I wouldn't focus on the score sparky1. It's arbitrary, just a guess by the credit reference agency of what a lender might think about you as a lending prospect.

In reality the lenders all score the information on your credit file in different ways and add that to the information you provide in credit applications, their own demographic information, their own previous lending experience and their own view of the type of clients they want for various products.

The key point is to make sure that the information is current and accurate. The next step is to add some positive credit usage if improving your future borrowing ability is important to you. That's all you can do.

The removal of previous negative credit events can only improve the view of most lenders about you as a potential borrower I'd have thought.

I have gone from 1/5 to 3/5 on noddle. The trust deed us still on there until may 2014.

I havent bothered with actual scores or paying credit expert etc every month just to know my rating isnt great. I pay a fiver a year for annualcreditreport dot something and am due a nee report in feb so I will see then what my rating is.

Paul

TDA, my parents have been good enough to get a bank loan in their name so I could get a new car. I bank with the same bank as they do, I've set up a standing order so I send over the loan monthly repayment to their bank account so it can be withdrawn on the agreed date.

In your opinion, would this show the bank that I'm being responsible with my finances for the possibility of future lending in my own name as the bank can see the arrangement set up.. I hope you know what I'm going on about?

If you had an old fashioned local bank manager it might do sparky1.

I think these decisions are mostly made by computers rather than people exercising much discretion now.

Hi sparky1,

I'm not sure that this type of arrangement with your parents will have any impact on their decision to lend to you in the future.

As TDA has suggested, I think these decisions are based on computer programs. I experienced this when applying for a credit card recently. I recently moved address and secured a mortgage so you would assume I have a decent credit rating to facilitate this. I've had car finance, loans and 2 credit cards in the past so I've got quite a credit history behind me. When competing the credit card application when I answered that I had only lived at the address for a short period of time and even although I was a home owner they refused the application. I was surprised. I tried the application with my previous address and it was approved if I wanted it. It showed me that it was just an automated computer program with trigger questions and specific answers which were required. If my answers didn't fit their model they didn't want to lend to me.