Your browser isn't supported
It looks like you're using an old web browser. To get the most out of the site and to ensure guides display correctly, we suggest upgrading your browser now. Download the latest:

Welcome to the MSE Forums

We're home to a fantastic community of MoneySavers but anyone can post. Please exercise caution & report spam, illegal, offensive or libellous posts/messages: click "report" or email forumteam@.

Search
  • FIRST POST
    • dembobaroo
    • By dembobaroo 18th Mar 17, 8:49 PM
    • 2Posts
    • 0Thanks
    dembobaroo
    Mycreditmonitor 541 score help??
    • #1
    • 18th Mar 17, 8:49 PM
    Mycreditmonitor 541 score help?? 18th Mar 17 at 8:49 PM
    Hi

    I've just signed up to MCM to be shocked as my score is low as 541!

    Abit about me, I'm 19, have been employed for 2 years, have 2 credit cards I rarely use and pay in full every month as well as a bank account for my employment of 2 years with the NHS and live with my parents. I was using My Annual Credit Report previously which told me my score was 781 and had been for months but as of 2 months ago they changed what they offer so I cancelled that. On MCM all my payments are upto day, i've never missed a payment and have a flawless payments made on time record so I'm really confused and Abit down about this. Any ideas anyone? Hopefully someone with more knowledge about this sort of stuff can help

    Many thanks, Demi
Page 1
    • worried jim
    • By worried jim 18th Mar 17, 8:52 PM
    • 8,278 Posts
    • 12,538 Thanks
    worried jim
    • #2
    • 18th Mar 17, 8:52 PM
    • #2
    • 18th Mar 17, 8:52 PM
    It's a totally meaningless number that only you see. Pay your bills on time and don't borrow too much and you'll be fine.
    "Only two things are infinite-the universe and human stupidity, and I'm not so sure about the universe"
    Albert Einstein
    • DCFC79
    • By DCFC79 18th Mar 17, 9:05 PM
    • 29,518 Posts
    • 18,661 Thanks
    DCFC79
    • #3
    • 18th Mar 17, 9:05 PM
    • #3
    • 18th Mar 17, 9:05 PM
    Hi

    I've just signed up to MCM to be shocked as my score is low as 541!

    Abit about me, I'm 19, have been employed for 2 years, have 2 credit cards I rarely use and pay in full every month as well as a bank account for my employment of 2 years with the NHS and live with my parents. I was using My Annual Credit Report previously which told me my score was 781 and had been for months but as of 2 months ago they changed what they offer so I cancelled that. On MCM all my payments are upto day, i've never missed a payment and have a flawless payments made on time record so I'm really confused and Abit down about this. Any ideas anyone? Hopefully someone with more knowledge about this sort of stuff can help

    Many thanks, Demi
    Originally posted by dembobaroo
    The problem is your focusing on the score, dont do that is my answer. Only you can see it.
    Je Suis Charlie
    • Dobbibill
    • By Dobbibill 18th Mar 17, 9:26 PM
    • 2,169 Posts
    • 3,302 Thanks
    Dobbibill
    • #4
    • 18th Mar 17, 9:26 PM
    • #4
    • 18th Mar 17, 9:26 PM
    Experian will give you a different score, Equifax - different again and Call Credit - different again..........you get where I'm going with this.

    Pay no attention to any of them - they are not lenders - every lender will score you differently when you apply for credit with them. As above - pay everything on time, don't exceed any limits or miss any payments.
    • KoshB5
    • By KoshB5 18th Mar 17, 10:03 PM
    • 48 Posts
    • 23 Thanks
    KoshB5
    • #5
    • 18th Mar 17, 10:03 PM
    • #5
    • 18th Mar 17, 10:03 PM
    As everybody else has stated it is how you conduct yourself financially and the history you create that is important. Credit reference agency scores are generic credit risk scores that factor the things considered within a lenders own scorecard, they can't predict how a lender will actually assess you.

    MCM use Callcredit to get your credit report, so will show the same one you'd get for free by using www.noddle.co.uk. Save money and sign up for a free monthly report from Noddle for Callcredit, Clearscore for Equifax and MoneySavingExpert credit club for Experian. If you want additional services that MCM provide you can get these for a far lower cost from Noddle as a paid extra.
    Last edited by KoshB5; 18-03-2017 at 10:19 PM.
    • dembobaroo
    • By dembobaroo 19th Mar 17, 12:17 AM
    • 2 Posts
    • 0 Thanks
    dembobaroo
    • #6
    • 19th Mar 17, 12:17 AM
    • #6
    • 19th Mar 17, 12:17 AM
    Thanks for the replies all, very insightful

    I applied for 0% finance for something through Hitachi UK and got rejected even though I've never missed a payment and haven't exhausted any of my credit. Really struggling to understand why
    • DCFC79
    • By DCFC79 19th Mar 17, 12:35 AM
    • 29,518 Posts
    • 18,661 Thanks
    DCFC79
    • #7
    • 19th Mar 17, 12:35 AM
    • #7
    • 19th Mar 17, 12:35 AM
    Thanks for the replies all, very insightful

    I applied for 0% finance for something through Hitachi UK and got rejected even though I've never missed a payment and haven't exhausted any of my credit. Really struggling to understand why
    Originally posted by dembobaroo
    They dont have to tell you why but you could ask why, no harm in that.

    Anyone can be rejected for credit at any time.
    Je Suis Charlie
    • KoshB5
    • By KoshB5 19th Mar 17, 1:47 AM
    • 48 Posts
    • 23 Thanks
    KoshB5
    • #8
    • 19th Mar 17, 1:47 AM
    • #8
    • 19th Mar 17, 1:47 AM
    Thanks for the replies all, very insightful

    I applied for 0% finance for something through Hitachi UK and got rejected even though I've never missed a payment and haven't exhausted any of my credit. Really struggling to understand why
    Originally posted by dembobaroo
    Given your age you will have a very limited history to asses the risk of lending to you, even with a good history additional assessment that lenders undertake against their lending criteria e.g. affordability scoring can lead to a decline.
    • 20aday
    • By 20aday 19th Mar 17, 6:38 AM
    • 2,009 Posts
    • 836 Thanks
    20aday
    • #9
    • 19th Mar 17, 6:38 AM
    • #9
    • 19th Mar 17, 6:38 AM
    OP what is your income and what are the credit limits on your accounts?

    I'd imagine it could be down to your age and limited credit history.
    It's not your credit score that counts, it's your credit history. Any replies are my own personal opinion and not a representation of my employer.
    • bazzyb
    • By bazzyb 19th Mar 17, 7:30 AM
    • 991 Posts
    • 3,152 Thanks
    bazzyb
    Thanks for the replies all, very insightful

    I applied for 0% finance for something through Hitachi UK and got rejected even though I've never missed a payment and haven't exhausted any of my credit. Really struggling to understand why
    Originally posted by dembobaroo
    There could be a number of factors, including your age, but from Hitachi's point of view your credit record will be showing no active credit currently (2 credit cards with nil balance from what you've posted). This would be quite a risk potentially to them - we don't know what item you were looking to finance, the value or the repayment amounts, nor what your income is. All of these will be deciding factors, not your 'score' as nobody will ever see that number but you.

    Are you on the electoral roll?
Welcome to our new Forum!

Our aim is to save you money quickly and easily. We hope you like it!

Forum Team Contact us

Live Stats

243Posts Today

1,244Users online

Martin's Twitter
  • Byebye! I'm about to stop work & twitter, to instead spend glorious time with Mrs & mini MSE. Wishing u a lovely summer. See u in 10 days.

  • WARNING Did you start Uni in or after 2012? The interest's rising to 6.1%; yet it doesnt work like you think. See https://t.co/IQ8f0Vyetu RT

  • RT @JanaBeee: @MartinSLewis Boris is the anomaly (coffee), the others are versions of normal (beer). Lots of same candidates = vote share d?

  • Follow Martin