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    • madbit
    • By madbit 6th May 18, 12:49 PM
    • 8Posts
    • 1Thanks
    madbit
    Poor credit score
    • #1
    • 6th May 18, 12:49 PM
    Poor credit score 6th May 18 at 12:49 PM
    HI, i am looking for some understanding really. I am pretty knowledgeable about my credit score and rating i owned 2 properties and also purchased my first house when i was 20 years old, and owned peps for anyone who knows what they are you had to be pretty clued up, well that's what my mortgage adviser told me at the time. This was in the 90's, this is why i am really unsure why i have a poor rating. I had a ccj for the six years and it came off in Feb 2018. I have been stuck with the usual poor credit cards and suffered due to a rogue solicitor getting me the CCJ in the first place who has since been struck off, which i was unaware at the time until i needed to use the financial ombudsman who also said i needed to get his permission to get it removed, well that couldn't happen. Also had to be done within a certain time frame, didn't find that out till last year. Anyhow back to the question, i lost my job in 2011. And was unable to keep up repayments due to a really poorly timed marriage which wasn't cheap. (You only do it once right) Just before that, i have a squeaky clean core and payment history.

    Now, i am was hoping that after my CCJ was removed after 6 years of suffering it would help my get better deals on credit cards etc to clear my dept faster and with lower interest as i want it all gone asap. but there seems to be something that is still causing my credit score to be very poor. I do have 3 credit cards still left in default with payment plans in place for the last 6 years as i still cant afford to pay them yet. But they also complete their 6 years in Sept 2018. So is this whats still causing me the pain as i thought a CCJ was supposed to be the worst thing you can have on your file. My question is this, if CCJ's are so bad, then why hasn't my credit score changed and will it improve completely after the default reach their 6 year terms. I do plan to repay them eventually. Fortunately i have a pension and some good investments under my belt, which will repay these debts easily when the time comes. but for now, i need to get better credit which i know is the worst thing i can do, but have no choice apart from selling my second, home and that's not going to happen as i have nearly paid the mortgage off.

    Any help would be of use.
Page 1
    • zx81
    • By zx81 6th May 18, 12:54 PM
    • 19,371 Posts
    • 20,699 Thanks
    zx81
    • #2
    • 6th May 18, 12:54 PM
    • #2
    • 6th May 18, 12:54 PM
    Your credit score is a made up number. Ignore it completely.

    As your adverse credit drops off your file, lenders will view you more positively, even though your credit score may drop further.
    • Gary_Dexter
    • By Gary_Dexter 6th May 18, 1:12 PM
    • 2,590 Posts
    • 1,456 Thanks
    Gary_Dexter
    • #3
    • 6th May 18, 1:12 PM
    • #3
    • 6th May 18, 1:12 PM
    The CCJ may be removed but you've already said you have 3 other credit cards in default with payment plans on them.

    Why would a credit card provider give you a card when this is still happening?

    Also as above ignore the made up scores and ratings.
    • Gary_Dexter
    • By Gary_Dexter 14th May 18, 2:30 PM
    • 2,590 Posts
    • 1,456 Thanks
    Gary_Dexter
    • #4
    • 14th May 18, 2:30 PM
    • #4
    • 14th May 18, 2:30 PM
    The score is less than zilch.

    It's likely when the defaults drop off your score will actually decrease.

    Just ignore the score and focus on clearing the history and current data
    • madbit
    • By madbit 14th May 18, 2:36 PM
    • 8 Posts
    • 1 Thanks
    madbit
    • #5
    • 14th May 18, 2:36 PM
    • #5
    • 14th May 18, 2:36 PM
    The CCJ may be removed but you've already said you have 3 other credit cards in default with payment plans on them.

    Why would a credit card provider give you a card when this is still happening?

    Also as above ignore the made up scores and ratings.
    Originally posted by Gary_Dexter
    Not sure if you read it fully or i may have not explained fully, but i want another low rate balance transfer card to clear my debts faster as the higher interest slows down the process.

    I am not still adding defaults, i have paid all my bills on time and had done so up until i lost my job from a redundancy therefore struggled to get them paid off. But i will that's for sure.

    Thanks anyhow.
    • madbit
    • By madbit 14th May 18, 2:37 PM
    • 8 Posts
    • 1 Thanks
    madbit
    • #6
    • 14th May 18, 2:37 PM
    • #6
    • 14th May 18, 2:37 PM
    Your credit score is a made up number. Ignore it completely.

    As your adverse credit drops off your file, lenders will view you more positively, even though your credit score may drop further.
    Originally posted by zx81
    Thanks for the reply, sorry took so long, i have not used these forums here before and lost my post. lol.. Yes, seems my score is dropping. It will be interesting to see if the defaults increase my score around sept 2018.

    Will update here for others to see the progress as want to clear my debts fast and 2018 is the year i make some progress. I know the score means pretty much zilch, but it would be good to lose the high rate card asap.

    thanks
    • madbit
    • By madbit 14th May 18, 2:39 PM
    • 8 Posts
    • 1 Thanks
    madbit
    • #7
    • 14th May 18, 2:39 PM
    • #7
    • 14th May 18, 2:39 PM
    The score is less than zilch.

    It's likely when the defaults drop off your score will actually decrease.

    Just ignore the score and focus on clearing the history and current data
    Originally posted by Gary_Dexter
    That's what i am trying to do, its a shame lenders don't take my past excellent score into consideration before i had been made redundant. They call it a history, let alone it only goes back 6 years. Not much of a history if your in your 40's
    Last edited by madbit; 14-05-2018 at 2:44 PM.
    • Gary_Dexter
    • By Gary_Dexter 14th May 18, 2:46 PM
    • 2,590 Posts
    • 1,456 Thanks
    Gary_Dexter
    • #8
    • 14th May 18, 2:46 PM
    • #8
    • 14th May 18, 2:46 PM
    The scores are irrelevant.

    People who have been bankrupt get "perfect scores and ratings" - why would that get taken into account as being good with money?
    • madbit
    • By madbit 14th May 18, 6:59 PM
    • 8 Posts
    • 1 Thanks
    madbit
    • #9
    • 14th May 18, 6:59 PM
    • #9
    • 14th May 18, 6:59 PM
    The scores are irrelevant.

    People who have been bankrupt get "perfect scores and ratings" - why would that get taken into account as being good with money?
    Originally posted by Gary_Dexter
    I was referring to before "past" not including present, but how you managed your account before any issues arrived.

    If people get perfect scores after being bankrupt, then this should be taken into account. So to build up a complete picture. Rather than just take whats present in their lives. So the first piece of credit you take out to present day. not just the last 6 years or whatever it is. For example, if you have 10 years of clean credit and in the last year you were bankrupt, this should lower your rating, but not to the point that you can't get any decent credit, as it should be taken as an average of how long you have had credit and your credit worthiness or what the reason was for being bankrupt or getting a CCJ. Right now, i look bad, but at one point i was offered credit everywhere and for awesome rates. So just because some ignorant scamming solicitor had a bad day and subsequently automatically put a CCJ in my name without any notice as i had already arranged a payment with him, It just arrived through the post a week or so later with a demand for payment in full. I might add, that i rang the guy up when i received this CCJ to ask why i had been given it, he just said ignore it. Then when trying to get credit a couple of years later to buy a car as my car had packed up, i then noticed how bad my rates were, which led my to credit agencies to find out what was wrong only to be shocked that a CCJ was in place. But like i said, this is now off of my history and gone forever. There wont be any more going on there, if the same happened again, i wold sue peruse it this time round as i am now more knowledgeable on the scams that these solicitors use.

    Does that make it any clearer?
    Last edited by madbit; 14-05-2018 at 7:17 PM.
    • Gary_Dexter
    • By Gary_Dexter 14th May 18, 7:04 PM
    • 2,590 Posts
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    Gary_Dexter
    It!!!8217;s by the by.

    If you were perfect before and wreckless now, why would they provide you credit with your current status?

    As an example of course.

    Either way this isn!!!8217;t how it works
    • madbit
    • By madbit 14th May 18, 7:22 PM
    • 8 Posts
    • 1 Thanks
    madbit
    It!!!8217;s by the by.

    If you were perfect before and wreckless now, why would they provide you credit with your current status?

    As an example of course.

    Either way this isn!!!8217;t how it works
    Originally posted by Gary_Dexter
    Because its circumstantial. Questions like why you got a CCJ in the first place should be on the forms for loans if required. These lenders put more trust in a score that you have all said is worthless, than my own credit in the past.
    • zx81
    • By zx81 14th May 18, 7:24 PM
    • 19,371 Posts
    • 20,699 Thanks
    zx81
    These lenders put more trust in a score that you have all said is worthless, than my own credit in the past.
    Originally posted by madbit
    These lenders don't see your score.

    They will only go on your credit history.
    • madbit
    • By madbit 14th May 18, 7:32 PM
    • 8 Posts
    • 1 Thanks
    madbit
    These lenders don't see your score.

    They will only go on your credit history.
    Originally posted by zx81

    Let me rephrase it then,

    Lenders put more trust in your current credit worthiness, then your past history. Anyhow, this is diverting from teh original question a little so will end it there.
    Thanks anyhow.
    • Gary_Dexter
    • By Gary_Dexter 14th May 18, 7:32 PM
    • 2,590 Posts
    • 1,456 Thanks
    Gary_Dexter
    They dont see the CRA scores.

    They look at the historical data and use their own internal scoring system to decide whether you are suitable or not.
    • zx81
    • By zx81 14th May 18, 7:35 PM
    • 19,371 Posts
    • 20,699 Thanks
    zx81
    Lenders put more trust in your current credit worthiness, then your past history.
    Originally posted by madbit
    It varies by lender.

    Sub prime lenders will take a fairly short term view. Those higher up the lending ladder will tend to look back further.
    • madbit
    • By madbit 14th May 18, 7:47 PM
    • 8 Posts
    • 1 Thanks
    madbit
    It varies by lender.

    Sub prime lenders will take a fairly short term view. Those higher up the lending ladder will tend to look back further.
    Originally posted by zx81
    But doesn't your history only go as far as 6 years?
    • zx81
    • By zx81 14th May 18, 7:52 PM
    • 19,371 Posts
    • 20,699 Thanks
    zx81
    That's right. It reflects general data protection regulations.
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