Experian credit score

[winnie-uk]

Hi,

Did experian credit rating today and got 3 positive points and 3 negative:

1 -The usage of your available credit indicates a higher risk
2 -You have no successfully settled non-mail order accounts.
3 -The value of your highest credit limit indicates a higher risk

What do they mean?

Cheers

[Ruby]

Re: Experian credit score

Are you spending a lot on your credit cards and not reducing the debt (perhaps maxing yourself out each month?) That is what I read into 1 and 3. As for number 2, do you have accounts on file which have not been settled?

[winnie-uk]

Re: Experian credit score

I only got one credit card and one mortgage. I guess i will have to pay out cc .. Cheers for help!

[Rie1234]

Re: Experian credit score

Does any one know how to get your credit sore good! Don't want credit as such but would like buy my house as we currently rent! We are worried that defaults from our passed will stop us ???? We will have a deposit when we are ready to buy !!

[Kafka]

Re: Experian credit score

£2 for statutory report here:

http://www.experian.co.uk/consumer/s...ry-report.html

[FlamingParrot]

Re: Experian credit score

Does any one know how to get your credit sore good! Don't want credit as such but would like buy my house as we currently rent! We are worried that defaults from our passed will stop us ???? We will have a deposit when we are ready to buy !!

£2 for statutory report here:

http://www.experian.co.uk/consumer/s...ry-report.html

I suspect the question was probably more along the lines of "how do I improve my credit score?" In which case, the credit score you see is not exactly what a lender would see.

You say you have defaults, how old are they? Defaults drop off 6 years after they were recorded, so they will affect you until they do. Some lenders only search the last 3 years but for a mortgage these days they will search the full 6 years. If your defaults are more recent, there isn't much you can do, they won't disappear until their time comes.

[DonalT]

Re: Experian credit score

I have two defaults myself and thought I would be waiting years before I could get a mortgage. Me and the the missus went to see a financial advisor in Feb who said he needed to see my report because i told him about the defaults. He told me that my report was not really that bad and that he had got mortgages for people with worse credit ratings than mine, told us to keep saving away and get the electoral register sorted(had to move) so hopefully by this time next year I will have a mortgage according to him.

[Rie1234]

Re: Experian credit score

Ok thank you all! My defaults will be gone by the time we have saved our deposit so hopefully we should get a mortgage when we have our deposit together, thanks again .