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
    • Fletchasketch
    • By Fletchasketch 10th Jan 18, 11:27 AM
    • 350Posts
    • 597Thanks
    Fletchasketch
    MSE Credit Club eligibility query
    • #1
    • 10th Jan 18, 11:27 AM
    MSE Credit Club eligibility query 10th Jan 18 at 11:27 AM
    Hello,

    Have a query relating to the MSE Credit Club. For some reason my eligibility for a credit card is only showing as 'fair' but my rating for a loan is 'excellent' the overall score is 741. I'm looking to apply for a mortgage later this year, can anyone offer any guidance as to whether the CC rating or the loan is more reliable factor?

    Thank you!
    Debt @0% Jan '16; £9162, Jun '16 £5845, Jul '16 £3824, Aug '16 £3105, Mar '17 £2600 May '17 £2342 Jan '18 £1985
    #C25K Done!
    Mortgage overpayments 2017, 17k
    Student loan finally cleared!
Page 1
    • zx81
    • By zx81 10th Jan 18, 11:30 AM
    • 14,915 Posts
    • 15,760 Thanks
    zx81
    • #2
    • 10th Jan 18, 11:30 AM
    • #2
    • 10th Jan 18, 11:30 AM
    Neither really reflect how lenders will score you for a mortgage.
    • Fletchasketch
    • By Fletchasketch 10th Jan 18, 1:16 PM
    • 350 Posts
    • 597 Thanks
    Fletchasketch
    • #3
    • 10th Jan 18, 1:16 PM
    • #3
    • 10th Jan 18, 1:16 PM
    Mortgage applications aside, does anyone know why the CC and Loan ratings would be so vastly different?

    Thanks.
    Debt @0% Jan '16; £9162, Jun '16 £5845, Jul '16 £3824, Aug '16 £3105, Mar '17 £2600 May '17 £2342 Jan '18 £1985
    #C25K Done!
    Mortgage overpayments 2017, 17k
    Student loan finally cleared!
    • zx81
    • By zx81 10th Jan 18, 1:21 PM
    • 14,915 Posts
    • 15,760 Thanks
    zx81
    • #4
    • 10th Jan 18, 1:21 PM
    • #4
    • 10th Jan 18, 1:21 PM
    Because both are rough guesses, based on approximated info rather than accurate data or lender criteria. The ratings aren't anything you should rely on.

    An eligibility checker should give more accurate results for cards and loans, but a mortgage will need a broker if you're unsure where to place your application.
    • Fletchasketch
    • By Fletchasketch 10th Jan 18, 10:07 PM
    • 350 Posts
    • 597 Thanks
    Fletchasketch
    • #5
    • 10th Jan 18, 10:07 PM
    • #5
    • 10th Jan 18, 10:07 PM
    Why would one's eligibility for a credit card be so massively different than for a loan though? It doesn't make sense, especially given that a loan is typically for more money than a credit card.
    Debt @0% Jan '16; £9162, Jun '16 £5845, Jul '16 £3824, Aug '16 £3105, Mar '17 £2600 May '17 £2342 Jan '18 £1985
    #C25K Done!
    Mortgage overpayments 2017, 17k
    Student loan finally cleared!
    • zx81
    • By zx81 10th Jan 18, 10:17 PM
    • 14,915 Posts
    • 15,760 Thanks
    zx81
    • #6
    • 10th Jan 18, 10:17 PM
    • #6
    • 10th Jan 18, 10:17 PM
    Many reasons. For example, loans are for fixed sums and purposes, with fixed repayments.

    Cards can be used much more flexibly, with a less certain repayment structure.

    It's not all about the sum borrowed.
    • Fletchasketch
    • By Fletchasketch 10th Jan 18, 11:21 PM
    • 350 Posts
    • 597 Thanks
    Fletchasketch
    • #7
    • 10th Jan 18, 11:21 PM
    • #7
    • 10th Jan 18, 11:21 PM
    Okay, thank you.
    Debt @0% Jan '16; £9162, Jun '16 £5845, Jul '16 £3824, Aug '16 £3105, Mar '17 £2600 May '17 £2342 Jan '18 £1985
    #C25K Done!
    Mortgage overpayments 2017, 17k
    Student loan finally cleared!
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

55Posts Today

3,606Users online

Martin's Twitter