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  • FIRST POST
    • Ficofuture
    • By Ficofuture 5th Sep 17, 6:57 PM
    • 28Posts
    • 3Thanks
    Ficofuture
    Multiple applications......the results
    • #1
    • 5th Sep 17, 6:57 PM
    Multiple applications......the results 5th Sep 17 at 6:57 PM
    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
Page 2
    • glentoran99
    • By glentoran99 6th Sep 17, 5:38 PM
    • 4,578 Posts
    • 3,579 Thanks
    glentoran99
    They see what the score reflects, its much easier for us to understand as a number, on a scale.........what is so wrong with that ?

    This must be a cultural thing, or people like to think they have inside info, and think its cool to say,
    "Ignore it, its made up"

    Its not cool. its sad
    Originally posted by Ficofuture


    Experian gives you a score


    Lenders give you a score


    they aren't the same, which one do you think matters?
    • Ficofuture
    • By Ficofuture 6th Sep 17, 6:02 PM
    • 28 Posts
    • 3 Thanks
    Ficofuture
    This is a trick question isnt it !?

    The one i have access to, the one i can see......Experian

    The other score is arrived at from internal and external info........so the info Experian gives them that relates to me is important, i monitor this in the form of a simple (!) scoring system that, if you understand what affects it, gives me a pretty good reflection of how my financial standing looks to lenders

    Get with the programme people
    • glentoran99
    • By glentoran99 6th Sep 17, 9:08 PM
    • 4,578 Posts
    • 3,579 Thanks
    glentoran99
    This is a trick question isnt it !?

    The one i have access to, the one i can see......Experian

    The other score is arrived at from internal and external info........so the info Experian gives them that relates to me is important, i monitor this in the form of a simple (!) scoring system that, if you understand what affects it, gives me a pretty good reflection of how my financial standing looks to lenders

    Get with the programme people
    Originally posted by Ficofuture


    If I took heed of my credit score I wouldn't have been able to buy my house
    • bazzyb
    • By bazzyb 6th Sep 17, 9:35 PM
    • 1,025 Posts
    • 3,175 Thanks
    bazzyb
    I tend to err on the side of saying your score doesn't matter, but what I guess would be more accurate would be to say your score alone doesn't matter.

    I think this sums it up quite well:

    Your score is a reflection of your history, in easy to understand terms
    Originally posted by Ficofuture
    Your score gives a general indication of your credit history, but lenders are interested in far more than just your score alone. There are many people who have a 'perfect' credit score but may be bankrupt, unemployed, low income. These may be less likely to get credit than someone who has a less than perfect score but, for example, has a good income, stable job, homeowner, etc. Also lenders can look at other things, such as geographical location, employment status, job title, residential status, marital status - all of these factors could have an impact depending on a lender's underwriting criteria, which your credit score won't reflect.

    The main thing a credit score does is gives you an idea of how your credit has been looked after previously - however I would think most people would have an idea of if they have never missed a payment or, on the other extreme, racked up several defaults and CCJs. This is why I think a lot of people say credit scores are pointless and meaningless - they only tell a very small part of the story and, for the majority of people, won't really tell them anything they don't already know.
    • Ficofuture
    • By Ficofuture 6th Sep 17, 10:20 PM
    • 28 Posts
    • 3 Thanks
    Ficofuture
    Indeed, which is why people saying on here, "just worry about your history" is so vapid, if you build a good history, your score will improve !!!!!!

    Experian is American , and the software model used there is way more advanced , i guess they have to water it down for the uk due to the general public simply not being so accepting of being bracketed in such a way

    I still say a lot on here have something to hide, they say it too quickly and too often...........which leads me to suspect their scores are LOW ?........would you take advice from anyone who wont declare their situation , experience and financial standing ?............. i hope not
    • thebestdayever
    • By thebestdayever 6th Sep 17, 10:46 PM
    • 6 Posts
    • 3 Thanks
    thebestdayever
    Yeah I've had a similar experience with recent travel hacking adventures. I think I got really excited and now have to rebuild my credit up slowly. Pick a few cards is what I'd say and keep recycling the good ones if you can.
    • Ebe Scrooge
    • By Ebe Scrooge 6th Sep 17, 11:34 PM
    • 3,862 Posts
    • 3,242 Thanks
    Ebe Scrooge
    I still say a lot on here have something to hide....would you take advice from anyone who wont declare their situation
    Originally posted by Ficofuture
    OK, I don't often get annoyed at posters on this site - my aim is to help people. But I take exception at this.

    Not that it's any of your business ... but here's my story. I've struggled, I've had gambling and drinking problems in the past, I've been divorced, I've come oh so close to having my house repossessed in the past. I've worked my gonads off, I've retrained, I've come out the other side. I've worked in a senior position at a multinational bank, then when I was made redundant I took a job stacking shelves at Lidl - anything rather than claim the dole ( or whatever they call it these days ). I now have a steady, well-paid job, albeit it means working away from home. I'm now in what most folk would call "a pretty comfortable" situation, financially at least. No, I don't drive a Jag, no I don't holiday in the Bahamas - but I ain't worried when the next bill comes in.

    So yes, I know what it's like to worry about losing the roof over your head. Yes, I know what it's like to to be driven to drink, feeling a failure for not being able to provide for your family. Yes, I know what it's like, thinking that slitting your wrists would actually be a pretty easy way out of it all.

    So no, I have nothing to hide. And perhaps you ought to take a moment to think, before you dismiss out of hand the well-meant advice offered by the the folk on this forum - which more often than not is learned from bitter personal experience.
    Last edited by Ebe Scrooge; 06-09-2017 at 11:37 PM.
    I may not know much about art, but I know what I like.
    • glentoran99
    • By glentoran99 7th Sep 17, 8:22 AM
    • 4,578 Posts
    • 3,579 Thanks
    glentoran99
    Indeed, which is why people saying on here, "just worry about your history" is so vapid, if you build a good history, your score will improve !!!!!!

    Experian is American , and the software model used there is way more advanced , i guess they have to water it down for the uk due to the general public simply not being so accepting of being bracketed in such a way

    I still say a lot on here have something to hide, they say it too quickly and too often...........which leads me to suspect their scores are LOW ?........would you take advice from anyone who wont declare their situation , experience and financial standing ?............. i hope not
    Originally posted by Ficofuture
    You keep mentioning America, America uses credit scores, U.K. Lenders don't see your Experian score
    • jtgaoler
    • By jtgaoler 7th Sep 17, 9:16 AM
    • 10 Posts
    • 2 Thanks
    jtgaoler
    Lenders are out to make money from their products, so they interpret your credit history against their commercial strategy.


    Can't post links, but see section three on "credit-rating-credit-score" page of the main site.



    It's no coincidence, I think, that the best card deals I have are with banks that I also have a current account and/or savings account and/or other product with.


    Of course, there's a fixation with credit scores because certain "events" (aka mistakes, errors by banks etc.) will definitely stop you being accepted, so it's worth keeping an eye on things.



    But "the bank" is more like a partner who is constantly lending you money and then demanding a tenner from you with the threat of asking for the whole lot back instead.


    The trick is to be able to call the bank's bluff and repay the lot
    • Ficofuture
    • By Ficofuture 7th Sep 17, 10:54 AM
    • 28 Posts
    • 3 Thanks
    Ficofuture
    OK, I don't often get annoyed at posters on this site - my aim is to help people. But I take exception at this.

    Not that it's any of your business ... but here's my story. I've struggled, I've had gambling and drinking problems in the past, I've been divorced, I've come oh so close to having my house repossessed in the past. I've worked my gonads off, I've retrained, I've come out the other side. I've worked in a senior position at a multinational bank, then when I was made redundant I took a job stacking shelves at Lidl - anything rather than claim the dole ( or whatever they call it these days ). I now have a steady, well-paid job, albeit it means working away from home. I'm now in what most folk would call "a pretty comfortable" situation, financially at least. No, I don't drive a Jag, no I don't holiday in the Bahamas - but I ain't worried when the next bill comes in.

    So yes, I know what it's like to worry about losing the roof over your head. Yes, I know what it's like to to be driven to drink, feeling a failure for not being able to provide for your family. Yes, I know what it's like, thinking that slitting your wrists would actually be a pretty easy way out of it all.

    So no, I have nothing to hide. And perhaps you ought to take a moment to think, before you dismiss out of hand the well-meant advice offered by the the folk on this forum - which more often than not is learned from bitter personal experience.
    Originally posted by Ebe Scrooge
    Glad i have your attention.....

    Then you are perfectly placed to advise anyone on the above, which is helpful

    I can tell a similar tale, and looking back, it was for the best, it made me a better person, as im sure it has you.........i know the value of money and what it can and cannot do

    So when you say to a new member, "Ignore the score, its made up", how helpful do you think that is ?

    How likely are they to ask another question ?

    Equifax, Experian and Call Credit use scores.........for a reason, they know more about credit scoring than anyone here

    Far better to explain that the conduct and history is what matters, improve these and your score will improve

    You can even say, dont worry too much about the score, its an indication, and will improve as you clear up your act, but telling them to ignore it is simply poor advice and helps nobody
    • Ficofuture
    • By Ficofuture 7th Sep 17, 10:54 AM
    • 28 Posts
    • 3 Thanks
    Ficofuture
    You keep mentioning America, America uses credit scores, U.K. Lenders don't see your Experian score
    Originally posted by glentoran99
    Ive seen the future......guess whats coming to a town near you soon ?
    • Ficofuture
    • By Ficofuture 7th Sep 17, 10:57 AM
    • 28 Posts
    • 3 Thanks
    Ficofuture
    Lenders are out to make money from their products, so they interpret your credit history against their commercial strategy.


    Can't post links, but see section three on "credit-rating-credit-score" page of the main site.



    It's no coincidence, I think, that the best card deals I have are with banks that I also have a current account and/or savings account and/or other product with.


    Of course, there's a fixation with credit scores because certain "events" (aka mistakes, errors by banks etc.) will definitely stop you being accepted, so it's worth keeping an eye on things.



    But "the bank" is more like a partner who is constantly lending you money and then demanding a tenner from you with the threat of asking for the whole lot back instead.


    The trick is to be able to call the bank's bluff and repay the lot
    Originally posted by jtgaoler

    Banks want applications in the same way Asda wants you in their store..........

    Every time you pay into your bank, you are lending them money
    You and your wages/income are a revenue stream to a bank

    If you owe a bank £1000........its your problem

    If you owe a bank £100000........its the banks problem
    • Ficofuture
    • By Ficofuture 7th Sep 17, 11:03 AM
    • 28 Posts
    • 3 Thanks
    Ficofuture
    For the record, my Experian score is 676 today........i wonder if i can get it to zero ?

    Can we start a thread on who has the lowest score ?
    • Ficofuture
    • By Ficofuture 7th Sep 17, 12:30 PM
    • 28 Posts
    • 3 Thanks
    Ficofuture
    Oh dear.....I have a yellow card

    And a few posts deleted

    Closed shop ??

    But then I was inspired !!!

    On Experian, yellow is the FAIR band, so how about all members have their user name in the colour of their Experian score band ???

    Transparency, for all to see, and decide who to take advice from

    I will ring Martin right now......
    • mcpitman
    • By mcpitman 7th Sep 17, 2:06 PM
    • 522 Posts
    • 359 Thanks
    mcpitman
    would you take advice from anyone who wont declare their situation , experience and financial standing ?............. i hope not
    Originally posted by Ficofuture

    No - so what is your situation, experience and financial standing.


    Or are you just a twaddle spouting troll?
    Life isn't about the number of breaths we take, but the moments that take our breath away. Like choking....
    • Ficofuture
    • By Ficofuture 7th Sep 17, 2:12 PM
    • 28 Posts
    • 3 Thanks
    Ficofuture
    I hope your post is removed for being rude ????

    Im not telling people to ignore their scores, suggesting they are made up, are unimportant, then contradicting myself by telling them to do everything that will help to improve my score !!!!
    • mcpitman
    • By mcpitman 7th Sep 17, 3:27 PM
    • 522 Posts
    • 359 Thanks
    mcpitman
    I hope your post is removed for being rude ????

    Im not telling people to ignore their scores, suggesting they are made up, are unimportant, then contradicting myself by telling them to do everything that will help to improve my score !!!!
    Originally posted by Ficofuture

    You can hope all you like.... I don't care either way. I'm not telling people to ignore their scores either.

    am i allowed to call YOU a twaddle spouting troll or will that be removed ?
    Originally posted by Ficofuture

    Of course you are, the only issue there is I am not spouting twaddle, you are doing a fine job of that yourself.


    You are making unqualified comments about something you clearly know little to nothing about.


    So again your expertise and background is......?
    Life isn't about the number of breaths we take, but the moments that take our breath away. Like choking....
    • Ebe Scrooge
    • By Ebe Scrooge 7th Sep 17, 5:43 PM
    • 3,862 Posts
    • 3,242 Thanks
    Ebe Scrooge
    So again your expertise and background is......?
    Originally posted by mcpitman
    I'm pretty sure he is an expert at hiding under bridges and dining on succulent young goats
    I may not know much about art, but I know what I like.
    • Ficofuture
    • By Ficofuture 7th Sep 17, 8:13 PM
    • 28 Posts
    • 3 Thanks
    Ficofuture
    My expertise and background that relate to this subject ?,
    i have over 20 UK credit cards, 5 USA cards, Business finance both here and there ,so i feel im as qualified as the next person to discuss cards and credit scoring methods, i have successfully had searches and defaults removed
    Ive got rich and been poor..........will that do ?
    • mcpitman
    • By mcpitman 11th Sep 17, 8:30 AM
    • 522 Posts
    • 359 Thanks
    mcpitman
    My expertise and background that relate to this subject ?,
    i have over 20 UK credit cards, 5 USA cards, Business finance both here and there ,so i feel im as qualified as the next person to discuss cards and credit scoring methods, i have successfully had searches and defaults removed
    Ive got rich and been poor..........will that do ?
    Originally posted by Ficofuture

    So no actual financial qualifications or experience, just some great stories you made up.


    I also don't care if you think you are "rich", I may be more rich or more poor than you, still doesn't make your opinion any more believable.
    Life isn't about the number of breaths we take, but the moments that take our breath away. Like choking....
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