Getting a better credit rating...
Discussion
I've just registered to noddle.com to see what my credit rating was. 3/5 which was actually better than expected.
I've been self employed for the past year. Typically on £120 a day, working for a friend of mine. Works picking up but you just never know, it's never 100% secure...
What's the best way to get a better credit rating?
I tried to get a loan about a year back but was refused. I'm sure they tried for a credit card but refused that too!
I've been self employed for the past year. Typically on £120 a day, working for a friend of mine. Works picking up but you just never know, it's never 100% secure...
What's the best way to get a better credit rating?
I tried to get a loan about a year back but was refused. I'm sure they tried for a credit card but refused that too!
Make sure you're on the Electoral Roll, stable address and employment history, never miss a payment on anything credit related, pay things by DD not cash, get a land line if you don't have one, never go overdrawn, don't apply for lots of credit that you don't need..........plus lots of other things I've probably forgot!
Get one of those extremely expensive credit cards for people with a bad credit risk. It'll have a credit limit of about £100 and you'll pay 40% interest. the crucial thing about it is that you don't pay any interest at all if you pay it all off every month, but will still build a credit record. Do that - buy something every month, but pay it off in full.
Not sure how accurate noddle is to be fair. According to them I also score 3/5,according to equifax I'm over 500+ and "excellent and well above UK average".
I have an account with equifax and receive email alerts to changes in account, updates etc and in the time I have used them my rating has gone from high good, to above excellent and yet noddles rating hasn't altered in the slightest.......
Not sure that answers your question but I found equifax to be very good at disputing anomalies in my credit history on my behalf and then resolving them through lodging disputes with the companies involved. Hence the increase in my rating
I have an account with equifax and receive email alerts to changes in account, updates etc and in the time I have used them my rating has gone from high good, to above excellent and yet noddles rating hasn't altered in the slightest.......
Not sure that answers your question but I found equifax to be very good at disputing anomalies in my credit history on my behalf and then resolving them through lodging disputes with the companies involved. Hence the increase in my rating
CTO said:
Not sure how accurate noddle is to be fair. According to them I also score 3/5,according to equifax I'm over 500+ and "excellent and well above UK average".
I have an account with equifax and receive email alerts to changes in account, updates etc and in the time I have used them my rating has gone from high good, to above excellent and yet noddles rating hasn't altered in the slightest.......
Not sure that answers your question but I found equifax to be very good at disputing anomalies in my credit history on my behalf and then resolving them through lodging disputes with the companies involved. Hence the increase in my rating
Which one do you pay for? I have an account with equifax and receive email alerts to changes in account, updates etc and in the time I have used them my rating has gone from high good, to above excellent and yet noddles rating hasn't altered in the slightest.......
Not sure that answers your question but I found equifax to be very good at disputing anomalies in my credit history on my behalf and then resolving them through lodging disputes with the companies involved. Hence the increase in my rating
Cheers guys! I hope noddle's relatively accurate as It gave me a higher score than I expected! 
I'm 22, had car insurance and phone contracts coming out for about 5 years and have unfortunately gone overdrawn a fair few times. The only direct debit I've got now is my van insurance.
Might apply for a credit card and just use it to pay off my fuel each month?
I'm 22, had car insurance and phone contracts coming out for about 5 years and have unfortunately gone overdrawn a fair few times. The only direct debit I've got now is my van insurance.
Might apply for a credit card and just use it to pay off my fuel each month?
Little Butch said:
Cheers guys! I hope noddle's relatively accurate as It gave me a higher score than I expected!
I'm 22, had car insurance and phone contracts coming out for about 5 years and have unfortunately gone overdrawn a fair few times. The only direct debit I've got now is my van insurance.
Might apply for a credit card and just use it to pay off my fuel each month?
Try Capital One, they are usually good for actually giving you a card. It will probably have a low limit initial and high APR but just ensure you pay it in full and overtime they will increase your limit as you display positive repayment history......after 12 months or so other providers will be more willing to offer you a card when you can evidence payment history and responsible lending...I'm 22, had car insurance and phone contracts coming out for about 5 years and have unfortunately gone overdrawn a fair few times. The only direct debit I've got now is my van insurance.
Might apply for a credit card and just use it to pay off my fuel each month?
CTO said:
Equifax
(Seeds of self doubt have been sown by Sarnie)
Exactly (Seeds of self doubt have been sown by Sarnie)
Experian & Equifax have entirely manufactured an industry all of their own based on peoples paranoia over their credit score and now that they give you an actually number to attribute to your credit worthyness, people have become obsessed with this digit. I speak to clients all the time and I ask about their credit history and lots of them can readily recite their current and previous credit 'scores' on both Equifax & Experian.
The thing is, the number given has no bearing on how a lender interprets a credit application. It's just a number given by Equifax and Experian to reflect your credit history in THEIR opinion. I've seen people with scores of 999 still be declined mortgages....
I just used a free trial on experian to cross reference my equifax score and was delighted when that also came out excellent. Now I am not so delighted.
Damn you Sarnie
(On a serious note though, I spend ages cultivating my credit history and very similarly to the people you reference I am inordinately proud of my "score". I feel cheated
)So, what's the point then if it's all a money making scheme?
CTO said:
So, what's the point then if it's all a money making scheme?
See above I'm not saying it's not useful but they have really hit a homerun by giving a specific figure on credit files that people now obsessively live their live by now. Ten years or so ago, gaining access to your credit file cost £2 and it got sent through the post and was page after pages of account history.
All Equifax & Experian have done is to produce a fancy algorithm to interepret your credit file and give you a quantifiable number for you to now live your life trying to improve. And where do you go to check it month after month? Equifax or Experian..........usually for about £7.99pm........try and cancel this subscription though and they'll sell you the doom and gloom story that some whizz kid in Taiwan is going to hack your computer and clone your identity and you'll never know without paying them every month.....
Sarnie said:
See above
I'm not saying it's not useful but they have really hit a homerun by giving a specific figure on credit files that people now obsessively live their live by now. Ten years or so ago, gaining access to your credit file cost £2 and it got sent through the post and was page after pages of account history.
All Equifax & Experian have done is to produce a fancy algorithm to interepret your credit file and give you a quantifiable number for you to now live your life trying to improve. And where do you go to check it month after month? Equifax or Experian..........usually for about £7.99pm........try and cancel this subscription though and they'll sell you the doom and gloom story that some whizz kid in Taiwan is going to hack your computer and clone your identity and you'll never know without paying them every month.....
Makes sense.I'm not saying it's not useful but they have really hit a homerun by giving a specific figure on credit files that people now obsessively live their live by now. Ten years or so ago, gaining access to your credit file cost £2 and it got sent through the post and was page after pages of account history.
All Equifax & Experian have done is to produce a fancy algorithm to interepret your credit file and give you a quantifiable number for you to now live your life trying to improve. And where do you go to check it month after month? Equifax or Experian..........usually for about £7.99pm........try and cancel this subscription though and they'll sell you the doom and gloom story that some whizz kid in Taiwan is going to hack your computer and clone your identity and you'll never know without paying them every month.....
I'm going off grid.....
(sorry OP for thread derail)
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