Deeley:

I'm using 55% of all available credit

OK. I assume that the report has residency and electoral roll data extending back at least 3 years and preferably longer?

Regarding the 55%, hold your horses. There are two conflicting issues here that only you can decide on. Usual advice is to use no more than 30% of available credit so if you close down unused credit you will make that number worse.

On the other hand "settled" accounts are good for your rating and removing unused credit increases the amount of new credit a lender will consider "affordable".

I don't know how big an effect the OD markers are having. Two in a row is not good, possibly will suggest to lenders you are not paying attention or have a temporary problem, and pointless when you had 45% available. Unfortunately 100% of OD will not be doing you any favours even if you hadn't gone over.

Sort that out, and wait a few months as Sparky suggests.

Yeah I obtained the report, I didn't find it that helpful really. The only things I can see that may be affecting the score are: I have quite a bit of outstanding credit (all of my accounts are satisfactory apart from 1 which I have been over my overdraft two months in a row) and I'm using 55% of all available credit. I've had 3 searches in the past year. I don't have any CCJs etc. Yet my score is in the very poor category....I'm not sure if I'm missing something?!

Sparky I did go over my od very recently so thanks for the advice I may well wait for a few months before I apply.

Deeley:

the only other reason it's low is because I have a lot of available credit, which I'm in the process of closing.

If you say so, but I'm not convinced that would have much effect. Perhaps if you look again for other reasons. I take it you obtained your credit "report" rather than just checking your "score"?

How long ago did you go over your overdraft.

I think if it is in the last 6 months this will affect your rating but should have less of an impact once they are 6 months ago.

HTH

Sparky.

Hi, I'm hoping someone can help me! I'm applying for a loan for a new car and after checking my experian report it appears my rating is 519 and under the 'very poor' category! I have gone over my overdraft limit 2 months consecutively but paid it off straight away and the only other reason it's low is because I have a lot of available credit, which I'm in the process of closing. Does anyone know if I have a chance of being approved with this credit score as I don't want to make things worse by having additional searches performed. Thank you!