted him to pay it back. They said we had to complete all sorts of forms and overdue tax returns and repay the money, in the midst of all this admin which went on for a few months they referred the debt to a collection agency. We paid the total debt promptly but has the referral itself to the agency caused a mark to go on the credit file? We are trying to buy a new house and are having some problems getting a mortgage despite having otherwise very good credit history and good wages. I am concerned that the debt referral has caused this rejection.
  • [Deleted User]
    [Deleted User] Posts: 35,242 Forumite
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    Could you not spam the same question repeatedly please.

    http://forums.moneysavingexpert.com/showthread.php?t=5807910
  • harvey654321
    harvey654321 Posts: 6 Forumite
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    I am new to forums/threads/posting....I tried 3 times but nothing was happening, then they all appeared at once- spamming was not the intention
  • HomerSue40
    HomerSue40 Posts: 1 Newbie
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    Can I ask I have a PCP credit agreement with ford for my car so after I've paid 50% I can hand it back they have advised me that if I do this it will put a flag on my credit score what does this mean?? They said it goes on for 6 years??!!
  • [Deleted User]
    [Deleted User] Posts: 35,242 Forumite
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    It means that your credit file(s) will show that your settled it early.

    Nothing shows on your credit score because there is no credit score.
  • jamesd
    jamesd Posts: 26,103 Forumite
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    HomerSue40 wrote: »
    Can I ask I have a PCP credit agreement with ford for my car so after I've paid 50% I can hand it back they have advised me that if I do this it will put a flag on my credit score what does this mean?? They said it goes on for 6 years??!!
    There are two ways to hand it back, the good one is voluntary termination and all it shows is that the agreement ended, not any form of negative comment. The other way is voluntary surrender which lets them take more money from you.

    You may find the voluntary termination letter linked from here useful to reduce the chance of them trying to treat it as a surrender.
  • Lillou123
    Lillou123 Posts: 1 Newbie
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    Hi can anyone give me some advice on how to improve my credit score. I have been told by a friend to use and pay off credit cards but that sounds a bit worrying to me.
    Any advice much appreciated.
  • [Deleted User]
    [Deleted User] Posts: 35,242 Forumite
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    You ignore the credit score.

    Then you use a credit card for your regular shopping and clear in full each month to build credit history.
  • eastwestcindy3
    eastwestcindy3 Posts: 1 Newbie
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    Hello all!

    I am currently working with a credit repair company for 6 months, and my credit score went up from 580 to 624.

    Now it dropped back because I opened a new card and had to max it out. I got the approved for Firestone credit for $900. I had my BK discharged in February of last year.

    Are those good results for 6 months. I am paying 149 a month for two people.

    They have disputed a lot of things from the credit but I am just wondering if those are good results.
    Also, for credit monitoring I am using identity IQ, would you suggest something else? I am trying to go as cheap as possible so I can pay off that $900 for tires.

    Thanks in advance.
  • fatbelly
    fatbelly Posts: 20,504 Forumite
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    eastwestcindy3 wrote: »
    Hello all!

    I am currently working with a credit repair company for 6 months, and my credit score went up from 580 to 624.

    Now it dropped back because I opened a new card and had to max it out. I got the approved for Firestone credit for $900. I had my BK discharged in February of last year.

    Are those good results for 6 months. I am paying 149 a month for two people.

    They have disputed a lot of things from the credit but I am just wondering if those are good results.
    Also, for credit monitoring I am using identity IQ, would you suggest something else? I am trying to go as cheap as possible so I can pay off that $900 for tires.

    Thanks in advance.
    Your post makes little sense to a UK reader. We certainly wouldn't advise paying anything to a 'credit repair' company.
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