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  • FIRST POST
    • P.Pea
    • By P.Pea 4th Oct 17, 4:03 PM
    • 6Posts
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    P.Pea
    Don't think much of credit ratings!
    • #1
    • 4th Oct 17, 4:03 PM
    Don't think much of credit ratings! 4th Oct 17 at 4:03 PM
    6 months ago I went with the free credit checker Experian. Mine then was 860/1000 my wife's was 930/1000 after a few months of leaving it alone, since then I have applied for nothing. My wife applied for another bank account for transferring on the advice of MSE. Since then my credit rating went down from 860 to 664/1000 my wife's is roughly the same. Being a man who really cannot be bothered because of ill health, I just closed the account and thought "If they can't keep a good account of my details why should I care". Really I don't! But, I am pretty sure that credit agencies have a cross-eyed view of most peoples credit ratings.
    My point is if they are susceptible to infiltration and downright !!!!-ups what is the point. Every time I have asked for credit since 1993 it's always been ridiculous amounts of interest. Somehow I've got by without it. But, still these agencies seem to make a mockery of what is in fact reality.
Page 1
    • zx81
    • By zx81 4th Oct 17, 4:06 PM
    • 13,689 Posts
    • 14,158 Thanks
    zx81
    • #2
    • 4th Oct 17, 4:06 PM
    • #2
    • 4th Oct 17, 4:06 PM
    The credit ratings are fictional. They're just there for entertainment purposes, and for people who like collecting numbers.

    Just focus on the data on your file. It's the only think lenders will see or care about. Not a magic number.

    What errors have Experian made with your details? Raise a dispute if they have it wrong.
    • boo_star
    • By boo_star 4th Oct 17, 7:35 PM
    • 1,287 Posts
    • 655 Thanks
    boo_star
    • #3
    • 4th Oct 17, 7:35 PM
    • #3
    • 4th Oct 17, 7:35 PM
    Every time I have asked for credit since 1993 it's always been ridiculous amounts of interest. Somehow I've got by without it. But, still these agencies seem to make a mockery of what is in fact reality.
    Originally posted by P.Pea
    So your credit history is non-existent then?

    It’s not really surprising that a lender, seeing someone with no credit history, decides they’re a higher risk and offers credit at a higher rate of interest.

    Unfortunately it seems like your unwillingness to accept a higher rate of interest, at least initially, for nearly a quarter of a century is what’s to blame here, not the CRAs.
    • nic_c
    • By nic_c 4th Oct 17, 8:11 PM
    • 1,027 Posts
    • 586 Thanks
    nic_c
    • #4
    • 4th Oct 17, 8:11 PM
    • #4
    • 4th Oct 17, 8:11 PM
    So your credit history is non-existent then?

    It’s not really surprising that a lender, seeing someone with no credit history, decides they’re a higher risk and offers credit at a higher rate of interest.

    Unfortunately it seems like your unwillingness to accept a higher rate of interest, at least initially, for nearly a quarter of a century is what’s to blame here, not the CRAs.
    Originally posted by boo_star
    Or they have managed to find a way without relying on credit. People seem to say "Oh you must use credit" or "you need to build a credit history", just in the same way we get people on here asking how to improve their "score", because it's expected.

    If credits not needed, don't get it. If someone can manage to do most things in life without credit, then good on them. I suppose because we see adverts for cheap credit out there people think its easy to get it. Before CRA's people were always assessed for risk when applying for credit and given rates in relation to that. The only difference now is the credit history information is centralised in the CRA's that make it easier foe creditors to make their assessment.
    • boo_star
    • By boo_star 4th Oct 17, 8:58 PM
    • 1,287 Posts
    • 655 Thanks
    boo_star
    • #5
    • 4th Oct 17, 8:58 PM
    • #5
    • 4th Oct 17, 8:58 PM
    Or they have managed to find a way without relying on credit. People seem to say "Oh you must use credit" or "you need to build a credit history", just in the same way we get people on here asking how to improve their "score", because it's expected.

    If credits not needed, don't get it. If someone can manage to do most things in life without credit, then good on them. I suppose because we see adverts for cheap credit out there people think its easy to get it. Before CRA's people were always assessed for risk when applying for credit and given rates in relation to that. The only difference now is the credit history information is centralised in the CRA's that make it easier foe creditors to make their assessment.
    Originally posted by nic_c
    I’m aware the OP has managed to do without credit, they said exactly that.

    But he’s complaining about the wrong thing here. It’s not the fault of CRAs that lenders are offering him credit with high interest rates and it’s not the fault of the lenders if he’s just been declining any credit offered because it’s too expensive. A lender isn’t going to offer good rates to someone with no history, whether there’s a good reason for that or not.
    • Ebe Scrooge
    • By Ebe Scrooge 4th Oct 17, 9:29 PM
    • 3,929 Posts
    • 3,323 Thanks
    Ebe Scrooge
    • #6
    • 4th Oct 17, 9:29 PM
    • #6
    • 4th Oct 17, 9:29 PM
    6 months ago I went with the free credit checker Experian. Mine then was 860/1000 my wife's was 930/1000 after a few months of leaving it alone, since then I have applied for nothing. My wife applied for another bank account for transferring on the advice of MSE. Since then my credit rating went down from 860 to 664/1000 my wife's is roughly the same. Being a man who really cannot be bothered because of ill health, I just closed the account and thought "If they can't keep a good account of my details why should I care". Really I don't! But, I am pretty sure that credit agencies have a cross-eyed view of most peoples credit ratings.
    My point is if they are susceptible to infiltration and downright !!!!-ups what is the point. Every time I have asked for credit since 1993 it's always been ridiculous amounts of interest. Somehow I've got by without it. But, still these agencies seem to make a mockery of what is in fact reality.
    Originally posted by P.Pea
    OK, to try and reply to your comments. Firstly, the CRAs do provide a valuable service to lenders - they provide a history of your borrowing patterns. So, to a prospective lender, they're going to favour someone who shows a history of responsible borrowing, being able to afford to repay their debts, always paying their dues on time, not over-stretching themselves, not borrowing massive amounts in relation to their salary, not missing payments, not currently owing massive amounts to various lenders ... and a whole host of other things.

    Now, the bone of contention is the "score". This is an arbitrary figure calculated by the CRAs, and in fact cannot be seen by lenders - they can only see the factual content of your history. Anecdotally, the "score" goes down in response to any change in credit status - you win the lottery and pay off your mortgage, your score will decrease. So, ignore your score. But your history is important. Make sure it's factually correct, and raise a dispute with the CRA is it's wrong.

    Aside from that - when used wisely, credit is useful. There are not many folk who can buy a house without a mortgage. Many people take out a personal loan or some sort of finance for a car. A credit card gives you loads of protection when buying goods from Amazon, Joe Bloggs, Kneecap & Son Motor Traders, Monarch Airlines and suchlike. I stress again - used sensibly - a credit card can be a real boon.

    So, don't knock the CRAs ( although, I do detest the adverts I've seen on TV recently that extol you to improve your non-existent "credit score" - time to contact the ASA perhaps ??? ). If you've no need for credit then fine. But if you want credit, and you want to get decent offers, then you do need to build up a solid credit history.
    Last edited by Ebe Scrooge; 04-10-2017 at 9:36 PM.
    I may not know much about art, but I know what I like.
    • P.Pea
    • By P.Pea 23rd Oct 17, 11:50 PM
    • 6 Posts
    • 0 Thanks
    P.Pea
    • #7
    • 23rd Oct 17, 11:50 PM
    • #7
    • 23rd Oct 17, 11:50 PM
    I find all your answers sheepish. Should have a better credit scoring as I have not burdened myself for years with unecessary credit. Just because a person lives within their means makes them a better bet in my eyes. They know how to handle money. Your comments are abusive and unthoughtful. You have no idea who or what I am or represent. You all assume to much, or are just trolls. Simple as that.
    • zx81
    • By zx81 24th Oct 17, 5:10 AM
    • 13,689 Posts
    • 14,158 Thanks
    zx81
    • #8
    • 24th Oct 17, 5:10 AM
    • #8
    • 24th Oct 17, 5:10 AM
    You seem to have ignored the advice that your credit score is fictional. It seems you are just trolling.

    Simple as that.
    • Pixie5740
    • By Pixie5740 24th Oct 17, 6:03 AM
    • 11,014 Posts
    • 15,188 Thanks
    Pixie5740
    • #9
    • 24th Oct 17, 6:03 AM
    • #9
    • 24th Oct 17, 6:03 AM
    I don’t think much of this thread.
    Annual income twenty pounds, annual expenditure nineteen pounds nineteen and six, result happiness. Annual income twenty pounds, annual expenditure twenty pounds nought and six, result misery.
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