Multiple applications......the results
Comments
-
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?0 -
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)0 -
Ficofuture wrote: »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
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
should not put much stock in them 0 -
Voodoo might be the easiest answer ?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?0 -
Ficofuture wrote: »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 ?
When deciding credit the score is NO part of the story, lenders don't see it, Why aren't you getting this?0 -
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 you0 -
Ficofuture wrote: »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
You work for Experian don't you?0 -
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 ?glentoran99 wrote: »When deciding credit the score is NO part of the story, lenders don't see it, Why aren't you getting this?
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 sad0 -
I work for myself...working for others is a mugs game0
-
Ficofuture wrote: »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
Experian gives you a score
Lenders give you a score
they aren't the same, which one do you think matters?0
This discussion has been closed.
Categories
- All Categories
- 343.1K Banking & Borrowing
- 250.1K Reduce Debt & Boost Income
- 449.7K Spending & Discounts
- 235.2K Work, Benefits & Business
- 607.9K Mortgages, Homes & Bills
- 173K Life & Family
- 247.8K Travel & Transport
- 1.5M Hobbies & Leisure
- 15.9K Discuss & Feedback
- 15.1K Coronavirus Support Boards