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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 2
    • The Boss
    • By The Boss 28th Jun 14, 9:35 AM
    • 5,699 Posts
    • 3,770 Thanks
    The Boss
    Back to the top (again)
    You don't have a "credit score". They do not exist. The number you are referring to is a a random number produced by the credit reference agency using incomplete data to make money out of you.

    Different lenders score applications for different financial products differently so there is no 'catch all' score that determines your credit worthiness. Lenders use data from your credit file and also data from your application form that is NOT recorded on your credit file, such as your salary (a key driver), when assessing your application. Different lenders have different criteria, another reason a "credit score" means nothing -data that is considered good for one lender may be considered bad for another. Or vice versa.
    • The Boss
    • By The Boss 30th Jun 14, 1:46 PM
    • 5,699 Posts
    • 3,770 Thanks
    The Boss
    No threads with questions about credit scores today bumping this to the top may mean we manage to go a day without one!
    You don't have a "credit score". They do not exist. The number you are referring to is a a random number produced by the credit reference agency using incomplete data to make money out of you.

    Different lenders score applications for different financial products differently so there is no 'catch all' score that determines your credit worthiness. Lenders use data from your credit file and also data from your application form that is NOT recorded on your credit file, such as your salary (a key driver), when assessing your application. Different lenders have different criteria, another reason a "credit score" means nothing -data that is considered good for one lender may be considered bad for another. Or vice versa.
    • GingerFurball
    • By GingerFurball 2nd Jul 14, 11:28 PM
    • 937 Posts
    • 885 Thanks
    GingerFurball
    My credit score with Noddle is 3/5.

    This is meaningless when I apply for products with my own bank (BoS) because their view of me is somewhat better.
    DEBT FREE!

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    • The Boss
    • By The Boss 3rd Jul 14, 2:17 PM
    • 5,699 Posts
    • 3,770 Thanks
    The Boss
    My Noddle "score" is now 2. 2 of what I don't know.
    You don't have a "credit score". They do not exist. The number you are referring to is a a random number produced by the credit reference agency using incomplete data to make money out of you.

    Different lenders score applications for different financial products differently so there is no 'catch all' score that determines your credit worthiness. Lenders use data from your credit file and also data from your application form that is NOT recorded on your credit file, such as your salary (a key driver), when assessing your application. Different lenders have different criteria, another reason a "credit score" means nothing -data that is considered good for one lender may be considered bad for another. Or vice versa.
    • The Boss
    • By The Boss 3rd Jul 14, 10:26 PM
    • 5,699 Posts
    • 3,770 Thanks
    The Boss
    Shame people don't seem to listen to nice Helen Saxon
    You don't have a "credit score". They do not exist. The number you are referring to is a a random number produced by the credit reference agency using incomplete data to make money out of you.

    Different lenders score applications for different financial products differently so there is no 'catch all' score that determines your credit worthiness. Lenders use data from your credit file and also data from your application form that is NOT recorded on your credit file, such as your salary (a key driver), when assessing your application. Different lenders have different criteria, another reason a "credit score" means nothing -data that is considered good for one lender may be considered bad for another. Or vice versa.
    • B_G_B
    • By B_G_B 4th Jul 14, 7:25 AM
    • 378 Posts
    • 384 Thanks
    B_G_B
    My “rating" as given on Noddle varies month to month. The only figure on my report that varies is the balance on a credit card, that is paid in full every month. This card is used for supermarket shopping and the amount outstanding can vary dependant on the date that card balance is reported / the date of the bill, which can vary by a couple of days (which would appear to be close to reporting date), and lastly, the amount of my grocery spend for the month.

    The bill date and reporting date are out of my hands. The only influence that I have on the rating at the moment is cost of monthly shopping. I could raise the Noddle number. The downside is that my belly would rumble more. Just my own example of how meaningless these figures are.

    Footnote….. I only mention Noddle because it is free and on the first page when I log in.

    Just had a thought….. I could pay for some different scores using the same card and maybe knock my Noddle one down a bit….. Don’t think I’ll bother.
    • Rrushi Shqiptar
    • By Rrushi Shqiptar 4th Jul 14, 11:12 AM
    • 308 Posts
    • 99 Thanks
    Rrushi Shqiptar
    well looking at my "scores" 925 Experian, 307 Equifax and 1/5 Noddle.

    load of rubbish really, Noddle so slow to update anything at all, Equifax are also slow but not as slow and Experian are pretty quick to change it.

    All seems to depend on what my CC balance is at the time of update, I use it for fuel and the odd treat, all paid of in full either before the statement date or when they call for the DD.

    I am still battling to get some of the info updated but Noddle are working so slow. All show different accounts and details.

    So what it really means? Not a lot from what i can see as B_G_B points out seems to depend on the balance of the card when they update their records, so not much you can do i suppose
    I love green dots I hate red dots
    • The Boss
    • By The Boss 18th Jul 14, 10:54 AM
    • 5,699 Posts
    • 3,770 Thanks
    The Boss
    Time for nice Helen's thread to be bumped again...
    You don't have a "credit score". They do not exist. The number you are referring to is a a random number produced by the credit reference agency using incomplete data to make money out of you.

    Different lenders score applications for different financial products differently so there is no 'catch all' score that determines your credit worthiness. Lenders use data from your credit file and also data from your application form that is NOT recorded on your credit file, such as your salary (a key driver), when assessing your application. Different lenders have different criteria, another reason a "credit score" means nothing -data that is considered good for one lender may be considered bad for another. Or vice versa.
    • The Boss
    • By The Boss 30th Jul 14, 6:56 PM
    • 5,699 Posts
    • 3,770 Thanks
    The Boss
    There hasn't been a new "my credit score is <blah blah blah>" thread today yet Hopefully bumping Helen Saxon will keep it that way.
    You don't have a "credit score". They do not exist. The number you are referring to is a a random number produced by the credit reference agency using incomplete data to make money out of you.

    Different lenders score applications for different financial products differently so there is no 'catch all' score that determines your credit worthiness. Lenders use data from your credit file and also data from your application form that is NOT recorded on your credit file, such as your salary (a key driver), when assessing your application. Different lenders have different criteria, another reason a "credit score" means nothing -data that is considered good for one lender may be considered bad for another. Or vice versa.
    • The Boss
    • By The Boss 18th Aug 14, 9:48 AM
    • 5,699 Posts
    • 3,770 Thanks
    The Boss
    And now it's a sticky - woo hoo
    You don't have a "credit score". They do not exist. The number you are referring to is a a random number produced by the credit reference agency using incomplete data to make money out of you.

    Different lenders score applications for different financial products differently so there is no 'catch all' score that determines your credit worthiness. Lenders use data from your credit file and also data from your application form that is NOT recorded on your credit file, such as your salary (a key driver), when assessing your application. Different lenders have different criteria, another reason a "credit score" means nothing -data that is considered good for one lender may be considered bad for another. Or vice versa.
    • The Boss
    • By The Boss 20th Aug 14, 9:24 PM
    • 5,699 Posts
    • 3,770 Thanks
    The Boss
    Is it possible to bump a sticky?
    You don't have a "credit score". They do not exist. The number you are referring to is a a random number produced by the credit reference agency using incomplete data to make money out of you.

    Different lenders score applications for different financial products differently so there is no 'catch all' score that determines your credit worthiness. Lenders use data from your credit file and also data from your application form that is NOT recorded on your credit file, such as your salary (a key driver), when assessing your application. Different lenders have different criteria, another reason a "credit score" means nothing -data that is considered good for one lender may be considered bad for another. Or vice versa.
    • The Boss
    • By The Boss 22nd Aug 14, 7:43 PM
    • 5,699 Posts
    • 3,770 Thanks
    The Boss
    Since this thread was made a sticky there have been far fewer "my credit score is..." threads. Thanks mods
    You don't have a "credit score". They do not exist. The number you are referring to is a a random number produced by the credit reference agency using incomplete data to make money out of you.

    Different lenders score applications for different financial products differently so there is no 'catch all' score that determines your credit worthiness. Lenders use data from your credit file and also data from your application form that is NOT recorded on your credit file, such as your salary (a key driver), when assessing your application. Different lenders have different criteria, another reason a "credit score" means nothing -data that is considered good for one lender may be considered bad for another. Or vice versa.
  • tomtom22
    Can having two bank accounts affect your credit score ?
    i have two bank accounts, both current accounts, one with lloyds and one with barclays.

    The barclays doesnt have an overdraft but the lloyds account has a £1000 overdraft which is not being used.

    Will having another bank account with an overdraft decrease or increase my credit score as i dont use the lloyds account at all, and im wondering whether i should close it.

    Thanks
    • The Boss
    • By The Boss 2nd Sep 14, 7:13 PM
    • 5,699 Posts
    • 3,770 Thanks
    The Boss
    Will having another bank account with an overdraft decrease or increase my credit score as i dont use the lloyds account at all, and im wondering whether i should close it.

    Thanks
    Originally posted by tomtom22
    If you read the thread you will see that you don't have a credit score.
    You don't have a "credit score". They do not exist. The number you are referring to is a a random number produced by the credit reference agency using incomplete data to make money out of you.

    Different lenders score applications for different financial products differently so there is no 'catch all' score that determines your credit worthiness. Lenders use data from your credit file and also data from your application form that is NOT recorded on your credit file, such as your salary (a key driver), when assessing your application. Different lenders have different criteria, another reason a "credit score" means nothing -data that is considered good for one lender may be considered bad for another. Or vice versa.
    • diceydeb
    • By diceydeb 28th Oct 14, 2:18 PM
    • 138 Posts
    • 123 Thanks
    diceydeb
    Credit scoring is a waste of time really but I keep my equifax file open as its free even though I havent used my cap.one card for ages( no incentives or rewards) and it lets me know if anything dodgy is happening with my finances.
    • gunnapaul2
    • By gunnapaul2 26th Jan 15, 10:58 AM
    • 96 Posts
    • 8 Thanks
    gunnapaul2
    This thread topic all makes sense to me after getting regular updates with Equifax. Over the past 5 years I've done my absolute best to work hard, save, pay off debts and try to repair my credit after messing it up when I was younger, and yet despite doing this my credit rating has not improved one bit according to Equifax, would absolutely love to know how.

    I've just got an update and my score has just dropped 25 points over the weekend, despite zero changes?! lol, who on earth is making these decisions and what on earth are they based on?? I can only imagine they must of known I went into town getting drunk Saturday night and it would have an effect on my paying off bills this week! Absolute joke!
    • bsms1147
    • By bsms1147 26th Jan 15, 11:24 AM
    • 1,937 Posts
    • 3,458 Thanks
    bsms1147
    Either something negative on your file happened recently, or something positive on your file got further back in time (tends to happen, time only moves forwards).

    Alternatively the random-number generator just picked a slightly lower number this week.
  • Alexipop101
    Ok, I get the whole message that keeps being bumped as ' you don't have a credit score' etc, but I just wanted to ask something as I'm quite concerned! I'm 26 and have my car on finance and have never missed a payment. I also have a small personal loan to pay off my university overdraft and my wage is around £35,000 a year. Other than that, I have a mobile phone contract for myself and my partner. We were going to apply for finance on a DFS sofa as I would not notice the amount we'd have to pay each month. ( Before anyone comments on the quality of dfs or why don't I just buy one outright, that's not the advice I'm asking for. We are getting married in August, so a finance deal suits us as there are other expenses to consider and with 0% it seems ok. ) However, I checked my credit score with Experian and it's really low! I don't understand this, as anything I've borrowed I've always paid off. I'm not registered on the electoral roll and so have applied online to do that tonight. The negatives against me are that I haven't had credit for a significantly long time to be able to produce a historical trend and they've stated that because of my car and loan, I have 'non- mortgage' debt. Also, I noticed that an error made by orange with a previous wifi contract was on there as they had it down that I had paid late when actually they didn't log my cancellation and so tried to charge me. It was resolved with them pretty quickly and they credited the account for this. I rang them today and they've agreed to send a letter to their credit department or something to get that removed from my credit report. Will that work??
    My friend has a ccj and we checked his credit report at the same time (he's 35 so a bit older than me) and he has a better credit score than I do, which seems grossly unfair!
    I hope I haven't given too much personal information! Basically, what I want to know is:
    Do you think I will get credit with dfs?
    How much should I expect registering to vote to improve my score?
    Is my credit score representative of anything, or is it really as you say, that I don't have a credit score and it just depends?
    • Gaz83
    • By Gaz83 21st Feb 15, 10:32 PM
    • 3,532 Posts
    • 6,734 Thanks
    Gaz83
    Do you think I will get credit with dfs?
    Originally posted by Alexipop101
    No-one but DFS will be able to tell you this.

    How much should I expect registering to vote to improve my score?
    Originally posted by Alexipop101
    It may boost your Experian score by a few points, which ultimately means nothing, because...

    Is my credit score representative of anything, or is it really as you say, that I don't have a credit score and it just depends?
    Originally posted by Alexipop101
    It's not representative of anything. It's given to you by a credit reference agency in order to encourage people to subscribe to them to keep their score high. It's not seen by any lender, nor does it give any indication of employment status or income, two pretty big factors in determining someone's credit worthiness.
    "Facism arrives as your friend. It will restore your honour, make you feel proud, protect your house, give you a job, clean up the neighbourhood, remind you of how great you once were, clear out the venal and the corrupt, remove anything you feel is unlike you... [it] doesn't walk in saying, "our programme means militias, mass imprisonments, transportations, war and persecution."
    • Exile_geordie
    • By Exile_geordie 18th Mar 15, 3:42 AM
    • 4,416 Posts
    • 8,837 Thanks
    Exile_geordie
    So I should just pay £2 for my credit report and leave it at that for the year then and not sign up to anyone?


    Not that I want anything mind you but would be nice to know I guess.
    Northern Northern Northern.
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