Why is my credit report bad, yet doing nothing wrong?

jonjon123 · 13 May 2018 at 1:12PM

Hi, can anyone please tell me what I'm doing wrong and why my credit score is so poor?

Ive been living at my home address for over 7 years, I'm on the electoral role, I pay all my debts, credit cards on time every month and ive even looked at all 3 of my credit reports which all show as positive and ''on time'' payments.

So why is my credit report showing 1/5 on Noddle, poor on Clearscore and poor on Credit Expert (Experian)?

I'm looking in the section to see where things are to ''improve'' and there is nothing.....it's blank because theres nothing more I can physically do.

So whats impacting it and why is it reflecting so badly on all 3 of my reports?

Its driving me mad, as trying to build a good credit for years now and its almost like I'm being punished for it, no wander people get into debt, I don't blame them.

[Deleted User] · 13 May 2018 at 1:39PM

Ignore the scores. None of them are real.

What accounts are showing on your files? How old?

No one gets into debt for a credit history unless they're mentally unwell.

nic_c · 13 May 2018 at 1:52PM

Do you show on the electoral roll on the CRA reports? Any recent applications for credit (whether successful or not) within the last year. Do you share any accounts with anyone? When you say you pay debts & credit on time, does that simply mean no late payment markers, do you carry a debt balance over (if you have a £500 credit limit and always hovering just below that could negatively impact your score.

The reason why people say ignore the score as it does not really reflect ability to get credit - just because a score is say 1/5 does not necessarily mean hard to get credit, and having a score of 5/5 does not mean you can easily get credit (hence the plethora of "I have 999 on experian why can I not get ...." type posts) .

jonjon123 · 13 May 2018 at 4:11PM

Deleted_User wrote: »

Ignore the scores. None of them are real.

What accounts are showing on your files? How old?

No one gets into debt for a credit history unless they're mentally unwell.

The only things showing up are my recent creditors.....

Bank account, credit card, my loan and my car finance.

All no older than 5 years I suppose.

Howcome the age is important, is that particularly relevant as to how long they have been on there? Surely some people have bank accounts for years on there???

jonjon123 · 13 May 2018 at 4:14PM

Luana wrote: »

You have very high debt levels (>20k), very recent credit applications, recent large card advances, defaults, arrangements to pay ... not sure why you're surprised? Forget about your credit score (which is useless) and focus on paying your debt, and don't get new debt.

You say that, however one of my debts was paid off, 8k of it so cant see how that would affect me now as debt level isn't anywhere near as high and all credit ref agencies have updated since it was paid.

Only have 1 arrangement to pay left

jonjon123 · 13 May 2018 at 4:17PM

nic_c wrote: »

Do you show on the electoral roll on the CRA reports? Any recent applications for credit (whether successful or not) within the last year. Do you share any accounts with anyone? When you say you pay debts & credit on time, does that simply mean no late payment markers, do you carry a debt balance over (if you have a £500 credit limit and always hovering just below that could negatively impact your score.

The reason why people say ignore the score as it does not really reflect ability to get credit - just because a score is say 1/5 does not necessarily mean hard to get credit, and having a score of 5/5 does not mean you can easily get credit (hence the plethora of "I have 999 on experian why can I not get ...." type posts) .

So whats the point in anyone having a ''score'' then if it's completely irrelevant?

Seems like a pointless exercise.

In answer to your questions, yes i am on electoral role and have been for 6 years, I havent moved house, i dont share debt in any joint names whatsoever and yes i do have a couple of credit cards that are near there limit.

The big question for me is..............if your score is totally irrelevant how would you know if you were doing well/bad?

jonjon123 · 13 May 2018 at 4:19PM

Luana wrote: »

What's your current debt now (loans, cards etc total)? And what's your income?

When have you last made a large cash advance on a credit card? When did you last apply for credit and how many times over the past year?

Current debt level is about 14k and I earn 24k a year.

When you say cash advance do you mean withdraw money from a CC?

I last applied for credit back in February twice and got declined, probably because back then my debt level was over 20k

Luana · 13 May 2018 at 4:22PM

This is what I meant. You posted it 2 days ago.

jonjon123 wrote: »

recently taken out a credit card with 12 months 0% interest in purchases and 19.9% interest in cash withdrawals......

I know I shouldn't do it, but ive taken out approximately £1000 in cash over a 3 month period.

Luana · 13 May 2018 at 4:30PM

PS. Go to the Debt-free Wannabe forum section and post a SOA, ask there for help.. increasing the fictitious credit score by 100 or 200 points won't solve any of your debt problems.

[Deleted User] · 13 May 2018 at 4:38PM

The score is there to keep you interested and coming back and to try and sell you improvement products.

Please ignore it and focus on your history and current debts

[Deleted User] · 13 May 2018 at 5:04PM

jonjon123 wrote: »

The big question for me is..............if your score is totally irrelevant how would you know if you were doing well/bad?

The answer is simply using common sense. If you're making payments on time, not carrying significant debt, not making multiple applications all over the place, you're doing ok.

If you're defaulting and showing signs of reliance on credit, you're not.

Why is my credit report bad, yet doing nothing wrong?

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