I don’t understand my credit score

[User1110]

I’m aware I may sound a bit silly but I really have no idea where I’ve gone wrong here.

I’m really good with money I would say - all I have is a £200 overdraft that I haven’t yet paid off but will in a few months. I’ve never had a credit card.

I pay my phone bill every month in my name plus other bills.

I am also on the electoral register.

I’ve just run an Experian credit score check and I don’t have a credit score!? Can someone tell me what this means as I don’t really understand why.

We are hoping to buy a flat next year so I need to turn this around!

Do you mean the system couldn’t find you, or it found you but have your score as zero?

You don’t have a credit score because you have never had (and managed) credit. For a lender they have nothing to show that you could manage potentially large sums of money. You need to build your score by getting a credit card and then purchasing stuff on it and repaying before the due date.

You don't have a credit card or a phone on contract (credit) ?

Money saving expert is a good place to learn about this

Credit scores are a con. It’s a fantasy score made up to be sold to you, all companies score internally and rank things differently.

It’s your report that you need to look at. What shows? Is it accurate? Any missed payments?

If you’ve got an overdraft and a phone contract, those two things should show on your report.

I do have a phone contract, which I pay for every month. But no, I’ve never had a credit card!

It literally says I have no credit score - I’ve checked on Expedia and ClearScore. So I’m really not sure what’s going on. The only thing I can think of is that we’ve moved a few times in the last few years?

Stop using your overdraft. Get a credit card. Use it for a small amount of normal spending and pay it off in full every month.

Banks see overdraft use as bad and responsible credit card use as good.

Look on moneysaving expert for first time buyers advice and do everything that is relevant.

Make sure you're on the electoral role and a credit card can help. Just spend and make sure you pay it back each month.

You can get a free trial on Experian of a full account that can tell you how your score is made - try this and see what it says?

This article may help www.clearscore.com/learn/credit-score-and-report/what-you-need-to-know-if-you-have-no-credit-history/

I was in the same boat. I didn't have one. I got a credit card about a year ago and started using it and paying it back each month and now I have a credit score.

There's no such thing as a credit score as such. The Martin Lewis website is a good place to learn about the subject.

Are you on the electoral roll? That makes a difference. And yes having a credit card you pay off in full each month helps build your score.

I’m going to have a look on the Martin Lewis website, thanks @AllThatFancyPaintsAsFair. I feel like a bit silly and like I’m not ‘adulting’ but I really don’t understand it all and never taken much notice of my score. It’s only in the forefront of my mind now/I’m panicking as we may be ready to buy soon. (I know, silly of me).

I’m on the electoral roll, yes!

blog.moneysavingexpert.com/2021/06/martin-lewis-credit-score-myths/

Start here @User1110

You need credit to have a credit score. Get a credit card and use it and pay it off. That's how you build a credit score - by taking out credit and proving you are responsible with it.

Both experian and equifax kept telling me I lived at an address I haven't lived at for 4 years despite being on the electrol register, where I currently live since I moved in.

I have to email both. When they changed my address, it added all my credit history, that wasn't showing before.

It might be worth emailing them and advising them.

Same happened to me but I only came to the U.K. several years ago