Why bother??

[Blossom99]

I have 3 settled defaults on my credit score since 2011. I understand this trashed it, even if they are settled. However since the I have paid of £7k of car finance completely, all on time and it's now finished. Paid off my credit card debt and now pay it in full monthly. I have never missed a loan repayment or my mobile phone contract payment - and my overdraft is paid in full should I go into it. And I am on the electoral roll. However my credit score is still showing as very poor - the lowest score possible on Experian, and 1/5 on noddle. Am I still being penelised for my defaults 3 years ago even though I settled them and have not missed a payment since and have paid other debts in full? That seems hugely unfair that I have to wait until 2017 to rebuild my credit score. I phoned experian and even the lady on the phone said she thought it was harsh. Is this normal?

[sillygirl1]

Probably due to the fact that you HAVEN'T had any new credit applications, (which is pretty crazy). I think this again proves that Experian et al are no longer fit for purpose and the whole credit check industry needs a massive overhaul.

[sequenci]

Your credit score is simply between the credit reference agencies and you. The lenders do not use them. For sure they'll look at your credit history - but the whole score thing is a bit of a ruse.

[JamesJ]

You credit rating should start to increase soon as lenders usually concentrate on your most recent history. There are some that might take exception to you having defaulted in the past six years though. The score we provide on our website to people is built to reflect how many lenders are likely to rate your credit history, so if it's still quite low it might be best to wait a little longer if you're planning to make a new application. James