....and it's not good!

Anyone had their National Credit Score from Experian (I did it via CreditExpert website)...

Mine is now 456/1000, 'Very Poor' (the worst one).

So what is below me if I am Very Poor at 456?!

Also, as I mentioned on a thread the other day (I think), I have 6 accounts showing on it- 3 in default (status 8 )- 1 in 2005, 2 in 2006. Then 2 in status '6' (missed upto 6 payments) -both have special arrangements showing- ie. I have an agreement to pay them off monthly. And 1 account was settled in 03 but stays on file for a few years.

So, again, I def. don't have the means to pay any of them in full for a loooong time yet but will the defaults still 'disappear' or something after 6 years (so in 2011/2012), even if I still owe money by then? What happens with the others that are in status 6- do they stay until paid?
Obviously hopefully in the future, maybe not until 2012 anyway if things work out, I plan to pay as much as poss and clear debts quicker but I would like to know when I will get a better credit score? I'd love to get a mortgage and better credit rating for the future (although I really don't plan to borrow for daft things as I did before- look where that got me!)- but don't know when I'll be able to, if ever?!

Any advice appreciated!

:)

*glazes over*

bloody ell that looks a tad complicated :P

i hate numbers, my mind goes blank.......including finances

*glazes over*

bloody ell that looks a tad complicated :P

i hate numbers, my mind goes blank.......including finances

Mel there you are! Was 'looking' for you in chat other day (no idea why?!):hihi: well thanks for the...erm....helpful input lol!!!!!

heh heh sorry

yeah ive been on self imposed exile from the chat...gets on top sometimes, trouble is ive been trying for 3 days now to pop into the chat and for some reason i cant, instantly my browsers (both firefox AND k-meleon just close)

anyway soz, just hijacked yer thread......right, back to the complicated **** :P

You can still get a mortgage and inprove your credit ratings take a look at the Guild of independent mortgage advisers website ww.goima{dot}co.uk
hope this helps

why does he want a mortgage when it going to take him till 2012 to pay off his debt? new house = lots of new bills , better to sort out most of your debt save a 5-10% deposit before getting on ladder

Hiya,

I was once down there. I like to call it my 'Homer Simpson' period - anyone who's watched any episode where Homer tries to borrow money will know exactly what I mean! :)

I've now got back up to the high end of Fair, and have a couple of items that are paid off but waiting to 'expire' form my record, so it IS possible but you're going to have to get some things paid off and also be patient. I expect in a year or two that I'll be back in the Good section.

Don't expect your rating to change radically; it will be slow progress and you may see it improve by a few points whenever you satisfy an existing debt or run any 'normal' accounts you have properly.

In terms of a mortgage, there are sub-prime lenders who will lend you money BUT you will pay a few points above normal mortgage rates for the privelege AND it is likely that you'll be expected to find a 10 to 15% deposit. The latter may have changed, but that was the level being mentioned a couple of years back.

As you pay stuff off, your rating will improve. You can't really expect it to improve if you don't show that your ability to pay stuff back hasn't increased.

There is some general information on how to go about improving your credit score at http://www.creditrepairwebsite.co.uk/.

The only things you can do that will have a marked effect on your Credit History (after you've done the bad stuff and got to the point here you're WORRYING about your credit history ;) ), IMO, is :

Stop digging. Focus on handling your existing debt. The out of control stuff has to be brought back under control before you consider any more debt.

Any accounts you have that are running relatively smoothly, keep them running smoothly.

Pay off the defaults and arrears as best you can without putting yourself in a position that will negatively impact any other debts you have - especially your mortgage if you have one.

Make sure your credit history is factually correct - i.e. you've not got stuff on there that isn't yours. It happens. I had some debts on my credit history TWICE! You can contact people like Experian / Equifax to have them tidied up.

Get on the Electoral Role - you can choose to be on the restricted form that gives you a little more privacy but still allows ID checks to work properly.

DO NOT pay anyone who claims they can clean up your rating overnight. At best they'll do the things people suggest on here and that you can do for free; at worst they'll do something dodgy on your behalf. :)

When you clear a debt, ensure it's marked as satisfied - and use the money you've been using to clear that debt to clear the others faster.

Don't apply for more debt - the checks show on your credit history as a negative mark for 6 months. The searches down when you get your credit history don't count in this way.

the worse scenraio nowadays is the "arrangement" demarkation.
in my previous life - these weren't indicated as often, so you could rectify the issue with the bank and the credit file started to improve.
these days it states "agreement" or "iva" which flags on the new searches.

letters of complaints or claims against your bank - may also influence your score.my bank never updated any of my files with the search companies (well not for 10 years anyway). i have now claimed "illegal" charges and i am taking them to the banking ombudsmen about their handling of financial dealings - guess what they've decided to start registering my account on file.
coincidence??

From what I understand... accounts stay on your credit file for six years if there have been defaults on them. My partner has been through the same. We paid everything off last year but recently looked into a mortgage and checked the credit report. Everything was still showing as active and unsatisfied (still defaults etc). So when you do pay things off, make sure the people you are paying inform the credit people at equifax or wherever.

We had to ring loads of places 1 year on to ask them to send a letter of satisfaction to say we'd paid to the credit place! :rolleyes:

why does he want a mortgage when it going to take him till 2012 to pay off his debt? new house = lots of new bills , better to sort out most of your debt save a 5-10% deposit before getting on ladder

I am a female, and I don't want a mortgage yet, I meant in the future.

i got mine back on monday, my score was good - 924!

still can't get a mortgage tho :(

i got mine back on monday, my score was good - 924!

still can't get a mortgage tho :(Decisions aren't based entirely on your credit score. If you have a perfect score with Experian you
could still get knocked backed for other reasons such as your employment situation or your income or anything else which makes them think you don't have the ability to pay.