Multiple applications......the results

Ficofuture · 5 September 2017 at 6:57PM

First a hello !, been reading a long time but my first post

This may help others considering doing similar

all done on same day (weekday during business hours) in this order

Reason for order, highest chances first going by the individual company eligibility checkers, and existing cards held (17)

Virgin......instant accept
Nationwide........instant accept
Amex.........not instant, but approved next day
Tesco.......instant accept
HSBC........Not instant, declined by letter (*Note 1)
Lloyds......declined online
Santander........declined online
Post Office.......awaiting outcome

At which point i stopped, other than applying for a couple of fuel cards for my business, which were a straight accept, and a
Company Barclaycard......awaiting outcome

ALL used Experian, it seems only Nat West business and HSBC business use Equifax nowadays ?
*Note 1...HSBC did their hard enquiry a day later, so seeing all the other searches, just down to their slow procedure !

My SCORE (!) went from 975 to 890 for the 10 or so searches, has dropped since to 790 as the accounts start registering, i expect it to fall further as they all catch up.

Prior to this my Experian SCORE behaved exactly as predicted,
It went up as each of my last 3 searches went over the 6 months threshold, to the actual date
It went up as each of these 3 new accounts went over the 6 months threshold, again, perfectly as one would inspect.

Having seen a lot of bad advice and simply wrong information being given on here, i think we need to set a few simple things straight............

Anyone saying scores do not matter.........has a low score, or something to hide, period !

Because, if you do as they are all keen to advise, pay in full, on time, keep your utilisation low, then your score WILL go up !, if it does not, there is more to the story, always !

Your score is a reflection of your history, in easy to understand terms

Another gem is the " Banks lend money, credit agencies do not'
All banks lending money use credit agencies to help decide who to lend to !

If you want up to date info, as i do, i pay for the service.
if you want a snapshot of how your file looked 6 to 8 weeks ago, Noddle if free, but pretty useless for those very reasons

Missus_Hyde · 5 September 2017 at 7:34PM

I am so looking forward to reading the replies to this topic!!

:cool::p

Mogley · 5 September 2017 at 11:03PM

I first looked at my credit rating in January this year (MSE Credit Club). I don't remember the score but my history on the experian report looked in order. I remember that I had a fair/good rating. In April nothing much had changed with my score. It had moved slightly higher to good but eligibility checkers gave me a 95% chance of two cards I wanted. Applications accepted.
3 months later still no change to my score but I wanted to fast stooze a money transfer offer from MBNA. Multiple credit cards applied for and accepted. I now have a total of £41k credit limit and a fair/good credit rating.
The point of my story is it didn't matter what my credit rating was. I have never been in the 800-999 experian bracket. The companies offering the credit look at the credit history and my record for debt management. Am I a risk they are willing to take? Will I make them any money? The answer must have been yes in many cases but it was nothing to do with my experian score.

Mogley · 6 September 2017 at 11:40AM

A quick update, I checked my credit score with Experian today FWIW, and I have a poor rating due to multiple applications.
If I were in the market for more credit, there will probably be a lender that will look at my history and determine my risk to them and accept me for credit, but my options would of course be limited due to my recent activity. I wonder whether I'll be eligible next year for the best balance transfer cards on offer? I bet it will be determined by my history of paying for my existing credit and my risk to the lenders and not by my Experian credit score.

Ebe_Scrooge · 6 September 2017 at 4:17PM

1. Lenders do not look at - in fact, cannot see - your score.
2. Lenders will look at your history, and if it fits with their particular risk profile, then they will offer you credit.
3. All lenders have different criteria.
4. Your score will usually drop as the result of any change to your history, whether good or bad. It will rise again after a period of stability.
5. Multiple credit searches in a short period of time will look less than favourable to the majority of lenders ( appreciating that stoozing is slightly different to "normal" credit card usage ).

You say in your original post "Anyone saying scores do not matter.........has a low score, or something to hide". An alternative explanation is that they actually understand how the CRAs work.

Ficofuture · 6 September 2017 at 4:35PM

1....correct, the score is for simple people, you and me
2.....correct, but they look at many other things to
3....thanks for the insight
4....incorrect, it will drop if negative change, rise if positive change
5.....correct, which is why your score drops accordingly

I understand how the SCORING system works, and thats what is useful to me, if i want a particular product.

You get the principle, i think ?, so why cant you comprehend the concept of a simple easy to understand scoring system ?

glentoran99 · 6 September 2017 at 4:41PM

Flaw in all these credit scores aren't pointless stuff,

Lenders don't see your score,

Ficofuture · 6 September 2017 at 4:43PM

Your score reflects what they see !!!!!!!!!

Mogley · 6 September 2017 at 4:44PM

Ficofuture wrote: »

Experian package this financial footprint for you, in a easy to understand , (well, for most people !), score on a scale..........it is a reflection of your standing

A score of 400 means you are less likely to obtain credit than with a score of 800..........surely thats not so difficult to grasp ?

I agree that the Experian score is a reflection on a standing with Experian based on the credit history they have on file. However if I had just taken this score at the outset of applying for credit I would not have expected to amass £41k of credit card limits based on my fair/good rating. To be honest my score in April put me off applying initially (before reading more on these forums) until the eligibility checkers assisted me otherwise.

I see many a post on here say "I have an 'excellent' credit score but I am refused credit with certain lenders". Why would this happen at all if their score is excellent. According to your explanation they should've had the highest likelihood of receiving credit but have been refused.

I do agree that your credit score is an indicator of your credit worthiness but you should check your credit file is accurate and use eligibility checkers to determine if a company is likely to want your business.

glentoran99 · 6 September 2017 at 4:46PM

Ficofuture wrote: »

Your score reflects what they see !!!!!!!!!

Could you explain why then, in the recent past (6 months or so) I have been able to get a loan, a credit card, a mortgage when I have a score of 2/5 on noddle, and 706 on Experian,

all of the above at high street rates and the mortgage was a 115% one at 90% rates

and I have 3, 4 figure settled defaults on file

Ill explain it, they don't see the score, they don't care about the score, they have their own criteria

Ficofuture · 6 September 2017 at 4:54PM

Yes, and you fit their criteria...........or the bank used Call Credit or Equifax ?

The score is an insight, a snapshot, why is everyone so scared by them ?

There will be mistakes, but Experian is a multi billion pound company, im quite sure they have come up with a scoring system that is accurate to acceptable percentage levels

Multiple applications......the results

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