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  • FIRST POST
    • jonjon123
    • By jonjon123 13th May 18, 1:12 PM
    • 44Posts
    • 1Thanks
    jonjon123
    Why is my credit report bad, yet doing nothing wrong?
    • #1
    • 13th May 18, 1:12 PM
    Why is my credit report bad, yet doing nothing wrong? 13th May 18 at 1:12 PM
    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.
Page 1
    • zx81
    • By zx81 13th May 18, 1:39 PM
    • 18,604 Posts
    • 19,859 Thanks
    zx81
    • #2
    • 13th May 18, 1:39 PM
    • #2
    • 13th May 18, 1:39 PM
    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
    • By nic_c 13th May 18, 1:52 PM
    • 1,704 Posts
    • 911 Thanks
    nic_c
    • #3
    • 13th May 18, 1:52 PM
    • #3
    • 13th May 18, 1:52 PM
    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
    • By jonjon123 13th May 18, 4:11 PM
    • 44 Posts
    • 1 Thanks
    jonjon123
    • #4
    • 13th May 18, 4:11 PM
    • #4
    • 13th May 18, 4:11 PM
    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.
    Originally posted by zx81
    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
    • By jonjon123 13th May 18, 4:14 PM
    • 44 Posts
    • 1 Thanks
    jonjon123
    • #5
    • 13th May 18, 4:14 PM
    • #5
    • 13th May 18, 4:14 PM
    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.
    Originally posted by Luana
    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
    • By jonjon123 13th May 18, 4:17 PM
    • 44 Posts
    • 1 Thanks
    jonjon123
    • #6
    • 13th May 18, 4:17 PM
    • #6
    • 13th May 18, 4:17 PM
    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) .
    Originally posted by nic_c
    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
    • By jonjon123 13th May 18, 4:19 PM
    • 44 Posts
    • 1 Thanks
    jonjon123
    • #7
    • 13th May 18, 4:19 PM
    • #7
    • 13th May 18, 4:19 PM
    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?
    Originally posted by Luana
    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
    • By Luana 13th May 18, 4:22 PM
    • 11 Posts
    • 5 Thanks
    Luana
    • #8
    • 13th May 18, 4:22 PM
    • #8
    • 13th May 18, 4:22 PM
    This is what I meant. You posted it 2 days ago.

    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.
    Originally posted by jonjon123
    • Luana
    • By Luana 13th May 18, 4:30 PM
    • 11 Posts
    • 5 Thanks
    Luana
    • #9
    • 13th May 18, 4:30 PM
    • #9
    • 13th May 18, 4:30 PM
    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.
    • Gary_Dexter
    • By Gary_Dexter 13th May 18, 4:38 PM
    • 2,082 Posts
    • 1,170 Thanks
    Gary_Dexter
    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
    • zx81
    • By zx81 13th May 18, 5:04 PM
    • 18,604 Posts
    • 19,859 Thanks
    zx81

    The big question for me is..............if your score is totally irrelevant how would you know if you were doing well/bad?
    Originally posted by jonjon123
    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.
    • nic_c
    • By nic_c 13th May 18, 6:52 PM
    • 1,704 Posts
    • 911 Thanks
    nic_c
    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?
    Originally posted by jonjon123
    Do you show on the CRA's as being on the roll - it has been known that a slight disparity between how the CRA have your address and how it appears on the roll meaning they don't report it correctly and it affects your score. Balances near the limit can negatively affect your score. You may be a great prospect for banks wanting new customers if you always pay but carry an interest baring balance, but to the CRA number generator you may get a poor score.
    • blueball
    • By blueball 19th Jul 18, 7:57 AM
    • 20 Posts
    • 1 Thanks
    blueball
    You have an "Arrangement to pay", This is worse than a CCJ and a default put together. I have been told this by an IFA, 3 credit reference agencies, a mortgage broker, 2 major high street banks and a solictor.

    Your credit file will be terrible six years from the last payment you make to the arrangement to pay. AP's are literally the worse thing that can ever happen to a credit file, knocking the creditor and defaulting is far better than upholding an AP.

    Please listen to me, I was in exactly the same situation because I was advised that AP's are good, they are not and I've been through months of hell trying to fight my corner on this. The fight is still not over and as it stands I'm getting quoted somewhat substantial legal fee's for my solicitor to go after the creditor.
    Last edited by blueball; 19-07-2018 at 8:04 AM.
    • zx81
    • By zx81 19th Jul 18, 8:03 AM
    • 18,604 Posts
    • 19,859 Thanks
    zx81
    You have an "Arrangement to pay", This is worse than a CCJ and a default put together.
    Originally posted by blueball
    That's not the case at all.

    The only way that would be true is you had an AP running for more than 6 years, where the CCJ and default would have dropped off.
    • blueball
    • By blueball 19th Jul 18, 8:06 AM
    • 20 Posts
    • 1 Thanks
    blueball
    That's not the case at all.

    The only way that would be true is you had an AP running for more than 6 years, where the CCJ and default would have dropped off.
    Originally posted by zx81
    Yes it is. 100% I've had this confirmed by London & County mortgages, they are the best brokers in the country, plus all the credit reference agencies and a solicitor specialising in cases exactly like this.

    Check your sources of information. You can get a mortgage with a default, if you have an AP no lender on the planet will touch you. I've been through all of this. It doesn't matter if you have an AP for a month or 5 years and 11 months. Just having it your file makes you "bankrupt" for 6 years in terms of how lenders see you.

    If your bank says anything remotely different to that, contact a solicitor immediately as you have grounds to sue if you take out the AP based on their advise.
    Last edited by blueball; 19-07-2018 at 8:10 AM.
    • zx81
    • By zx81 19th Jul 18, 8:08 AM
    • 18,604 Posts
    • 19,859 Thanks
    zx81
    I'm afraid it's still not true.

    APs are a problem if they run for many years. CCJs are far worse.

    L&C are generally regarded as one of the poorest sources of financial advice on the planet. Use a decent broker if you have adverse credit.
    • blueball
    • By blueball 19th Jul 18, 8:13 AM
    • 20 Posts
    • 1 Thanks
    blueball
    That's not the case at all.

    The only way that would be true is you had an AP running for more than 6 years, where the CCJ and default would have dropped off.
    Originally posted by zx81
    I'm afraid it's still not true.

    APs are a problem if they run for many years. CCJs are far worse.

    L&C are generally regarded as one of the poorest sources of financial advice on the planet. Use a decent broker if you have adverse credit.
    Originally posted by zx81
    L & C and all other brokers use underwriters so the information they all receive about lending criteria is the same. I could ring any broker and they will all say the same thing about AP's. If you don't believe me pick any mortgage company, I promise you the answer will be the same.

    I was also warned about AP's by Natwest and Santander mortgages.

    You are correct about credit scores themselves though, the actual number doesn't mean anything.
    Last edited by blueball; 19-07-2018 at 8:16 AM.
    • zx81
    • By zx81 19th Jul 18, 8:14 AM
    • 18,604 Posts
    • 19,859 Thanks
    zx81
    If you don't believe me pick any mortgage company, I promise you the answer will be the same.
    Originally posted by blueball
    Given that none of the lenders I have worked for over the last twenty years would agree, I don't think I need to bother!
    • zx81
    • By zx81 19th Jul 18, 8:16 AM
    • 18,604 Posts
    • 19,859 Thanks
    zx81
    L & C and all other brokers use underwriters so the information they all receive about lending criteria is the same.
    Originally posted by blueball
    I think I see where you're getting confused. Lenders receive the same data from the CRAs - but their interpretation is their own.

    You may be confusing the CRAs opinion with real lending criteria.
    • blueball
    • By blueball 19th Jul 18, 8:22 AM
    • 20 Posts
    • 1 Thanks
    blueball
    You're going slightly off here, the point I'm making is AP = Mortgage application instantly declined before a credit check is even made.

    I've spent over a month contacting brokers, lenders, I even got through to an underwriter once, they all said AP means no mortgage, period.

    I converted my AP into a default and am now able to get a mortgage next year, I'll be paying 4.9% but this is why I'm going after my credit card company as they are the ones who advised me to get an AP in the first place.
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