Understanding credit scores......I don't

[Belaflat]

Hi,

Well all my debts are now behind me with Lowell the last ones to acknowledge it was game over and sent me the letters to prove the accounts were now closed....well they were 10 years old.

I bit the bullet and decided to see what my Credit File was like as for a couple of years things have been steady for me and I have been able to get credit.

The reason I decided was I was offered credit at a good rate last year but this year just out of curiosity when I did an online cost checker at my bank, the interest rate offered was 29.9 percent.....

My Credit score 783, showing as fair and I wasn't showing on the electoral roll so I queried this with the council and this was corrected.

My score then went up to 838 which according to Experian is still only Fair.

I have no defaults, all payments up to date going back several years with no late payments and still a fair amount of available credit left.

The only possible thing I can think of is I had a Wonga loan 20 months ago as I had just had a big unexpected bill which would have meant an unplanned overdraftso in this instance, Wonga was cheaper than the fees.

According to Experian I have no adverse info, all good accounts yet still only a fair score.

Anybody any ideas on how this works ?

[BRIGADIER2JCS]

Hi welcome to CAG,

 

Many things will affect the ' mythical ' credit score those 3 figures relied upon as a gospel reflection of your ability to obtain credit.

 

The 'score' is intended as a day today guide for you alone!

 

Pay day loans will have an adverse affect on credit profile (often seen by potential creditors as a sign of desperation).

 

The number of accounts that are 'ticking over' i.e. CCs with minimum payment only being made will also make a difference.

 

The type of accounts will also determine the 'score' level e.g. non credit accounts such as mobile phone accounts and utilities will not have an upward impact on the score.

 

I suggest checking Equifax to see what it has on file, they do vary wildly.

[Belaflat]

I did as you suggested Brigadier and Equifax has me as a good risk although there are a couple of issues not showing on Experian.

 

There is a default from a linked address......one which I left in 1983.....not mine I would add although the person concerned has the same Surname but different Christian name.

Also still showing as financially linked to my ex despite being apart for many years.

Also I am showing as having been on the Electoral roll at one point at this address but not currently...which is also incorrect as I have the letter from the council now confirming it.

 

Don't know if its worth the effort of correcting anything as I am not seeking credit for the forseeable future.

[BRIGADIER2JCS]

Personally I would write to the data controller at Experian and require them to remove the linked address data.

 

This is a common scenario Equifax has me at Excellent yet Experian shows top end of good, appears to be one late payment 2 years ago when I was hospitalised for a while.

[bigshoes...bigsocks]

Equifax has me at Excellent.

 

Show off!

[BRIGADIER2JCS]

Show off!

 

Hard work, monitoring all credit and other accounts, and taking care for years.

 

(being in an area where financial probity is essential also focuses the mind)