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  • FIRST POST
    • Jimmy_Boy
    • By Jimmy_Boy 9th Jun 17, 2:52 PM
    • 17Posts
    • 4Thanks
    Jimmy_Boy
    Advice from my bank manager has lowered my credit score
    • #1
    • 9th Jun 17, 2:52 PM
    Advice from my bank manager has lowered my credit score 9th Jun 17 at 2:52 PM
    Hi,

    I'm trying to get my credit score healthy in preparation for taking out a loan or mortgage.

    My score with Experian is 999, and my score with ClearScore (which uses Equifax data) was 494 out of 700, and I wanted to try and improve this.

    I had a meeting with my bank manager asking for his professional advice on what steps to take in order to try and improve my Equifax score. He advised that two accounts I have (one, 1 year old, the other 9 years old) are dormant and this would go negatively towards my score so advised me to close them. Based on his advice I gave him the green light to do so.

    Fast forward one month to where this change has gone through the appropriate systems and updated my score, my score has dropped from 494 to 434, with 1 negative (I had no negatives previously) saying my oldest credit account is not very old.

    Looking more closely at the details held for me I notice some issues (which I intended to raise as a dispdute), about the information held about me.

    Under 'Current Accounts' I have 0 entries (used to have 2 before advised to close them). Also have one credit card listed with a limit of £2000, but I reduced the limit to £500 (again on the advice of bank manager), but this is not showing on the ClearScore system.

    So... I suppose my question is, can/should I see if my bank accounts that where closed can be re-opened? and theoretically my score go back up to the 494 (or there abouts) as it was before?

    Secondly, my main current account (which I had the overdraft removed from, again based on advice of bank manager) is not listed. This account is approximately 25 years old and is managed well, but is not going towards my credit score. I THINK I have never had any missed payments on this, but cannot be 100% sure. Should I concentrate on getting this account listed in my credit report and not worry about the other 2 mentioned above?

    Any advice welcome.

    PS. Have about 6 weeks max before I need to make my application for a loan or mortgage.
    Last edited by Jimmy_Boy; 09-06-2017 at 2:54 PM.
Page 2
    • Jimmy_Boy
    • By Jimmy_Boy 12th Jun 17, 9:52 PM
    • 17 Posts
    • 4 Thanks
    Jimmy_Boy
    Why are you so het up about a potential loan offer which you never took up? It doesn't make one iota of difference.
    Originally posted by Candyapple
    More curious as to why at one point I did have a pre-approved offer which would be more than what I am currently going to need, then the fact that there was no approved offer's with the text "due to not knowing enough about your income and expenditure", and now having a pre-approved offer (after many months of no offers) of £10,400.

    Just curious as to why, and if there would be any underlying issue's somewhere which triggered that change, and if so, what I would of needed to do to rectify that.

    If you are more referring to why I said I wish I took a screenshot, the only reason for saying that is the implication that I got from one or two posts here was that I was not being fully forthcoming with the truth about it.

    as does your claim that when you logged onto online banking it was actually written there that you were no longer pre-approved for a loan as they did not know enough about your income and expenditure. I have never previously come across an example of a bank stating a reason why a customer was not pre-approved for something.
    Originally posted by Ben8282
    Thanks.
    • glosoli
    • By glosoli 12th Jun 17, 10:22 PM
    • 574 Posts
    • 328 Thanks
    glosoli
    First of all, I am surprised the bank manager was taken in by the myths of the credit scoring system, and also surprised he actually gave advice on the fact. It is not something anyone in a bank is given training on or has a "course" or module to complete on, so even though he's your bank manager you might aswell have been talking to some random guy in the pub.

    Secondly, who knows what algorithms are behind an internet banking loan offer - it could be a range of things, from being able to analyse your income and expenditure, to no longer meeting their ideal customer profile, or perhaps they are narrowing their targeting to a specific demographic for a period of time, or maybe no one is getting a personalised quote. It really doesn't matter anyway.

    Thirdly, micromanaging your accounts in this way does not make one ounce of difference to a mortgage application. Are you on the electoral register? Check. Do you have any form of credit history, i.e even a current account? Check. Have you managed your affairs correctly for the past six years, in the sense of missed payments, defaults, CCJ's, so on and so forth? Check. If so - forget your credit score.

    Without intending to sound rude the paranoia surrounding credit scores is at fever pitch levels, and people like the branch manager, who I am sure had good intentions, should really know better than to continue to peddle to this b/s.
    Last edited by glosoli; 12-06-2017 at 10:25 PM.
    • Jimmy_Boy
    • By Jimmy_Boy 13th Jun 17, 5:15 PM
    • 17 Posts
    • 4 Thanks
    Jimmy_Boy
    Hi glosoli

    Thanks, that perfectly sums things up.
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