Macromolecular
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#1
Report Thread starter 7 years ago
#1
Hi,

Going uni this term and currently just turned 18 in April. Following student finance, I applied to numerous banks (natwest, cooperative, RBS etc.) as I wasn't happy with my young persons account on Barclay.

Unexpectedly, the rejections came in about a week later and my dad got me to check my credit score.

My credit score is poor and 698 and I have no positive factors but one negative.

Under the negative it states;

You have no successfully settled non-mail order accounts.

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.

After searching on the net, I can't find what exactly this means...and need it explaining to me in simple terms...what exactly does this mean? What can I do from here to increase my score? Any one else experience this?

Many thanks
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didgeridoo12uk
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#2
Report 7 years ago
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got no idea what it means... read the following though on improving your credit score

http://www.moneysavingexpert.com/loa...-score#improve
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Radio
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#3
Report 7 years ago
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Are you on the Electoral Register? If not that's a good way to begin bringing your score up.

I haven't ever been rejected for anything but I'm trying to increase my score at the moment with an overdraft and a credit card that I use responsibly. Just thought I'd throw that in there, though I'm not sure how helpful that will be.
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alexmagpie
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Report 7 years ago
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Having lots of credit checks within a short space of time can negatively affect your credit score. Although you would need some reason to fail the first one, I suppose.
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cl_steele
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Baring in mind your age and lack of credit history that would probably be the reason you got declined also the fact you applied for several different accounts as each one comes up as a 'hard credit pull' on your history and drops it by about 10point if i remember rightly as it will imply youre credit hungry, generally speaking something lenders view as risky.
If you want to get it back up set up a few direct debits and get a credit building card give it a year your credit score should be peachy again, these things take time
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