09 Mar 2015

A question about : Credit rating is "poor" @ 546 but I want to buy a house in the next few years!

I received my credit report from CreditExpert, which shows 4 negatives:

You have recent missed payments on your credit report (UGH!! This was when the horrible RBS mess up happened - maybe I can ask RBS to give me a letter to send to Orange? Is it possible to have them remove it?)

You have no successfully settled non-mail order accounts. (No idea what this even means?)

The age of your accounts indicates lenders are likely to view you as higher risk (- well, I dont have a lot of credit :\)

And...I have a delinquent account that I want to clear up. It's for Ј372 from 2 years ago, any way I can try and get this off my report?

Any help is really awesome lol

ROYAL BANK OF SCOT... Current Account Satisfactory 16/12/2012
ROYAL BANK OF SCOT... Current Account Satisfactory 16/12/2012
EVERYTHINGEVERYWHE... Communications Satisfactory 02/12/2012
NEXT DIRECTORY Mail order Satisfactory Settled 05/06/2011

EVERYTHINGEVERYWHE... Communications Default Ј372 14/08/2011

Eep ^^

Best answers:

  • RBS should have restored everybodies credit ratings (they have restored mine). But this would only have affected one months payment, so they will only remove one months late payment if it was directly caused by the RBS problem.
    About the 'no settled non mail-order accounts' - Settled means that you've have something like a loan and paid it all off. I think old mobile phone contracts etc also may count. It looks better on your credit rating if you have paid things off in the past. It sounds wrong, but you are high risk if they don't know that you are capable of paying something back.
    Are you on the electoral roll? That gives you a lot of credit points.
    If you have an unpaid debt from 2 years ago then that is most likely to be what is pulling your rating down, as you haven't kept up repayments. You won't be able to take that off of your credit rating and it will stay there for 6 years I believe. The same for the late/missed payments.
    Hope that helps a bit.
  • As for the age of your accounts bit, I assume you haven't held your bank account or credit cards etc for very long. Obviously if you now stay with the same bank then this is the only way to improve that part.
  • Thanks for all your help.
    So if I pay off the debt it'll remain as a negative on my account?
    My phone contract is up in Feb, if I upgrade does that still count towards my score - or is it best to finish that contract and just start a new fresh one?
    Tia xxx
  • If you have missed payments previously on that debt then yes it will still show a negative. But you need to pay it off and stick to the payments to stop it getting any worse.
    As for the phone contract I'm not sure. I have old broadband accounts showing as settled on my credit rating but I have been with the same mobile pohne provider for years so that is still showing as active. Maybe someone else will be along who can advise you on that one. Other finance products that show as settled on mine are things like car hire purchase, black horse finance for furniture, store cards and old credit cards. Perhaps if you have any old store cards or credit cards that you don't need then you could cancel them. But I don't suggest getting any finance products just to get a settled against your name.
    The best way to bring your rating up is to put a little bit on credit card every month and then pay it all back when you get your bill but you need to be quite disciplined to do this. Is your only debt this one that you are going to sort out or do you have more? If thats the only debt then pay it off, maybe wait 6 months and then take out a low limit credit card (unless you already have one), pay it off each month and build your credit rating up that way. Thats what my boyfriend is doing to get a good credit rating as he has never borrowed anything.
  • The mobile phone account won't change to settled if you upgrade, it will continue as active. But as long as you keep paying on time then thats not a bad thing.
    I think maybe forget about not having any settled stuff and focus on the credit card thing to build up your rating - as long as you pay it back EVERY month to avoid getting into debt.
  • I'm going to try and settle the default and just pay it all off in one go, or maybe offer them Ј200 (which I have atm) and see if they can/will accept that.
    I've tried finding my credit report on experian, but they can't find me? Lol, I've been on the electoral roll since 18 though so I'm not sure what's going on there :\
  • The default will remain on your file for six years, until this is gone your credit rating (just a number, effectively meaningless) will remain low. not a great deal you can do about this side of it unfortunately.
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