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Regular Contributor

24 Posts

Posted - 10 October 2017 :  10:55:11  Show Profile  Reply with Quote

I return to the forum after a couple of years. My six year wait to see the PSD fall off my credit is this Friday!!! Also three previous credit accounts... So hopefully all cleaned up...

I have clean credit now, on a small credit card, 02 phone contract, utility bills and a good above basic Nationwide bank account.

Everything is going great again... Owing no money to anyone.

I just want to know, if all the big bad notices fall off next week, will my credit score improve from poor to average or good !!!

TDA (Debt Adviser)
Trust Deed Expert

12472 Posts

Posted - 10 October 2017 :  11:10:08  Show Profile  Reply with Quote
Hi Bluethunder.

It's great to hear that, from a credit file point of view, you're about to put all of this behind you.

The thing about your credit score is that it's not especially relevant to anything. Lenders don't usually use them; they use their own scoring systems based upon your application and the detail on your credit report.

The credit reference agencies are just offering you a view on how a lender might see your credit history. In reality different lenders will be looking for (and avoiding!) different things.

We've regularly heard of credit reference agencies assigning pretty high scores to people after trust deeds have been finished for a while, but that these scores haven't actually been reflected in people's experience of applying for credit.

From a big picture point of view, not having a trust deed or default notices present on your credit report is likely to result in more lenders being prepared to lend to you, and is likely to result in the terms of credit that are available being more attractive.

Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds    
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