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Internal bank scores?
chickencurry
Posts: 57 Forumite
Hi,
is it true that banks have their own internal credit scores for you if they have dealt with you in the past? If so how long do they refer to these scores for or is it all a myth and only whats on your credit file counts?
I'm wondering whether to try a bank account I previously owed money too a long time ago thats now paid. Thanks x
is it true that banks have their own internal credit scores for you if they have dealt with you in the past? If so how long do they refer to these scores for or is it all a myth and only whats on your credit file counts?
I'm wondering whether to try a bank account I previously owed money too a long time ago thats now paid. Thanks x
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Comments
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I understand some keep records for at least 12 years, and rather than a score I would think they will simply keep a record on you. Is it that you never repaid the debt or just that you were slow in repaying it/defaulted?
Is there a particular reason you want to move to this bank, could you not choose another bank instead?
It probably won't hurt to try (although if you don't ask for a basic account it will probably involve a credit check so will put add a search to your file), however certainly don't try if you have outstanding debts with them that are not statute barred.A smile enriches those who receive without making poorer those who giveor "It costs nowt to be nice"0 -
I understand some keep records for at least 12 years, and rather than a score I would think they will simply keep a record on you. Is it that you never repaid the debt or just that you were slow in repaying it/defaulted?
Is there a particular reason you want to move to this bank, could you not choose another bank instead?
It probably won't hurt to try (although if you don't ask for a basic account it will probably involve a credit check so will put add a search to your file), however certainly don't try if you have outstanding debts with them that are not statute barred.
Hi,
I defaulted my bank account but paid it all back SLOWLY! I dont owe anything now to them. I like the deals that bank offers, ironically perhaps! x Thanks x0 -
You gain an internal credit score (called behavioural score) with the main banks, meaning they can pre-approve things (like a credit card/loan/overdraft) without checking a CRA - based purely on your internal behaviour with the bank.
They will not retain a score for old/closed accounts; the score would simply become dormant.
So, if you had an account that has been closed for 6 years or longer the bank will have no record as they retain records in line with HMRC guidelines that mean they must keep them for a period of 6 years from account closure.
You basically start as a new customer if you now apply to a bank that you don't currently use.
2010 - year of the troll
Niddy - Over & Out :wave:
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I have 17 accounts,some settled,some active,ALL in the Green,on electoral role,no searches in the last 3 months,no late payments,no adverse stuff at all,I checked my score with Experian in November,it was 781,I checked again this week,it had gone DOWN to 618,putting me in the 'Poor' category.When I ran Experian they said it was because HSBC had increased my limit on my card,I had not asked for this increase,so why does that LOWER my score?I am a good payer,no defaults,no late markers,nothing.It seems to me Experian don't know what they are talking about,I cancelled my membership,no point at all in paying them to lower my score.:mad:Kawasaki z750 Rider!0
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The experian score is worthless, every creditor scores you against there own criteria. If not on the eletrol role you fail most mobile phone contracts stright away regardless.
The only service credit files really provide for a monthly fee is notifying you of updates, something you could do yourself by just buying the £2 report every month.
Your score whilst worked out per creditor, can be affected by available credit. If you have alot then you are a higher risk, why! Because if you use it all off a sudden you are in high debt and might not be able to afford it, the higher the risk the more costly it is for you to borrow.Although no trees were harmed during the creation of this post, a large number of electrons were greatly inconvenienced.
There are two ways of constructing a software design: One way is to make it so simple that there are obviously no deficiencies, and the other way is to make it so complicated that there are no obvious deficiencies0
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