What your credit score really means

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Comments

  • You may think that, but of course you would be completely and utterly wrong.

    Except I'm not wrong and all ive seen here is opinion but not hard facts to support this. My opinion is backed by fact including that of an underwriter - is my friend also wrong?!

  • 3) My friend is an underwriter at a household name finance company and I asked her last week about this and she said that whilst they use their own scoring criteria, eg similar profiling, employment etc, there is heavy reliance on CRA scores. She said they don't get score as such but more a you should decline, you might want further info etc. However she said they're now getting more decline recommendations since the score change.

    I think advising people that credit scores mean nothing is harmful advise and factually incorrect.

    Except I'm not wrong and all ive seen here is opinion but not hard facts to support this. My opinion is backed by fact including that of an underwriter - is my friend also wrong?!

    Sorry but I agree with previous posts. You are wrong!

    You stated 'There is a heavy reliance on credit scores'
    Credit Reference Agencies never disclose credit scores, these are of no relevance, They only disclose credit history.

    You then appear to infer that credit reference agencies give 'decline' recommendations. this is also incorrect. They only give factual credit history information. They definitely don't give the credit history and then state 'We recommend you decline this application!'

    Credit History is important, Credit Score isn't
  • The credit score companies are a waste of money as they don't know enough information about you, I can't get a credit card as I have moved house twice in 18 months even though I am working and have savings. I am in a position where i dont need a cc but it's useful and safer when making purchases online.
  • Superscrooge
    Superscrooge Posts: 1,171 Forumite
    First Anniversary Name Dropper First Post
    The credit score companies are a waste of money as they don't know enough information about you, I can't get a credit card as I have moved house twice in 18 months even though I am working and have savings. I am in a position where i dont need a cc but it's useful and safer when making purchases online.

    A couple of suggestions;

    Make sure you are on the electoral role at your new address - That always helps.

    Have you remained with the same bank throughout your house moves? If so and you have kept your account in order, Have you tried approaching your bank for a credit card?
  • [Deleted User]
    [Deleted User] Posts: 35,242 Forumite
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    My opinion is backed by fact including that of an underwriter - is my friend also wrong?!

    Yes. Your friend is of an equal level of wrongness to yourself.
  • Yes. Your friend is of an equal level of wrongness to yourself.
    Wow - shes been in her job for 15 years and is a very successful head of department, but I guess that counts for nothing!
  • [Deleted User]
    [Deleted User] Posts: 35,242 Forumite
    First Anniversary Photogenic Name Dropper First Post
    Apparently so.
  • Well ZX81, (v James Bond name btw), I guess we will have agree to differ!
  • Hi, I am new here but would feel grateful if someone could answer my question, I would be very grateful.

    I have had debt for years and I'm not going to beat about the bush here, I was a bad payer and didn't care. I want to re-write the past with all the companies I owe. How do I go about this and even finding out who I owe? I am working now, minimum wage but cvan spare £50 per month to go round, I have had debt for many, many years and want to put things right, without going bankrupt. Can anyone help?
  • Superscrooge
    Superscrooge Posts: 1,171 Forumite
    First Anniversary Name Dropper First Post
    I would start by checking your credit file to see what information is held on you.

    There's some useful information regarding doing this on the below link

    http://www.moneysavingexpert.com/loans/check-free-credit-report
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