Credit Check!?!?!

clio

hehehehe \o/

What does credit score really mean. Does it mean all the answers you provide are scored then totted up and if you get over there limit you will get CC. If you score under their limit you will get a decline!. If thats the case then what is taken into account by them so they can score you??

never-in-doubt

clio wrote: »

hehehehe \o/

What does credit score really mean. Does it mean all the answers you provide are scored then totted up and if you get over there limit you will get CC. If you score under their limit you will get a decline!. If thats the case then what is take into account by them so they can score you??

Yes, score high enough and you get accepted (limit is on credit report data)..... decline is fail credit score. Look at it this way, if you apply and immediately fail a credit score the decline letter will be 'sorry you do not meet our criteria'. If you passed the credit score they'd then do a CRA check - if you fail this your decline would say 'sorry, see the data on your credit file and list the name they use, i.e. experian' and if you pass the credit search then you get card and limit.

Mate that info is secret but different lenders use it differently.... credit scores change with each lender, for example Tesco work like this: http://www.tescofinance.com/personal/finance/finance/creditcards/elh/what-doesnt-count-towards-a-credit-score.html

It is weird though, most others do use this towards scores!

clio

So in a nutshell there are 3 reasons for an instant decline for failing there Credit Score...
1:/ Your credit file is not up too scratch..

2:/ They think the ratio of income versus debt you allready have is too high
and "think" your over stretched and you may struggle to comfortably pay it off.

3:/ None of the above you just plain and simple didn't score enough points but it's not your fault your credit file is bloody good realy, just at the minute we are being a responsible lender.

never-in-doubt

clio wrote: »

So in a nutshell there are 3 reasons for an instant decline for failing there Credit Score...
1:/ Your credit file is not up too scratch..

2:/ They think the ratio of income versus debt you allready have is too high
and "think" your over stretched and you may struggle to comfortably pay it off.

3:/ None of the above you just plain and simple didn't score enough points but it's not your fault your credit file is bloody good realy, just at the minute we are being a responsible lender.

I posted elsewhere the exact reasons mate - hang on i get the link!

http://forums.moneysavingexpert.com/showthread.html?p=20913387&highlight=#post20913387

clio

This one matey?
1. Credit Score/Qualifying Criteria
2. Adverse Data
3. Credit Agency Details

So if you were given 1 as a decline answer. would 2 and 3 not apply for your decline. - is that right -!

never-in-doubt

clio wrote: »

This one matey?
1. Credit Score/Qualifying Criteria
2. Adverse Data
3. Credit Agency Details

So if you were given 1 as a decline answer. would 2 and 3 not apply for your decline. - is that right -!

Yes mate, in essense you fail one area and the others wouldn't matter cos its a fail. BUT in the case where you appeal then they go through each point, so if you fail 1 they would check the additional info you supply with appeal (i.e. payslips/bank statements etc); if you then pass this they will check cra (using original search) so if you have a copy send it off with your appeal to help them out and then they may be able to accept you easier. Option 3 means things like previous searches and account conduct - not adverse data which is noted seperately because this means they are advising you to get a copy of your file, in case something is wrong for example.

In a nutshell:
2. Adverse Data (CCJ's/Defaults/Court Data/Cifas etc)
3. Credit Agency Details (account conduct/credit searches/associations etc)

TBH most people fail option 1, the actual credit score because this incorporates so much its impossible to always pass the scores.

Innocent_Guy

My declines are scoring - I have a limited time at address which i s a big no no!