credit rating - what does AS01 mean?

simone83

Hi!

I have just been to the bank for a mortgage and the branch manager (Lloyds) stated that we have a AS01 credit rating - but I dont know what this means, any ideas?

He said that after the credit rating we could only be offered one type of fixed rate mortgage, does this mean? we are a risk?

We have always paid off our debts so am a bit worried about what AS01 means - any help would be appreciated.

Simone

simone83

have I posted this on the right baord?

boredofbeingathome

I can't find reference to it anywhere..you may be best asking Lloyds.

poorandindenial

Simone, this might be an internal scoring system used by Lloyds to make decisions, I agree with BOB - ask Lloyds and they should point you in the right direction (if they are in a customer service sort of a mood)

Head-Out-Of-Sand

How strange - have u read the bit on the main website about credit ratings? http://www.moneysavingexpert.com/banking/credit-rating-credit-score

Can you contact the branch and ask them to explain what it means? If you've not got a bad credit history then I can't imagine you could be designated as a risk? Unless they're looking at recently moved/age/self-employed?

I can't imagine they're being particularly generous about handing out mortgages at the moment anyway, so maybe it's not genuinely to do with your "rating"?

Hmm very mysterious! Let us know if you get any answers!

boredofbeingathome

I have spent about 20 mins on alsorts of sites trying to find out. It is driving me crackers not to know now.

Found this, think i am narrowing it down.

http://www.investorrelations.lloydstsb.com/ir/credit_ratings_page.asp

poorandindenial

Don't you just hate it when the need to know takes over your brain, usually for me it is remembering the name of a song or an actor and I will have an Eurika moment at about 4am

boredofbeingathome

There is this article as well.

http://www.guardian.co.uk/money/2006/aug/19/accounts.saving

poorandindenial

The Guardian article explains why I was once told that if I spend more of my month in my (authorised) overdraft than out of it then it would affect my rating and ability to get certain products with Lloyds. I always knew they did internal scoring but never really thought about it too much. I want to know what mine is now!

boredofbeingathome

I have narrowed it down to the system and the company who developed it, but not how it works...is darned annoying.

I agree PAID, they always internalise everything...we should all send for a SAR and find out eh?

poorandindenial

Yay, lets ask them, I have no idea what I will be.

About 9 moths ago I got a call from pre-collections and another from premier [obviously read paid for] banking both in the same week. (The call from 'pre-collections' was to give me some important news and (after arguing the toss about whether the phone in the evening was the best way to give me that) it was to tell me that they had reduced my credit card limit, I nearly split my sides as I pointed out that I had done that as I didn't actually need the £12k that they had hiked the limit up so I took it back down to £8k - I almost felt sorry for the woman, almost but not quite)

ETA: other than that I have never missed a loan or cc payment but I do sit in my overdraft as it is tres cheap

I may muster up a 3!!!!! what do you reckon?