Is there a service to help you improve your credit score? Bad credit? Equifax vs Experian.

[Debtin]

My score is poor, I have no idea how to move forwards.

I've just had a large debt written off, but Im pretty sure it wasn't on my file anyways as it was over 6 years old.

Anyways, I think I've pretty much settled all my debts now. I think I just owe £60 to virgin media but will sort that soon.

I went on Experian and it said my account was 681/999 and had gone up 112 points in the last month.

Which I was quite pleased about, I know it still. Counts as poor but it said I just need to get to 700 to be 'fair'

But then I logged in Equifax and that says 328/1000 :(

Ive downloaded my credit reports but I have mild learning disabilities and Im just overwhelmed and I don't know how to move forwards.

Is there like an company that looks at your report and advises you what to do next?

And why are Experian and equifax results so different?

Also my credit is poor so I can't get credit to build it.

.

The scores are different because they are different companies with different approaches to calculating their scores, and with potentially different information about you. One company may know about the recent large debt, the other may not have linked it to you.

Paying another company to advise you on increasing your credit score is probably a waste of money, as there are simple things you can do yourself.

Obviously, pay all bills on time, don't miss any payments. Be on the electoral roll if you're not already. Don't apply for lots of things that need credit checks close together as it can be taken as a sign of financial issues. There's more info on the Equifax help page here:

https://www.equifax.co.uk/resources/credit-report-and-credit-score-infographic.html

If you want to talk to somebody about credit scores, you could try Citizen's Advice eg https://www.citizensadvice.org.uk/debt-and-money/borrowing-money/how-lenders-decide-whether-to-give-you-credit/ and they might be able to help you understand what else you can do.

I'm just so confused as I joined Loqbox as I can't get a credit card, even vanquish etc

And they asked for my credit score so I put 681 and they said my credit score is good and I must have a good history.

I don't?! And I thought 681 was poor??

Are you sure you didn't mistype the number when you entered the credit score in Loqbox? Even the Loqbox FAQ page says that a score of between 561 and 720 for Experian is a Poor rating.

https://loqbox.com/en-gb/improve-credit-score#good-score

Are you on the electoral roll for where you live? Have you applied recently for things that would generate lots of credit checks on your record?

Credit scores are largely a gimmick made up by the likes of Equifax etc - that’s why they differ between the different companies. Lenders and service providers look at your credit history and your record of paying it back and ability to pay it back in the future. They don’t use score numbers per se.

The way to build your credit rating is to have credit and pay it back religiously. Credit builder cards such as Vanquis and Ocean are good for this: they accept people with bad credit ratings and you get a low credit limit of around £150 to begin with. Spend on it and pay it off every month. Make sure you’re on the electoral roll. Late payments will impact your credit, so owing Virgin Media won’t be helping here. If you have a learning disability, is there somebody who can help you to make sure you have all your direct debits in place and help you to e.g. set up alerts in your phone for when you need to make payments?

I can't get even a vanquis card so no idea how I'm supposed to build it up.

Try the other credit builder cards. There's Capital One who do a few under different names.

I've also built up my score using Klarna, Clearpay etc. They're the ones that let you buy something and split the payments with no interest charges. You can buy quite small/cheap things using them and making payments on time will help. I keep a diary and write in the days I have money coming out so I can make sure I don't miss a payment. MSE article re this:
https://www.moneysavingexpert.com/news/2022/05/klarna-buy-now-pay-later-experian-transunion/

It does take time to rebuild your credit score. There's no quick fix but it can be done.

sign up to Credit Karma, it gives you insights into what you can do to improve your score.

If you can't get one of those specific types of cards, you can still improve your credit score by other means. So, get on the electoral roll if you are not. Pay off your current debts, don't miss any payments. Continue to pay all other bills on time.

A huge thank you to Amir Khan for helping me reach an 850 credit score! Your guidance and support have truly changed my life. I'm beyond grateful for your dedication and expertise in making this possible. You've not only boosted my credit, but my confidence and future as well! If you are in need of boosting your credit score, Kindly reach out to Amir Khan Via WhatsApp +1 (701) 610 9081 🙏