You have no successfully settled non-mail order accounts.
Discussion
Hi,
I checked my credit score and it went down (from excellent to good). Looking at the negative factor (only one), it says:
You have no successfully settled non-mail order accounts.
Description is:
A successfully settled account is one which you have fully paid and closed in line with the terms of the agreement or to the lenders satisfaction.Settling accounts is likely to be viewed more positively by most lenders. Keep in mind lenders will also like to see what active credit limits are available to you.
Does this mean outstanding debts on my bank cards? If so, I don't have any debts to pay off?
Also, what can I know do to raise my credit rating??
Thanks
I checked my credit score and it went down (from excellent to good). Looking at the negative factor (only one), it says:
You have no successfully settled non-mail order accounts.
Description is:
A successfully settled account is one which you have fully paid and closed in line with the terms of the agreement or to the lenders satisfaction.Settling accounts is likely to be viewed more positively by most lenders. Keep in mind lenders will also like to see what active credit limits are available to you.
Does this mean outstanding debts on my bank cards? If so, I don't have any debts to pay off?
Also, what can I know do to raise my credit rating??
Thanks
This is reflecting the fact that no debt can also be seen as a negative. Lenders want to see that you have had credit and paid it back satisfactorily or that you currently have credit that you maintain within the agreed terms and conditions. Without that traceability illustrating a track record of repaying debt, it makes lenders nervous of potentially being the first to lend to you and getting their fingers burnt.
Sarnie said:
This is reflecting the fact that no debt can also be seen as a negative. Lenders want to see that you have had credit and paid it back satisfactorily or that you currently have credit that you maintain within the agreed terms and conditions. Without that traceability illustrating a track record of repaying debt, it makes lenders nervous of potentially being the first to lend to you and getting their fingers burnt.
I agree. I've heard how that can help credit. To be fair, I don't really have that traceability. What is a good way to build up that traceability?Thinking of getting a high interested credit card to use for small purchase in the aim of building up my rating.
Things that are good for your credit rating:
- being on the electoral roll
- Staying within all your credit/overdraft limits
- making your payments on time
- get a credit card, use it a little and clear the balance every month (perhaps put all your petrol on it and pay it off when you get paid etc)
The list could go on and on. It's also worth noting that the actual 'rating' that you get from a credit referencing agency such as Equifax or Experian, don't actually mean much to a lender. Each lender will apply their own underwriting criteria to any application, and apply a certain weighting to each element of an application. One lender might insist on you being on the electoral roll to be accepted, another might not. Your credit profile, is more of a guide to how a lender will view your suitability, rather than the be all and end all of whether you are a suitable risk.
- being on the electoral roll
- Staying within all your credit/overdraft limits
- making your payments on time
- get a credit card, use it a little and clear the balance every month (perhaps put all your petrol on it and pay it off when you get paid etc)
The list could go on and on. It's also worth noting that the actual 'rating' that you get from a credit referencing agency such as Equifax or Experian, don't actually mean much to a lender. Each lender will apply their own underwriting criteria to any application, and apply a certain weighting to each element of an application. One lender might insist on you being on the electoral roll to be accepted, another might not. Your credit profile, is more of a guide to how a lender will view your suitability, rather than the be all and end all of whether you are a suitable risk.
Please also take into account that this is JUST the opinion of the agency you have paid to give you the information.
Most lenders will take the information from the agency in its raw data form and calculate its own score based on what it thinks are the important criteria.
Some lenders don't like an 'unknown quantity' some don't mind.
Most lenders will take the information from the agency in its raw data form and calculate its own score based on what it thinks are the important criteria.
Some lenders don't like an 'unknown quantity' some don't mind.
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