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  • FIRST POST
    • MSE Helen Saxon
    • By MSE Helen Saxon 19th May 14, 5:51 PM
    • 75Posts
    • 42Thanks
    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



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    Thanks folks,
Page 3
  • Stampchog
    Both Lloyds and Bank of Scotland have recently used a change on my credit score to increase my credit card interest rate by almost 20% APR. The ridiculous thing is that the change on my credit score, which is a negative as far as Experian are concerned, is the fact that I have paid off my mortgage. I remain a homeowner, but I no longer have a mortgage to pay. Now any rational human being would assume that that would be a good thing. I have an extra £500+ per month now. But Experian say this is a negative and the credit card companies have been very quick to jump on that one and use it as an excuse to increase my rates. Trying to speak to the credit card companies is a joke. All I heard was "computer say no". Incredible. So your credit score may mean nothing but the banks will use them to bend to their liking.
    • DCFC79
    • By DCFC79 9th Apr 15, 11:03 AM
    • 29,212 Posts
    • 18,442 Thanks
    DCFC79
    Both Lloyds and Bank of Scotland have recently used a change on my credit score to increase my credit card interest rate by almost 20% APR. The ridiculous thing is that the change on my credit score, which is a negative as far as Experian are concerned, is the fact that I have paid off my mortgage. I remain a homeowner, but I no longer have a mortgage to pay. Now any rational human being would assume that that would be a good thing. I have an extra £500+ per month now. But Experian say this is a negative and the credit card companies have been very quick to jump on that one and use it as an excuse to increase my rates. Trying to speak to the credit card companies is a joke. All I heard was "computer say no". Incredible. So your credit score may mean nothing but the banks will use them to bend to their liking.
    Originally posted by Stampchog
    You must mean your credit history and NOT your credit score.
    Je Suis Charlie
    • zx81
    • By zx81 9th Apr 15, 11:06 AM
    • 11,559 Posts
    • 11,564 Thanks
    zx81
    So your credit score may mean nothing but the banks will use them to bend to their liking.
    Originally posted by Stampchog
    The only way they're seeing your credit score if if you're phoning them up and telling them.
    • DCFC79
    • By DCFC79 9th Apr 15, 11:14 AM
    • 29,212 Posts
    • 18,442 Thanks
    DCFC79
    The only way they're seeing your credit score if if you're phoning them up and telling them.
    Originally posted by zx81
    Could be psychic I guess.
    Je Suis Charlie
  • ceo211
    Makes things quite clear I think
  • Katanaji
    Metrobank told me they use Equifax to check credit score/report (the banker used terms interchangeably) to open a current account.
  • Claire83
    My credit rating has dropped because natwest added a default however it was done as a result of their mistake (they never switches over all my direct debits between accounts) please help with how I get this removed as my credit was brilliant before.... How long will it take for my credit to rise again?
    • zx81
    • By zx81 22nd Jun 15, 9:01 PM
    • 11,559 Posts
    • 11,564 Thanks
    zx81
    how I get this removed
    Originally posted by Claire83
    Raise a complaint with NatWest.

    How long will it take for my credit to rise again?
    Originally posted by Claire83
    Doesn't matter.
    • ikkie
    • By ikkie 23rd Jun 15, 1:49 PM
    • 28 Posts
    • 11 Thanks
    ikkie
    score means nothing apart from fuss.
  • Greertops
    My credit score is appearing very differently on different websites which is concerning me. On check my file / Experian it is coming out at around 780 and 3/5 stars. However when I created a noddle account today it is showing as 1/5 and around 520. Is there any reason they would show so differently?
    • PaulW922
    • By PaulW922 3rd Aug 15, 12:46 PM
    • 770 Posts
    • 295 Thanks
    PaulW922
    My credit score is appearing very differently on different websites which is concerning me. On check my file / Experian it is coming out at around 780 and 3/5 stars. However when I created a noddle account today it is showing as 1/5 and around 520. Is there any reason they would show so differently?
    Originally posted by Greertops
    It is because each agency uses a different method to calculate it. Those scores are not seen by anyone other than you and the relevant credit agency. As such, beyond an indictor to you of your general credit position, they mean little. What is more important is your credit history - your record of payments, us of credit, applications etc.
    • DCFC79
    • By DCFC79 9th Aug 15, 5:44 PM
    • 29,212 Posts
    • 18,442 Thanks
    DCFC79
    My credit score is appearing very differently on different websites which is concerning me. On check my file / Experian it is coming out at around 780 and 3/5 stars. However when I created a noddle account today it is showing as 1/5 and around 520. Is there any reason they would show so differently?
    Originally posted by Greertops
    Well your score means !!!!!! all, not all lenders search all 3 reference agencies, some will look at 1 and some will use 2.
    Je Suis Charlie
    • bmcdonagh
    • By bmcdonagh 20th Aug 15, 10:30 AM
    • 4 Posts
    • 0 Thanks
    bmcdonagh
    Does the Number of Credit Accounts Matter?
    Hey guys,

    I'm just wondering if the number of credit accounts you have opened (even if not used) has a negative impact on potential creditors? So i have three credit cards, one with a small credit limit (used every month for work expenses and paid in full at the end of each month), one with a large credit limit and outstanding balance of only 2.5% of the limit and one that has not been used for almost 2 years (it has a high APR, but helped me build a credit rating early on) - should i close the one i don't use?

    I always thought that having high credit capability but not using it (or settling it each month) was better?

    Would appreciate any thoughts.

    Thanks,
    • zx81
    • By zx81 20th Aug 15, 10:56 AM
    • 11,559 Posts
    • 11,564 Thanks
    zx81
    It depends on your total balances, limits and income, as well as the usual credit file factors.
    • bmcdonagh
    • By bmcdonagh 30th Aug 15, 10:26 AM
    • 4 Posts
    • 0 Thanks
    bmcdonagh
    Hey,

    Thanks for the reply.

    With regards to the credit cards i am talking about, the total balance on 3 cards is £220 and the total credit limit is £15,000.

    I am just wondering, is it better to close one of the accounts (the one i have not used for almost 2 years) or leave it open?

    Thanks
    • Dandytf
    • By Dandytf 6th Sep 15, 9:26 PM
    • 565 Posts
    • 277 Thanks
    Dandytf
    Please don't fall into an unexpected trap with your available credit.

    I had 6.5k (approx 90% available credit) until I was unemployed for a few weeks (I was 37 working since 16)

    It cost me 'more' in temp usage to eventually bringing my car unto road standard and traveling cost to new job.

    I didn't know what to do other than use available credit, 12-18 moths it cost a fortune.

    I only had the various cards as I was using 0% deals for a few yrs.

    I regret not closing most of my cards-1500 total credit would have been more than enough for me prior to unemployment.
    sc dmp 2012 13k

    Jan 2017 7380 paid. 50% ish...
    • frankie2014
    • By frankie2014 5th Oct 15, 12:45 AM
    • 1 Posts
    • 0 Thanks
    frankie2014
    Hi there I have been living overseas and plan on returning next year. I have about 4.5k in unpaid debt that is with collection agencies but no ccjs. We have a property in the UK which we had some defaults on our mortgage last year but all is ticking over now and has been since January this year. I intend to repay all debt in the next 6 months but my question is will I ever get another mortgage again? We want to buy a family home in the next 2 years. Thanks
    Last edited by frankie2014; 05-10-2015 at 4:27 AM.
    • tomcat212
    • By tomcat212 12th Oct 15, 8:38 AM
    • 2 Posts
    • 0 Thanks
    tomcat212
    Experian versus Call Credit
    I recently began using ClearScore to get my credit score, I dont understand how their numbers relate to other scores I have used? Is there some sort of translation of Call Credit Scores to Experian?
    • DCFC79
    • By DCFC79 12th Oct 15, 9:24 AM
    • 29,212 Posts
    • 18,442 Thanks
    DCFC79
    I recently began using ClearScore to get my credit score, I dont understand how their numbers relate to other scores I have used? Is there some sort of translation of Call Credit Scores to Experian?
    Originally posted by tomcat212
    The scores aren't seen by lenders so don't focus on them.
    Je Suis Charlie
    • fermi
    • By fermi 13th Nov 15, 5:41 PM
    • 39,176 Posts
    • 47,001 Thanks
    fermi
    https://twitter.com/ExperianExperts/status/665220126195630081

    I'm a Board Guide on the Debt-Free Wannabe, Bankruptcy, Credit Cards and Loans boards. I'm a volunteer to help the boards run smoothly, and I can move and merge threads there. Any views are mine and not the official line of moneysavingexpert.com. Board guides are not moderators. If you spot an inappropriate or illegal post then please report it to forumteam@moneysavingexpert.com

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