cant understand why my credit rating has halved

[boomstyliemikey]

Hi guys Ive been rejected for a loan and I cant see why.
All ive had is 2 3 missed payments when I was younger in 2006 and 2008. Everything else is perfect Electoral role, searches ect yet Im getting a credit rating of 295 which is very low even though In October When I checked my credit report It had 400 and something. Its seems like my credit rating has halved for no apparent reason.

[littleroc02us]

Usually when you pull your credit report and score it will give you reasons as to why your credit score is down, factors including payment history, deliquent and reported, balance to credit limit, etc..... What does it say?

[boomstyliemikey]

Good
You have 5 active accounts and 1 settled accounts on file at your current address. Credit grantors prefer that you have at least one or two accounts as part of your credit profile. Active accounts are preferred to settled accounts.

Good
You have 1 active accounts and 6 settled accounts on file at your previous address(es). Credit grantors prefer that you have at least one or two accounts at your current address. You should update your active credit grantors with your new address to improve your chances of receiving credit.

Excellent
Your oldest account is 6 year(s) 6 month(s) old. Credit grantors prefer to see accounts opened at least 36 months.

Very poor
Your payment history shows that you have previously been 3 payments in arrears. Credit grantors will view this negatively and you may have difficulty obtaining credit. Please review the section of your credit report entitled Credit Agreements to see your accounts. For more information about Insight data and what you might be able to do about it, click here .
This reflects accounts at your previous address(es).

Excellent
All payments on your accounts are up to date.

Excellent
Credit reference agencies are receiving periodic updates from your credit grantor(s) that reflect you have made payments on time in the past.

Excellent
You have no defaults.

[snafu]

It's is important to get this sorted as quickly as possible. There may be an error on your report and having a declined loan noted makes it even worse. I'd check with the loans officer to see which agency they used and work from there. If Equifax has a negative notation for example, the others will copy. If there is an office in your area, I would make an appointment and see their representative. Factors correct or incorrect, can stay on your file for seven years! It is your responsibility to ask for corrections to your file and to follow-up to make sure those corrections have been made.

[Money Gal]

FICO Scores range from 300 to 850.
What service are you using to find out your score? If it is 295, then you are not getting numbers from FICO. This could be why you are finding dramatically different numbers.

Missing payments 3-4 years ago is recent history and will drag your score down. If you are young and have limited history that also keeps your score down. If you have credit cards that you use over 50% of the open limit that will bring down your score.

[JoshuaHeckathorn]

Yea, I wouldn't pay much attention to the 295 score because it's definitely not a FICO score. If you want to know your real FICO score, get it from myFICO.com. Or, ask whoever rejected you for the loan to give you a copy of the credit reports and scores they used when reviewing your application. Chances are they used your FICO scores.

All those settled accounts and late pays will continue to really hurt you until they get older and fall off your credit reports. That said, if you find any errors relating to these negative marks, you should dispute them through the 3 major CRAs and get them corrected.

[littleroc02us]

What company did this Credit report come from?

[bjl584]

Hi guys Ive been rejected for a loan and I cant see why.
All ive had is 2 3 missed payments when I was younger in 2006 and 2008. Everything else is perfect Electoral role, searches ect yet Im getting a credit rating of 295 which is very low even though In October When I checked my credit report It had 400 and something. Its seems like my credit rating has halved for no apparent reason.

400 and something is a bad credit score. That's why you didn't get approved for the loan. 295 is not a real score by FICO standards.


Is there more to the situation than you have described so far? There must be something major going on the have a score in the 400's. Bankruptcy? Reposession? Something else?