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  • FIRST POST
    • TheBruce
    • By TheBruce 14th Mar 17, 11:47 AM
    • 34Posts
    • 27Thanks
    TheBruce
    Clearscore taken a nosedive
    • #1
    • 14th Mar 17, 11:47 AM
    Clearscore taken a nosedive 14th Mar 17 at 11:47 AM
    I was stupid and got myself in a bad position last year.
    Ive been working my way out and up since then.

    I have been tracking things on Clearscore and my numbers have been going steadily up from 368 in April '16 to 418 in Jan '17. Slow but up is up!

    I took out a mobile contract for my son who's not 18 yet - my score in Feb dipped to 381. I was a bit annoyed but understood it was cos of the credit search for the phone (which i passed).

    However I just got the March report and im down at 289! This is with the new phone account on there.

    Am I stupid to not have realised that it would have made such a big difference? Through ClearScore I had been pre-approved for a balance transfer card which I took in June '16 - that made my score go up not down!

    I'm wanting to talk to the bank in a few months about a change to the mortgage. How long will it take for my score to go up again? Or should i not be worried - the "scam" of a "score"

    All bills / accounts are paid and have a history of 14+ months payments on time.

    The "positive" notes on my account:
    Positive 9

    You have no Court or Insolvency data
    You have been on the Electoral Roll at your current address for a long time
    You have held at least one of your accounts for several years
    You have very few / no accounts in arrears
    Your largest credit card limit is relatively high
    You have stayed within your credit card limit in the past year
    Your total credit card % utilisation is relatively low
    Your current Telecoms balance is relatively low
    Your total mail order % utilisation is relatively low **(its zero)

    The negative:
    You have had at least one account in Default or Repossession
    You have made more than a few applications for credit in the past year

    The default is bad position I mentioned - but thats been on there since i started with Clearscore.

    Thanks for reading this far!
Page 1
    • zx81
    • By zx81 14th Mar 17, 11:49 AM
    • 13,159 Posts
    • 13,473 Thanks
    zx81
    • #2
    • 14th Mar 17, 11:49 AM
    • #2
    • 14th Mar 17, 11:49 AM
    Or should i not be worried - the "scam" of a "score"
    Originally posted by TheBruce
    You got it.


    Clearscore don't lend money or make any decisions.
    • mrmagooooooo
    • By mrmagooooooo 14th Mar 17, 12:04 PM
    • 93 Posts
    • 66 Thanks
    mrmagooooooo
    • #3
    • 14th Mar 17, 12:04 PM
    • #3
    • 14th Mar 17, 12:04 PM
    Yup ignore the score. It will always usually go down when you open a new account after a few months of payments it should start creaping up again but either way the score is worthless.
    • autonm
    • By autonm 15th Mar 17, 11:05 AM
    • 3 Posts
    • 3 Thanks
    autonm
    • #4
    • 15th Mar 17, 11:05 AM
    • #4
    • 15th Mar 17, 11:05 AM
    Yup ignore the score. It will always usually go down when you open a new account after a few months of payments it should start creaping up again but either way the score is worthless.
    Originally posted by mrmagooooooo
    The score maybe worthless as a specific, but what about using it as a guide ?

    or is the score so inaccurate, that it is a really bad indicator in the first place?

    I have just signed up for Clearscore and interested in its accuracy etc and ppl's thoughts.


    Thanks
    Michael
    • DCFC79
    • By DCFC79 15th Mar 17, 11:08 AM
    • 29,951 Posts
    • 18,970 Thanks
    DCFC79
    • #5
    • 15th Mar 17, 11:08 AM
    • #5
    • 15th Mar 17, 11:08 AM
    The score maybe worthless as a specific, but what about using it as a guide ?

    or is the score so inaccurate, that it is a really bad indicator in the first place?

    I have just signed up for Clearscore and interested in its accuracy etc and ppl's thoughts.


    Thanks
    Michael
    Originally posted by autonm
    The rating from any of the agencies isn't seen by anyone, it can be used as a guide but you could have a payday entry on your file and still have a score of 999.
    Can people stop loaning money/being a guarator to family/friends, it rarely ends well and you lose out as your money is gone or you get shafted with being a guarantor.
    • stuart30
    • By stuart30 16th Mar 17, 11:07 PM
    • 495 Posts
    • 218 Thanks
    stuart30
    • #6
    • 16th Mar 17, 11:07 PM
    • #6
    • 16th Mar 17, 11:07 PM
    The score maybe worthless as a specific, but what about using it as a guide ?

    or is the score so inaccurate, that it is a really bad indicator in the first place?

    I have just signed up for Clearscore and interested in its accuracy etc and ppl's thoughts.


    Thanks
    Michael
    Originally posted by autonm

    Everyone will shout and shout and shout that the "score" is meaningless and has no bearing on your credit file and you must be a complete retard drug taking idiot to take any notice...ok slighttttt exagaration maybe but people keep banging on how its not worth looking at.

    However..seems mighty odd as my score has gone up so has the offers and indeed the acceptance of credit availability...

    The score as in the numbers are not the be all and end all...but in my experience of checking mine and the wife's CRA files (all three)...the score does seem to be a Reasonable indicator of how your file looks.
    • forgotmyname
    • By forgotmyname 16th Mar 17, 11:36 PM
    • 25,679 Posts
    • 10,205 Thanks
    forgotmyname
    • #7
    • 16th Mar 17, 11:36 PM
    • #7
    • 16th Mar 17, 11:36 PM
    If the "score" is a reasonable indicator why did my "score" drop when i spent over 50% of my cards limit on one item even though i paid it off in full when the statement arrived?

    And even though my "score" dropped they upped my limit without me asking.
    Punctuation, Spelling and Grammar will be used sparingly. Due to rising costs of inflation.

    My contribution to MSE. Other contributions will only be used if they cost me nothing.

    Due to me being a tight git.
    • HeCh
    • By HeCh 17th Mar 17, 8:51 AM
    • 40 Posts
    • 12 Thanks
    HeCh
    • #8
    • 17th Mar 17, 8:51 AM
    • #8
    • 17th Mar 17, 8:51 AM
    Lenders use their own scoring systems. So from a lenders perspective creating a risk score from all the pertinent data available about an individual is a reasonable thing to do when considering whether or not to lend to a particular individual.

    The credit reference agencies try to mimic the lenders' risk scoring algorithms and periodically adjust their own to better reflect what actual lenders currently use.

    So, I think the credit reference agency scores are a very useful and more importantly an accessible way of getting a general feel for risk status as would be assessed by lenders. They are not perfect (no risk assessment ever is) and so it's best not to obsess over every fluctuation but to be aware of general trends over time and adapt financial behaviour accordingly.
    • StopIt
    • By StopIt 17th Mar 17, 8:59 AM
    • 859 Posts
    • 793 Thanks
    StopIt
    • #9
    • 17th Mar 17, 8:59 AM
    • #9
    • 17th Mar 17, 8:59 AM
    My ClearScore took a dive too when this flag hit:


    You have made more than a few applications for credit in the past year


    Basically I moved house and bought a couple of things on 0% as well as moving from O2 to EE. It recovered a few months later but frankly, no lender sees that score and circumstance changes were properly reflected in my credit history, which is fine.


    One thing is that the actual flag, rather than the score would be a potential issue for lenders until it clears as it looks like you've been trying to get credit from everywhere and would increase the chances of being declined if they use the same data.
    • Ebe Scrooge
    • By Ebe Scrooge 17th Mar 17, 9:35 AM
    • 3,858 Posts
    • 3,238 Thanks
    Ebe Scrooge
    Lenders use their own scoring systems. So from a lenders perspective creating a risk score from all the pertinent data available about an individual is a reasonable thing to do when considering whether or not to lend to a particular individual.

    The credit reference agencies try to mimic the lenders' risk scoring algorithms and periodically adjust their own to better reflect what actual lenders currently use.
    Originally posted by HeCh

    Yes, every lender will have their own algorithms from which they create a customer profile. This is based, in part, on the data contained on a customer's credit file.


    However, the lender's profiling criteria is commercially sensitive, confidential, and never disclosed to any third party. Whilst certain things will be common to most lenders ( being on the electoral roll, for instance ), the details will vary quite considerably - particularly with respect to their preferred target client base. So there is no way the CRA can mimick a lender's algorithm with any degree of accuracy at all, other than by using only the "common" factors that most will use.
    I may not know much about art, but I know what I like.
    • stuart30
    • By stuart30 17th Mar 17, 10:46 AM
    • 495 Posts
    • 218 Thanks
    stuart30
    If the "score" is a reasonable indicator why did my "score" drop when i spent over 50% of my cards limit on one item even though i paid it off in full when the statement arrived?

    And even though my "score" dropped they upped my limit without me asking.
    Originally posted by forgotmyname
    Reasonable indicator as in your score is classed as poor its unlikely you"ll get decent % credit card so dont even bother trying.

    You see you have a crappy score (as i do) and it suggests looking at sub prime cards for instance.

    Not saying the score is to believed..simply it shows a quick snap shot of how your file looks.
    • pcman1985
    • By pcman1985 17th Mar 17, 11:09 AM
    • 118 Posts
    • 60 Thanks
    pcman1985
    It's a laughing matter, these scores

    My Clearscore is in the "Poor" range.

    However the factors affecting the score has
    8 positive factors
    And a whopping
    ZERO negative factors.

    It's all a joke and is meaningless.
    • Anthorn
    • By Anthorn 17th Mar 17, 11:12 AM
    • 3,097 Posts
    • 796 Thanks
    Anthorn
    Personally, I have stopped accessing Clearscore: With every report it treats searches by John Lewis Partnership Card from August 2016 as new searches and sends me emails telling me there has been changes when there has been none. It sucks big-time!
    • molerat
    • By molerat 17th Mar 17, 12:14 PM
    • 16,996 Posts
    • 11,178 Thanks
    molerat
    My score dived this month due to :
    Credit searches
    Opening 2 credit cards
    Closing one credit card
    Increasing my available credit to 1.75 x my annual income
    Increasing my debit balances to 1 x my annual income

    So I applied and got another prime BT card increasing my available credit to 2 x my annual income

    Go figure.
    Last edited by molerat; 17-03-2017 at 12:17 PM.
    www.helpforheroes.org.uk/donations.html
    • HeCh
    • By HeCh 18th Mar 17, 9:30 AM
    • 40 Posts
    • 12 Thanks
    HeCh
    So there is no way the CRA can mimick a lender's algorithm with any degree of accuracy at all, other than by using only the "common" factors that most will use.
    Originally posted by Ebe Scrooge
    Given that we have no real knowledge about the CRAs' or the lenders' scoring systems I don't it's possible to assess the accuracy of either. Although this doesn't sit well on this forum, I still believe that the CRA scores are a useful and accessible way to look for trends in individual financial management and how they may be perceived rather than focusing on the absolute values of the scores.
    • nic_c
    • By nic_c 18th Mar 17, 11:58 AM
    • 901 Posts
    • 546 Thanks
    nic_c
    My ClearScore took a dive too when this flag hit:


    You have made more than a few applications for credit in the past year


    Basically I moved house and bought a couple of things on 0% as well as moving from O2 to EE. It recovered a few months later but frankly, no lender sees that score and circumstance changes were properly reflected in my credit history, which is fine.


    One thing is that the actual flag, rather than the score would be a potential issue for lenders until it clears as it looks like you've been trying to get credit from everywhere and would increase the chances of being declined if they use the same data.
    Originally posted by StopIt
    The flag is such a broad spectrum assumption because you get the same flag whether you've applied for 3 credit cards, so would be deemed to be desperate for credit, and if you remortgaged, swapped suppliers to British Gas and changed to O2 mobile. Surely you are not assuming a credit card company will treat the former like the latter because of the flag raised?
    • shortcrust
    • By shortcrust 18th Mar 17, 12:09 PM
    • 1,324 Posts
    • 1,726 Thanks
    shortcrust
    Clearscore now give me a score of under 300 since I bought my first house. It's not stopped Sainsbury's and Virgin from giving me 0% cards with big limits. I'm also preapproved for cards on the MSE checker.

    Silly scores.

    Edit: Where's that poster gone who was telling everyone on every thread that we were wrong to ignore the score a couple of weeks back?
    Last edited by shortcrust; 18-03-2017 at 12:11 PM.
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