call credit and equifax

xmaslolly76

How can 2 credit refrence agencies have completely different information on me call credit rates me as a fair to good risk as i have had previouse finacial problems Yet equifax puts me down as poor which i think is more realistic how ever still confusing as my credit rating has got lower in the last threee months with them even though nothing has changed and i have not missed any payments. I carnt believe that they can have such different out looks on a person.

file_wizzard

Basically as different creditors report to different agency’s, also people tend to read to much into their "credit score" in real terms there is no such thing as lenders will evaluate applications on various factors to come up with an acceptable score for an account, these can be things like,

1) the product itself ( how desperate are the to sell it) lower pass mark

2) how much is it for higher / lower pass mark

3) What time of year is it?, sound daft but lots of credit card lenders lower their Pass level in Nov / Dec / January in a bid to gain more customers as they know we are all desperate for cash around xmas !

other things that can change your desirability to lenders are;

length of time at address (6 months and then 2 years being pivotal points)

Age

Amount of dependants

Area you live in

Net income



As you can see the whole thing is a mine field so don’t get to hung up on it !

inmypocketnottheirs

file_wizzard wrote:

Basically as different creditors report to different agency’s, also people tend to read to much into their "credit score" in real terms there is no such thing as lenders will evaluate applications on various factors to come up with an acceptable score for an account, these can be things like,

1) the product itself ( how desperate are the to sell it) lower pass mark

2) how much is it for higher / lower pass mark

3) What time of year is it?, sound daft but lots of credit card lenders lower their Pass level in Nov / Dec / January in a bid to gain more customers as they know we are all desperate for cash around xmas !

other things that can change your desirability to lenders are;

length of time at address (6 months and then 2 years being pivotal points)

Age

Amount of dependants

Area you live in

Net income



As you can see the whole thing is a mine field so don’t get to hung up on it !

Interesting post, however IMHO they don't care about age, dependents, area or net income. I am mid 40's, two dependents, all houses in my area are band d or e, and I net 60k p.a. But because of problems 3 or more years ago, I seem to be the financial equivalent of a leper.