MSE News: MSE launches free Credit Club
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1. Your ‘Debt ratio’ is about unsecured debt – credit cards, loans, overdrafts, etc. – it looks at the level of debt in relation to your take-home pay.
3. Disposable income – this looks at the money you have left each month after paying committed expenses like your rent and mortgage.
It would also be good somewhere to have a display of the actual breakdown and calculations being used to make it easier to check that they bear some relation to reality. It would be nice to know that rent of 400 is [STRIKE]not being taken to be weekly rather than monthly[/STRIKE] later, it's specified as monthly on the site, say, and the breakdown would help to identify such things.If those numbers don't look right then it might be worth getting a copy of your statutory credit report0 -
Hi, quick question about applying to join- my previous address (moved in 2013) no longer exists; they demolished the entire street. Not sure what to do (if anything) when filling out the form. Just leave the address off?
I was wondering if this would affect my credit score? My former postcode no longer exists. I lived there for seven years.0 -
What information do you find too personal? When it is asking you about your financial products it is simply using it to check against information they already hold on you. Your name and address are available on the electoral roll. The only new information you are providing is your salary and number of dependants which doesn't have to be spot on accurate if you don't want it to be.
But this service doesn't offer much at the moment so will only really be worthwhile when they provide free access to your credit report.
When is Experian Creditmatcher not Experian Creditmatcher? When it's MSE Credit Club. The MSE version will be worthwhile if they actually come through with the credit report for free. But as it is I don't see any reason to get both.0 -
Does not make pleasant reading for me. 737 and fair. Stoozing certainly has taken its toll on my credit report. However it has not stopped BC wanting to increase one of my cards with them by another £2k.
All these statistics all very well but I take all this with a pinch of sea salt.
Well I have just logged into my Lloyds account and despite of having such a low score and all the other weird and wonderful things attached to decide whether you are a good or bad risk Lloyds have now reduced the balance transfer fee to 1.5% from 3% for 14 months.
As I said take it all with all a pinch of salt.0 -
Seems a bit hit & miss to me. I accept that this is the information lenders may use to judge whether or not to deal with you but in my case what the basic figures show doesn't really give a very accurate or true picture.
As we (still) have a cashback CC everything that can go on it does, so expenditure not on the CC is relatively low (and in any case is cleared in full every month plus doesn't use that much of the available credit limit). We have no mortgage etc and what I consider a pretty good disposable income yet both debt ratio and affordability are lower than I thought they would be.
Not of any great consequence as I have no plans or need for any financial products, just interested to see how I was rated.0 -
Well I have just logged into my Lloyds account and despite of having such a low score and all the other weird and wonderful things attached to decide whether you are a good or bad risk Lloyds have now reduced the balance transfer fee to 1.5% from 3% for 14 months.0
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Hi. I'm wondering if someone can help. I've logged in and I have a 25% HIT rate but when I log into credit card eligibility I have 80% with Tesco and M&S.
What does this mean? There is a 25% chance I'll get one of the 80%
??
I'm confused!
Can anyone enlighten me!
I'm currently repairing my credit file. I've just completed my mortgage application 3 'moths ago and that's all done and in place.0 -
I have joined up, like many.
I notice that the Credit Score offered by Experian via MSE Credit Club is a lot higher than that quoted by Clearscore on behalf of Equifax.
Shows, I assume, that both are just subjective and lenders will impose their own criteria regardless.0 -
I decided to do this and I can't even sign up. I don't seem to get past stage three and I'm told to review my details. Everything seems correct, the only possibility is that the address history is incorrect. About 7 years ago I moved home and was temporarily living at two addresses but I wasn't on the electoral roll. Is this what they use to determine where I live(d)?
I've tried every combination that I can think of, including the date I moved from the first house to the date I joined the electoral roll. I could put the date I started living solely at my current address but I don't see how they'd know. I've had bills and phone contracts at this address for years, way before I joined the electoral roll.0 -
I would like to join the Credit Club, but I am concerned about who my data will be shared with? Does this include marketing companies?0
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