Hi adamski.

That score is an estimate of what the credit reference agency thinks that lenders might assign to you.

Each lender comes up with their own scoring system using the data on your credit file and your application details.

Having a fair credit rating is a good start. Remember though that some lenders will have a simple rule that they do not offer credit to people who were recently in trust deeds. They may score you down further on that basis than Experian have in their estimate.

Thanks TDA, I thought that the trust deed would have taken my score right down, although payments on my debt were made right up until I entered the TD so no late or missed payments!

I finished my Trust Deed last year and checked my credit rating with them as well. It also gave a rating of 803 (fair). Soon realised it means very little as even Capital one and Vanquis turned me down for their sub prime cards.

the score is totally meaningless. If you have a trust deed on your file you will struggle to get any mainstream lenders to touch you with a ten foot bargepole!!!

Paul

Hi adamski, this is something I spent quite a bit of time looking into, and my trust deed firm was very helpful in terms of explaining to me, before I signed my trust deed. If you look on the experian website about what the credit score actually means, it says it's just an indicative score. Different lenders will calculate their own score, based on the information stored on your credit file, and they will also take into account the type of credit being applied for, and also the information you gave on your application. So not only will different lenders calculate scores differently, but also the same lender will assess differently depending on the type of credit being applied for.

Safe to say that missed/late payments, judgements, trust deeds, bankruptcy, das, informal debt management plans - all of these are viewed as negative and will affect how they calculate your score and ultimately whether they decide to lend or not.

One of the few things I know quite a lot about, so hopefully this helps you!!!

Oh, and as for impact after trust deed finished, I've been told that every time anything on your file is updated, that update will stay for 6 years. So the fact you've signed a trust deed will be on your file for 6 years (from the start). But also, when trust deed finished and debts updated as settled, that settled update will be visible for 6 years too. So although the trust deed itself will disappear after 6 years, the details of the debts themselves will still be there for 6 years after your trust deed is finished. But at least they will show as settled, so that's helpful for a credit company to know when they are deciding whether to say yes or no to your application.

Just looked up the page on experian website that explains about credit scores. Here it is...

(Link removed)

Hi CraigieC.

Don't worry about it, but for a few reasons we ask visitors not to post external links within the forum.

The major damage to a credit file comes from the trust deed itself and default notices which may appear around the start of it. These should all be gone six years after starting a trust deed. Once discharged there is plenty that can be done to start rehabilitating your credit status.

Hi adamski,

I have finished my TD and just passed the 6 year mark since it started. Now my TD has dropped off file and so have all my old debts. The date that the 6 years starts from is the default date (which by law should be the date you signed your TD) the date it gets marked as settled does not matter. So as long as all default dates are correct 6 years after you signed your TD everything should drop off. Hope this helps. I agree your credit score with the agencies is kind of pointless, you pay for it and really knowing it makes no difference as every company scores differently. Since my TD ended I have discovered that the only way to know if you will get a loan/car finance/mortgage is to apply. I managed to get all 3 of these before my TD fell off my credit report - also worth noting that I did not have to go to any company advertising 'bad credit borrowers accepted' my loan and mortgage are with high street banks at a low APR and I got car finance with the garage (before my TD fell off though I had to get a brand new car as I could not get a loan for a used vehicle - really silly, I had to borrow more!).

How Long after your trust deed finished, was it when you applied for these things?