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  • FIRST POST
    • MSE Helen Saxon
    • By MSE Helen Saxon 19th May 14, 5:51 PM
    • 75Posts
    • 44Thanks
    MSE Helen Saxon
    What your credit score really means
    • #1
    • 19th May 14, 5:51 PM
    What your credit score really means 19th May 14 at 5:51 PM
    Hi!

    This is the discussion thread for the



    Click reply below to discuss. If you havenít already, join the forum to reply. If you arenít sure how it all works, read our New to Forum? Intro Guide.


    Thanks folks,
Page 10
    • LF1903
    • By LF1903 15th Aug 17, 4:47 PM
    • 1 Posts
    • 0 Thanks
    LF1903
    Old Accounts on Credit File
    Hi, is it better to leave an account dormant on your file (catalogue account) with a £2400 limit (of which the balance is £0) or should I close it, which looks better to most companies please? Thanks
    • DCFC79
    • By DCFC79 15th Aug 17, 5:11 PM
    • 30,597 Posts
    • 19,352 Thanks
    DCFC79
    Hi, is it better to leave an account dormant on your file (catalogue account) with a £2400 limit (of which the balance is £0) or should I close it, which looks better to most companies please? Thanks
    Originally posted by LF1903
    No 1 on here will know specifically if it would look better, people will give opinions though.

    Id say if your not using it then close it.
    Can people stop loaning money/being a guarator to family/friends, it rarely ends well and you lose out as your money is gone or you get shafted with being a guarantor.
  • jamesd
    The ages of your oldest account or two are a factor, with long relationships improving score. If it's one of your oldest couple and you don't have others that are say six or more years old I suggest keeping it until you have a couple which are older than that.

    The limit will count towards your current available credit and reduce your score a little. How big this effect is depends on your income and total credit, with the income part only being used if you apply or seek a quotation. You can reduce this effect by asking for your credit limit to be reduced to say £1200 or whatever you might use but £2400 isn't a high limit anyway so unless your income is quite low the benefit is likely to be small.
    • jimboo1212
    • By jimboo1212 21st Aug 17, 10:05 PM
    • 34 Posts
    • 4 Thanks
    jimboo1212
    hope this helps
    Interesting thread , my credit score , good with equifax/ clearscore , awful with mse credit club. All had me not on the electoral role ( i have always been on it ).
    Felt the scores were / are BS.

    I applied for a card i might get with my rating from Capital , got it , they found me on the electoral roll.

    6 months later score keeps going down , i think i am doing well with my money.
    What the hell , Capital apr is too high (over 30%)

    Apply for lower Vanquis card with zero chance of success at 24%apr
    I was accepted , found on electoral roll and offered a limit of a thousand pounds.

    Car blows up , only loan i would get for two grand was at an apr of 55.9% according to the credit experts.

    Applied to my bank Clydesdale for a loan , approved and they found me on the electoral roll.

    In short , they say i am not on the roll , all the lenders etc know i am and can find me , not one agency could , one even mixed me up with my son as we have a similar name ?

    The whole credit rating game is just that , total rubbish. Please don't sweat over your ratings , it means nothing.
    • Giffer
    • By Giffer 14th Sep 17, 10:17 AM
    • 6 Posts
    • 0 Thanks
    Giffer
    Applied for an Amazon credit card to get a money off offer fine no problem but credit limit was £5000 way to much for me. Asked to reduce limit to £250 was shuffled around various people and told ok but we will call every six months to increase limit I cancelled in a fit of pique. Will this affect my credit rating
  • jamesd
    Cancelling will eventually improve it. Applying will have created a search that will reduce your rating for about three to twelve months, depending on the place you're applying to.

    If you cancelled within the first month or so there might not even be a record of anything other than an application search on your credit record. If that's the case it would have no more effect than any other application search that results in no card. A check of your credit reports a couple of months after closing should be long enough for you to know if this happened.

    Not something you need to worry about, just a bit of a waste and not something you should really have done. No big deal at all.
    • DCFC79
    • By DCFC79 14th Sep 17, 1:28 PM
    • 30,597 Posts
    • 19,352 Thanks
    DCFC79
    Applied for an Amazon credit card to get a money off offer fine no problem but credit limit was £5000 way to much for me. Asked to reduce limit to £250 was shuffled around various people and told ok but we will call every six months to increase limit I cancelled in a fit of pique. Will this affect my credit rating
    Originally posted by Giffer
    As the previous poster to you said don't sweat over over it, only you can see the rating so why bother about it.
    Can people stop loaning money/being a guarator to family/friends, it rarely ends well and you lose out as your money is gone or you get shafted with being a guarantor.
    • moatmeister
    • By moatmeister 28th Oct 17, 2:20 AM
    • 275 Posts
    • 47 Thanks
    moatmeister
    Exactly what info gets updated to CRAs by Barclaycard???
    As the title, does anyone know what info gets sent by Barclaycard to the CRAs for their "monthly" update and when? Is it the closing statement balance showing on the statement date or the balance owing at the end of the calender month or something more random??
    • DCFC79
    • By DCFC79 28th Oct 17, 7:48 AM
    • 30,597 Posts
    • 19,352 Thanks
    DCFC79
    As the title, does anyone know what info gets sent by Barclaycard to the CRAs for their "monthly" update and when? Is it the closing statement balance showing on the statement date or the balance owing at the end of the calender month or something more random??
    Originally posted by moatmeister
    Have you asked Barclaycard ?

    Do the amounts match up to the balance owed at end of cal month/closing statement balance shown on statement date ?
    Can people stop loaning money/being a guarator to family/friends, it rarely ends well and you lose out as your money is gone or you get shafted with being a guarantor.
    • GM1880
    • By GM1880 10th Dec 17, 8:35 PM
    • 54 Posts
    • 20 Thanks
    GM1880
    Since a year ago when I discovered I had a CCJ and 3 defaults Iíve become very diligent with my credit report. Arguably taking it too far.

    Anyhow, itís been interesting to see how scores from the CRAs fluctuate.

    At the moment Iím fair/good with Equifax, at c.400. But very poor with Experian (c475) with identical data. I was up at c. 700 with Experian last month, but since transferred my current account to Barclays and opened a Barclaycard.

    In short, Experian have scored me down as much for opening two new credit accounts as they did for having an additional 2 defaults 12 months ago.

    The scoring system means jack. The content tells a far more accurate story. My score may be lower now than 12 months ago, but unless youíre a clinical idiot, youíd see the content of my credit file is a world a part from 12 months ago.
    • Spunk master
    • By Spunk master 16th Dec 17, 10:37 AM
    • 5 Posts
    • 4 Thanks
    Spunk master
    Credit scores are pointless essentially. So Experian, Equifax, etc.. give their own unique scores and are only visible to you. They base this score on their own internal criteria and is a score only you can see as this makes it easier for you to understand. This score in no way is reviewed (or visible) by a lender as the people who are looking at your credit file know what they are looking at so this score is only for you. In short, pay your bills on time and you wonít have any problems. If you canít afford it then donít get it. Simples...
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