What your credit score really means
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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.
You must mean your credit history and NOT your credit score.0 -
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Deleted_User wrote: »The only way they're seeing your credit score if if you're phoning them up and telling them.
Could be psychic I guess.0 -
Makes things quite clear I think0
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Metrobank told me they use Equifax to check credit score/report (the banker used terms interchangeably) to open a current account.0
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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?0
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score means nothing apart from fuss.0
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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?0
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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?
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.0
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