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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 1
    • Missus Hyde
    • By Missus Hyde 5th Sep 17, 7:34 PM
    • 287 Posts
    • 414 Thanks
    Missus Hyde
    • #2
    • 5th Sep 17, 7:34 PM
    • #2
    • 5th Sep 17, 7:34 PM
    I am so looking forward to reading the replies to this topic!!
    It's a far, far better thing that I do, than I have ever done; it is a far, far better rest that I go to, than I have ever known........Sydney Carton.
    • Mogley
    • By Mogley 5th Sep 17, 11:03 PM
    • 208 Posts
    • 176 Thanks
    Mogley
    • #3
    • 5th Sep 17, 11:03 PM
    • #3
    • 5th Sep 17, 11:03 PM
    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.
    No.25 for 2017 £1070/£4000 saved.
    You should pay attention to the needs of the moment - otherwise there is no future. But to ignore the future is foolish - living solely for the moment leaves nothing for when the next moment arrives.
    • Mogley
    • By Mogley 6th Sep 17, 11:40 AM
    • 208 Posts
    • 176 Thanks
    Mogley
    • #4
    • 6th Sep 17, 11:40 AM
    • #4
    • 6th Sep 17, 11:40 AM
    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.
    No.25 for 2017 £1070/£4000 saved.
    You should pay attention to the needs of the moment - otherwise there is no future. But to ignore the future is foolish - living solely for the moment leaves nothing for when the next moment arrives.
    • Ebe Scrooge
    • By Ebe Scrooge 6th Sep 17, 4:17 PM
    • 3,859 Posts
    • 3,238 Thanks
    Ebe Scrooge
    • #5
    • 6th Sep 17, 4:17 PM
    • #5
    • 6th Sep 17, 4:17 PM
    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.
    Last edited by MSE ForumTeam5; 07-09-2017 at 11:29 AM. Reason: Quoting deleted post
    I may not know much about art, but I know what I like.
    • Ficofuture
    • By Ficofuture 6th Sep 17, 4:35 PM
    • 28 Posts
    • 3 Thanks
    Ficofuture
    • #6
    • 6th Sep 17, 4:35 PM
    • #6
    • 6th Sep 17, 4:35 PM
    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
    • By glentoran99 6th Sep 17, 4:41 PM
    • 4,578 Posts
    • 3,579 Thanks
    glentoran99
    • #7
    • 6th Sep 17, 4:41 PM
    • #7
    • 6th Sep 17, 4:41 PM
    Flaw in all these credit scores aren't pointless stuff,


    Lenders don't see your score,
    • Ficofuture
    • By Ficofuture 6th Sep 17, 4:43 PM
    • 28 Posts
    • 3 Thanks
    Ficofuture
    • #8
    • 6th Sep 17, 4:43 PM
    • #8
    • 6th Sep 17, 4:43 PM
    Your score reflects what they see !!!!!!!!!
    • Mogley
    • By Mogley 6th Sep 17, 4:44 PM
    • 208 Posts
    • 176 Thanks
    Mogley
    • #9
    • 6th Sep 17, 4:44 PM
    • #9
    • 6th Sep 17, 4:44 PM
    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 ?
    Originally posted by Ficofuture
    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.
    No.25 for 2017 £1070/£4000 saved.
    You should pay attention to the needs of the moment - otherwise there is no future. But to ignore the future is foolish - living solely for the moment leaves nothing for when the next moment arrives.
    • glentoran99
    • By glentoran99 6th Sep 17, 4:46 PM
    • 4,578 Posts
    • 3,579 Thanks
    glentoran99
    Your score reflects what they see !!!!!!!!!
    Originally posted by Ficofuture


    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
    Last edited by glentoran99; 06-09-2017 at 4:49 PM.
    • Ficofuture
    • By Ficofuture 6th Sep 17, 4:54 PM
    • 28 Posts
    • 3 Thanks
    Ficofuture
    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
    • TheShape
    • By TheShape 6th Sep 17, 5:02 PM
    • 1,015 Posts
    • 772 Thanks
    TheShape
    OP,

    100 people, each with the same Experian Credit Score, apply for the same credit card.

    If the Experian Credit Score is the determining factor either:

    a) all 100 will be accepted or;

    b) all 100 will be declined.

    If the result is anything other than a or b, how do you explain the result?
    • Ficofuture
    • By Ficofuture 6th Sep 17, 5:05 PM
    • 28 Posts
    • 3 Thanks
    Ficofuture
    I was 90% eligible for Lloyds and Santander, yet was declined !, because of the high number of searches prior !

    Had i done 1 in isolation , on the balance of probability, i would most likely been accepted

    This is about multiple applications and what happens..........what actually happens when you do it

    The score is one part of the story, income and many other things are taken into account

    One lender may not favour the self employed

    Virgin dont like ANY searches in the last 6 months for example

    MBNA are very keen for Lloyds customers.........

    (Text removed by MSE Forum Team)
    Last edited by MSE ForumTeam5; 07-09-2017 at 11:48 AM. Reason: Inappropriate posting
    • glentoran99
    • By glentoran99 6th Sep 17, 5:05 PM
    • 4,578 Posts
    • 3,579 Thanks
    glentoran99
    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
    Originally posted by Ficofuture


    My Equifax score is poor too, and noodle is Call Credit. There is no mistake they don't see the scores, they used their own scoring based on the information they had access to via both their own records and the CRA's


    No-one is scared of them but people
    A) shouldn't pay for them
    B) should not put much stock in them
    • Ficofuture
    • By Ficofuture 6th Sep 17, 5:07 PM
    • 28 Posts
    • 3 Thanks
    Ficofuture
    OP,

    100 people, each with the same Experian Credit Score, apply for the same credit card.

    If the Experian Credit Score is the determining factor either:

    a) all 100 will be accepted or;

    b) all 100 will be declined.

    If the result is anything other than a or b, how do you explain the result?
    Originally posted by TheShape
    Voodoo might be the easiest answer ?
    • glentoran99
    • By glentoran99 6th Sep 17, 5:07 PM
    • 4,578 Posts
    • 3,579 Thanks
    glentoran99
    I gave my own example for that reason !!!
    I was 90% eligible for Lloyds and Santander, yet was declined !, because of the high number of searches prior !

    Had i done 1 in isolation , on the balance of probability, i would most likely been accepted

    This is about multiple applications and what happens..........what actually happens when you do it

    The score is one part of the story, income and many other things are taken into account

    One lender may not favour the self employed

    Virgin dont like ANY searches in the last 6 months for example

    MBNA are very keen for Lloyds customers.........

    The point is, this anti score mindset is very blinkered, and i can only see its coming from people with a chip on their shoulder..................maybe their wife ran off with the cool dude from Call Credit ?
    Originally posted by Ficofuture


    When deciding credit the score is NO part of the story, lenders don't see it, Why aren't you getting this?
    • Ficofuture
    • By Ficofuture 6th Sep 17, 5:09 PM
    • 28 Posts
    • 3 Thanks
    Ficofuture
    Whats wrong with paying for the most up to date information ?

    Last months Financial Times is no use to me today.........

    If you are worrying about £14.99, stoozing is not for you
    • glentoran99
    • By glentoran99 6th Sep 17, 5:10 PM
    • 4,578 Posts
    • 3,579 Thanks
    glentoran99
    Whats wrong with paying for the most up to date information ?

    Last months Financial Times is no use to me today.........

    If you are worrying about £14.99, stoozing is not for you
    Originally posted by Ficofuture


    You work for Experian don't you?
    • Ficofuture
    • By Ficofuture 6th Sep 17, 5:11 PM
    • 28 Posts
    • 3 Thanks
    Ficofuture
    When deciding credit the score is NO part of the story, lenders don't see it, Why aren't you getting this?
    Originally posted by 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
    • Ficofuture
    • By Ficofuture 6th Sep 17, 5:12 PM
    • 28 Posts
    • 3 Thanks
    Ficofuture
    I work for myself...working for others is a mugs game
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