Credit

Aruffell

Aruffell

Aruffell

Soldato
Joined
29 Dec 2004
Posts
5,653
Location
Chatham, Kent
Just been looking at my credit rating etc... on Experian and got my national credit score which is 711 out of 1000.

In April it was 716 out of 1000.

Still says that them scores are Poor :(

It says underneath -
What your credit score means:

This score suggests you are a high risk borrower - many applicants with this score may have repayment difficulties if they take out more credit.

Although since April i have taken another contract mobile phone and paid every credit card payment on time.

I have a full time job, have a £2,500 overdraft, a credit card, 2 mobile phone contracts and am going to be taking another 2 and i've never been in debt.

So can anyone elaborate onto why my credit rating is crap lol

Thanks,

Andy
 
Mohinder said:
Probably because you're only 18 and you already have tons of credit going on?
Click to expand...

That's loads of credit?

Even though i pay it all in full every month and have never missed a payment and i can see all of that on the report.

Next to O2 it has marks showin that every month has been paid in full on time.

Andy
 
Mohinder said:
Probably because you're only 18 and you already have tons of credit going on?
Click to expand...

That would be my guess too, a young person with a lot of credit floating about doesn't exactly expel confidence.
 
LeperousDust said:
I mentioned this last time! It was your house, your house seems to have a black mark, which encompasses you. Parents or siblings can also be to blame.
Click to expand...

Checked up on that, and it seems that equifax and experian made it so that siblings and parents are no longer associated together, but just that sole person on their own.

Andy
 
Aruffell said:
That's loads of credit?

Even though i pay it all in full every month and have never missed a payment and i can see all of that on the report.

Next to O2 it has marks showin that every month has been paid in full on time.

Andy
Click to expand...

It's a fair bit - remember you're only 18.
 
Mohinder said:
It's a fair bit - remember you're only 18.
Click to expand...

Should i lower my overdraft and not bother with the credit card forms that my bank are sending me as they had a few little deals on so was worth looking into?

Andy
 
Aruffell said:
Checked up on that, and it seems that equifax and experian made it so that siblings and parents are no longer associated together, but just that sole person on their own.

Andy
Click to expand...

Oh, ok. Well why are you worried? You've got mobile phone contracts, a credit card and an overdraft. Whats the problem!? Go on tell us you were turned down for a loan :p?
 
Stay in the green for a few more years and you'll be fine, is there any reason you need it, or can't you just wait?

Edit: Damn it Mohinder, get out of my head!
 
Aruffell said:
This score suggests you are a high risk borrower - many applicants with this score may have repayment difficulties if they take out more credit.
Click to expand...

I think that's the important bit - your repayments each month must be starting to add up, especially with FOUR contract phones - surely that can't be setting you back any less than £100 a month, as well as repayments on your card and interest on your overdraft. They probably just don't want you to wind up over your heard.
 
Are you actually in your overdraft?

I have a £3k overdraft limit I think, but never use it - I thought the bigger it was the better your credit rating gets.

Otherwise it's down to your age, and I'm guessing even more so, your salary.
 
I will have 2 more contracts because i'm taking over my parents ones as they want a lovely staff tarrif and i work in a mobile phone shop.

Other 2 are my contracts :D

My salaray is ok, and i dip into my overdraft and pay it off because i was told that this helps.

I haven't been turned down for anything, it's just i'm maybe looking at getting a place to live soonish so don't want to be turned down lol

Andy
 
Stick 1k on a 0% credit card.

Pay it off over 9 months.

That WILL increase your credit rating, or get a loan for more than 12 month and that WILL also increase your credit rating.

To increase your credit rating, you must show ability to pay off large commitments that you have made.

At the age of 18 you have made NO commitments, other than contract phones and credit cards which are one of the easiest forms of credit,.

I was in a similar situation when I was 18, I knew that I was buying a house and I had no credit rating, so I took out a loan and paid it off over one year and also got a credit card etc.

Then I was able to get quite a large mortgage at the age of 19 (£150k).

I'm now 22 and have access to loans at advertised rates 5.6% Apr etc.

Can't remember my exact score but it was higher than average but less than perfect, even though I've never missed a payment or paid anything late in MY LIFE!

Read the tutorials on sites like Experian and Equifax for a full breakdown.
 
Get cards, pay them off in time I think helps.

Same week I turned 18 I got a credit card with Egg £500 limit, always paid off in full and now 18 months later have 6 cards in total, about £15k limit across all of them
 
6 credit cards? You better be very careful mate, take it from someone who knows.
 
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