My dad has checked his credit score and it basically says its 1 out of 5. Ok, hes retired has a pension as income. He does have 3 credit cards and a store a catalogue account but all are fully upto date and he has never missed a payment ever, never been bankrupt or had a ccj etc. If this is the case why does he have such a low credit score?
Basically he is on a fixed income and the three credit cards and account are liabilities. Although all up to date the agency doing the scoring also looks at the potential for future problems.
There are three agencies and they score differently -- the others might be better.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
The score is not a reflection of what the bank thinks about your credit worthiness.But I would not say it was nonsense
Three credit cards....I would go with less.
But you need a credit agency advisor from say experian to look into this.
Sign up for a free trial and ask them for advice.Outside that we can only give you tentative guesses which wouldn't get your score to 4 or 5.
Credit analytics....a very very complex area.
