MSE News: MSE launches free Credit Club

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  • I have just joined the Credit Club and am showing an Experian Credit Score of 975. However, my MSE Affordability Score is V Weak for credit cards and loans even though my mortgages are only 20% of my gross income.
    I have checked the input figures in case I entered monthly v annual but they are all as requested. It just does not seem logical to me.
  • I, too, am confused. From Credit Club, my Experian rating is 839. I subsequently registered with Experian Credit Matcher as it shows your credit rating and is a free service. according to that site, my Excperian credit rating as of today is 999!

    Dare I suggest that something, somewhere, is amiss?

    Is anyone at MSE or Experian able to shed any light?
    In God I trust. Everyone else is a suspect.
  • jamesd
    jamesd Posts: 26,103
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    edited 10 September 2016 at 8:17PM
    Anthorn wrote: »
    It's been available for a while and is called "Creditmatcher". It follows the same track as other free services and provides the score monthly and the ability to match the score to financial products.
    The news story I linked to was about the credit report, vs the £2 statutory credit report still to be needed at the other two places, not a credit score:

    "From this week, Experian — one of the biggest credit agencies — is making this free for consumers to access.

    For a modest fee of £2, the other two major agencies Equifax and Callcredit can supply what they have on their records about you.
    "
  • Bike369 wrote: »
    I have an 'excellent' score of 975 with the Credit Club

    but

    720 'crap' when viewing my Experian credit score through Barclaycard..!

    so no idea!!

    I did however get accepted for a Tesco 0% fee 24 month credit card a few days with £4750 credit limit though so I'm not looking for any additional cards etc. but it is interesting.

    These scores are still a dark art and a money spinner if you sign up to these companies direct. So don't.

    Use Clearscore for Equifax, Noddle for Callcredit and Barclaycard/Credit Club for Experian(ish)


    mines the other way round. 950 with BC and 840 with this tool..

    anyway, credit score means jack.
  • PaulBear wrote: »
    I have just joined the Credit Club and am showing an Experian Credit Score of 975. However, my MSE Affordability Score is V Weak for credit cards and loans even though my mortgages are only 20% of my gross income.
    I have checked the input figures in case I entered monthly v annual but they are all as requested. It just does not seem logical to me.

    Ditto.

    I put in my gross salary, but £0 in the extra income field - I didn't report my spouse's income - don't remember being asked for that when making an application in the past. I only put my half of the mortgage payment down.

    However, I did put down two dependents - I guess that's my downfall since the system probably thinks I support both from my salary alone after I didn't put anything extra income down. It will be interesting to see the effect when I can go in and revise to include my spouse's salary.

    As others have said, I've never been turned down whenever I've applied for something. The products MSE say I've got a good change of getting are with the banks I'm already with, so they probably think I'm behaving well!!
  • jamesd wrote: »
    The news story I linked to was about the credit report, vs the £2 statutory credit report still to be needed at the other two places, not a credit score:

    "From this week, Experian — one of the biggest credit agencies — is making this free for consumers to access.

    For a modest fee of £2, the other two major agencies Equifax and Callcredit can supply what they have on their records about you.
    "

    He says "this week", not "next week". The article is a bit misleading, but it seems to talk about: http://www.thisismoney.co.uk/money/cardsloans/article-3777652/Experian-access-credit-scores-free.html
    The full credit report is still not available for free. That would require a competitive market where lenders would think "CallCredit and Experian are offering the credit report for free, so people is more likely to have checked and asked to correct any wrong information, so they are more likely to provide correct information". Lenders would start moving away from Equifax, so Equifax would start also offering the report for free. Unfortunately this is not a competitive market.
  • Thought so , unless you add a way to enter my address manually this is no good for me, as my address is always awkward to get the file to confirm me is me!
    October 2012 wins: £25 Amazon Gift Card :j
    December 2012 wins: 2 x £5 Kobo Codes
  • Anthorn
    Anthorn Posts: 4,362
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    takman wrote: »
    Creditmatcher only allows you to see your pretty useless credit score and not your report. If they do indeed start offering your credit report for free that will be a big bonus and a worthwhile service.

    The problem is of course that the upcoming free Experian credit report is pure fiction. Have you tried the revised link posted by jamesd?

    But of course if you have a link to the evidence please post it: I've searched exhaustively and I can't find it!
  • jamesd
    jamesd Posts: 26,103
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    RedDwarf82 wrote: »
    He says "this week", not "next week".
    She says this week in the future tense ("is making" rather than "has made") in the Saturday and Sunday edition and that means the week that has only just started, not the one that just finished.
    RedDwarf82 wrote: »
    The article is a bit misleading
    Could be, but report compared to the other reports is what it says. I suppose we'll just have to wait and see if it's the report or just the score.
  • wymondham
    wymondham Posts: 6,354
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    I gave up during the sign up process. It asks too many personal questions which would cause real problems if this information became compromised . On balance against the limited benefit I thought it was not worth the risk...
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