Why is my score this low? Please help!

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  • ER = Electoral Register. It is vital to have your ER at your current address. When you check your credit files, your ER should be listed on it, so that a lender can see it when they check...
    I work within the voluntary sector, supporting vulnerable people to rebuild their lives.

    I love my job

    :smiley:
  • ER = Electoral Register. It is vital to have your ER at your current address. When you check your credit files, your ER should be listed on it, so that a lender can see it when they check...

    Thanks. I'm already on the electoral roll, always have been. So that's all sorted!
  • Thanks. I'm already on the electoral roll, always have been. So that's all sorted!
    And you've checked that your ER is correctly listed on your three credit files yeah?
    I work within the voluntary sector, supporting vulnerable people to rebuild their lives.

    I love my job

    :smiley:
  • lizferris1984
    lizferris1984 Posts: 71 Forumite
    edited 24 February 2019 at 8:21PM
    !!! wrote: »
    My word - you’re STILL focussing on the score.

    Please - stop - otherwise you’ll become obsessed with numbers that have no real world bearing.

    You are the ideal target market for the CRA’s by making you believe your score means something and then buying into products to “increase” it.

    The score only exists to sell you improvement products such as Loqbox and others that I won’t mention in fear you’d end up applying for them.

    Regards the defaults - a default is a black mark for the 6 years it’s on there, however a settled default does of course look marginally better than one that is outstanding or unsettled.

    You need to focus on bringing down any current debts.

    On that note - can you provide any information on your current situation - current debts, salary, current available credit etc

    Ok - so much as you irritated me at first, I think I am starting to get it. About the score not being important. So thanks for being honest.

    I had a phone conversation just now - turns out this friend of mine who "had defaults but could still get credit", earns just £500 per month (part time, rest is tax credits) and owes £13,000 to creditors. She says she's paying £450 a month & then obviously spending it again, in the same month.

    So, she really has a "very good credit score". But is probably just about get an IVA.

    So I guess your point is, it's possible to have a "good score" and be making incredibly stupid financial decisions. Is that correct?

    Because my score is very poor, and hers is very good, but she is clearly in a way bigger mess than me.
  • And you've checked that your ER is correctly listed on your three credit files yeah?

    It's down for all 3 addresses past 5 years on Clearscore, and is on Noddle. That's all I'm aware of...
  • macman
    macman Posts: 53,008
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    It's your credit history that lenders look at, not the made-up score. The example of your high-scoring friend demonstrates the irrelevance of credit scores.
    The reason for your defaults is not known by lenders. They are relatively recent, and, if you apply for a mortgage, you will be competing against people with no defaults and no late payments. Who would you rather lend to?
    It's not about income, it's about what your history shows about your ability to take credit and repay it reliably on time. That's where your problem is, and only time will solve it. In the meantime, keep up your current clean record.
    No free lunch, and no free laptop ;)
  • lizferris1984
    lizferris1984 Posts: 71 Forumite
    edited 26 February 2019 at 12:18AM
    macman wrote: »
    It's your credit history that lenders look at, not the made-up score. The example of your high-scoring friend demonstrates the irrelevance of credit scores.
    The reason for your defaults is not known by lenders. They are relatively recent, and, if you apply for a mortgage, you will be competing against people with no defaults and no late payments. Who would you rather lend to?
    It's not about income, it's about what your history shows about your ability to take credit and repay it reliably on time. That's where your problem is, and only time will solve it. In the meantime, keep up your current clean record.

    Thanks! That's right the reasons aren't known for previous poor record. Fortunately I know the reasons though, and can learn from it.

    I am not planning to apply for a mortgage for at least 6 years. At the moment I'm focusing on saving money and getting my finances in order generally. This includes credit report, but not limited to. Very fortunately for me I'm looking at a small mortgage because most of my house purchase is being funded in cash - through inheritance & my own savings. So it will be a 50% deposit situation, rather than a 5 - 10%.

    I realised that myself about my friend, that's why I posted about it. She gets offered credit all the time - but only credit cards. I guess that's not at all the same as if she applied for a mortgage, or finance for a car, for example. I understand what people are saying about different lenders looking for different things.

    Makes complete sense & has been very educational.

    I think the assumption here from everyone has been that I don't have any money, and that's actually not true. Yes my credit record is bad at the moment, but surely a 75k deposit is reasonable when I do apply for a mortgage?

    I thought a cash deposit would make some difference when coupled with an acceptable credit record.
  • Just to add to this thread - to clarify I don't have any AP markers on my credit report. I have checked everywhere. The credit card shows as paid on time every month, while it was on payment freeze. I thought I might have seen them, but no, they are not there.
  • MallyGirl
    MallyGirl Posts: 6,564
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    Make sure you are checking all 3 CRAs (especially if you think you saw APs). Not every lender reports to every CRA so there might be things on one report that aren't on the others.

    You can have a really good score by never having had any credit and therefore never having done anything wrong. That does not mean you will be appealing to lenders. It is all about your actions and your credit history.
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  • MallyGirl wrote: »
    Make sure you are checking all 3 CRAs (especially if you think you saw APs). Not every lender reports to every CRA so there might be things on one report that aren't on the others.

    You can have a really good score by never having had any credit and therefore never having done anything wrong. That does not mean you will be appealing to lenders. It is all about your actions and your credit history.

    Am I right in thinking the big 3 are Experian, Equifax and Callcredit? I currently use Clearscore and Noddle - are they Experian and Callcredit platforms?

    And ok - I didn't know that little credit history could give you a good score! The idea I've heard most commonly, is that it gives you a bad/low score. Is that not always the case?
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