Why is my credit score so low?

JollyGreen

JollyGreen

JollyGreen

Associate
Joined
8 Nov 2005
Posts
1,161
Just done a credit report with experian to see why the hell I always get turned down for credit, and apparently my credit report score is an amazing 228 out of 1000.
Despite earning a very respectable salary and being a homeowner!
The only reason I can see is because I applied for a large number of credit cards and loans (99% of which were rejected).
Though the only reason I did that was (for the loans at least) I wanted to shop around, and for the cards, I applied to several as the first few rejected me!

It's crazy, I've not missed any payments...
Can this be down purely to a large number of applications? (About 12 I'd guess)
 
I thought your credit rating went up if you've had a loan and kept up payments, but being a first-time borrower means you will have a low credit rating.

Backwards in my eyes.. :confused:
 
yep absolutely.

Found this on t'web for you. :)

When shopping around for credit, ask companies for a quotation before making a formal application. If the company needs to check your credit report to give you a quotation , make sure it only makes a quotation search . Lenders may interpret an abnormal number of credit application searches as indicating that you have applied for an unmanageable level of credit. They may even suspect fraud.

If companies have searched your credit report more than once in response to a single application, ask them to remove the extra searches. Use CreditExpert to investigate.

Edit : and this..

The lender should always tell you if they are going to search your credit report and what sort of search they will make. Making several applications for credit over a short period of time can influence a lender's decision. As a result, if you have been refused credit, it is always best to find out why before you apply to other lenders.
 
Last edited:
JollyGreen said:
Crazy.
Though as for finding out why they refused you credit.. nobody will ever tell you!
Click to expand...

yeah it's really pathetic..they all refer you to someone else, but there's rarely a black and white reason - it's just down to their credit scoring 'system' :rolleyes:

It's worth taking a look at experian and equifax sites. There's another one too but i can't remember that right now. They tell you all about how it works and I think if you wait 12 months, your searches should be removed from your file, so you might wanna hang fire til then.
 
forgive me, my memory is pants!

your father owns the house and you pay him the mortgage, or you and him are 50/50 on the house or something iirc? could be wrong.

debt increases credit. aslong as you pay it on time for a long time :]
 
Any more than 2 credit searches on your credit history in the space of 6 months will have an adverse effect on your credit score :(
 
Are you on the electoral roll at your current address? This has a major effect on your credit rating, so make sure you are on it.
 
The more things you apply for the lower your credit rating is!... plus anyone in you household who's missed payments or defaulted on anything will adversly affect you score!...

Mine was in the 800's till I got married, then the wifes crap score brought me down into the 700's (still a good score though! :p )
 
According to your profile your only 19, so i'm guessing you havn't had enough time to build up a good credit score, as moast forms of credit are only available to those 18+, give it a few years and you should see it increase.
 
Interestingly, after I took my rather large morgage I have the credit score of a homeless person's dog. Despite paying the same amount for my morgage that I paid in rent and my salary being double. Go figure.

I got better credit card offers as a student than I do now :confused:
 
everytime someone does a credit check on you, you lose points. so when you send away for catalougues from places like next etc, they do a credit check first, and you lose points.

disgraceful but apparently true
 
Skiddley said:
Interestingly, after I took my rather large morgage I have the credit score of a homeless person's dog. Despite paying the same amount for my morgage that I paid in rent and my salary being double. Go figure.

I got better credit card offers as a student than I do now :confused:
Click to expand...


That will be because your now in debt to the sum of your morgage.

which is probably a lot.
 
I got 875 when I went onto expedian website.

I only went on there cause I got offerd a really crappy interest rate from Halifax lol no wonder cause they suck.

got a good rate from northern rock
 
You must log in or register to reply here.
Back
Top Bottom