Please can someone help me!

Thomaswright92 · 20 August 2018 at 1:19PM

I am a 26 year old man. I have a credit card with Tesco it’s a foundation card, the balance is £800 and I have an overdraft with tsb amounting to £1000. because I get paid weekly I pay £50 off either my credit card or my overdraft but I make sure that I make regular payments on both. It’s taken me little over a year to get my debt down my overdraft originally was £2000. I have the ClearScore and noddle app on my phone I check them religiously every month my credit score last month was 450 but this month it’s gone to 410 no idea why. I pay everything on time. I feel like it’s going to take me another year to pay off my debts. I’m feeling pretty low at the moment and I’m currently doing my driving. I know I couldn’t afford a car till next year. I need some advice please anyone!

madvicker · 20 August 2018 at 1:23PM

If your debts are going down, I'm not sure what advice you're looking for? Just carry on as you are - you seem to be on the right track.

As for your score - don't bother checking it. It means nothing to anyone but you. Any lender you apply for finance with will only see your credit history which they use together with details on the application form to create their own score for you. The scores you see on Clearscore and Noddle are not used. What matters is your credit history - make sure you are checking that each month, so no incorrect information or adverse credit events.

[Deleted User] · 20 August 2018 at 2:14PM

Ignore your score.

Once the debts are settled it's likely it will reduce again.

So long as you're paying the debts you can rest assured all is well

National_Debtline · 20 August 2018 at 5:26PM

Hi there,

Credit files take a lot of information into consideration at the same time and your history is constantly influenced by many factors to give you your overall rating. Future lenders do not see the score generated by the credit reference agencies, they only see your history. Your history shows things such as whether or not you are on the electoral role, anyone you have financial associations with and, of course, your financial history.

Try and make sure that you do everything you can to improve your rating beyond clearing the debts. If you are looking to be debt free ASAP, then don't worry too much about your history for now, you can rebuild that in time to come.

It does sound like you are on the right tracks. You may find it helpful to change banks, so you do not bank with the same organisation you owe money to (including an overdraft). This will ensure everything you pay comes off the balance owed and you don't 'dip back in'.

Laura
@natdebtline

Ergates · 20 August 2018 at 8:39PM

Thomaswright92 wrote: »

I need some advice please anyone!

Keep up the good work, basically. You're already doing the right things.

CakeCrusader · 20 August 2018 at 9:48PM

Really, ignore your score as it's only you who can see it. Just keep chipping away, don't miss a payment and don't make a late payment (don't go over your limit) and things will improve. Clearscore and Noodle are awful at increasing credit scores by the way, it's not a reflection on how you're doing at all. I've been stuck on 'poor' for the past 2 years despite never missing a payment etc. I just ignore the score now.

Please can someone help me!

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