credit score 999 but cant get credit

never-in-doubt

Using your own bank, or considering a loan may be cheaper all round. then cut up all cards except one (the best one with best APR/Limit ratio) - and your file will improve dramatically.

The experian credit score is as much use as a chocco coated fireguard! It means nothing - tell you what, your credit score is 756 today and tomorrow it'll be a mighty 1000 - hows that suit you?

Basically, these numbers are plucked from thin air, they mean nothing and are guesswork (at a rip-off cost) by the CRA's. For reference, the CRA's never decide on lending so therefore have no idea how credit scoring or the points allocation works. For instance HSBC may give 20 points for being on electoral register whereby Tesco (RBS) do not count this towards their credit score - how do Experian know who you're applying to? Therefore how can Experian predict a score? They don't and they can't.

Cash_Flow

never-in-doubt wrote: »

Using your own bank, or considering a loan may be cheaper all round. then cut up all cards except one (the best one with best APR/Limit ratio) - and your file will improve dramatically.

The experian credit score is as much use as a chocco coated fireguard! It means nothing - tell you what, your credit score is 756 today and tomorrow it'll be a mighty 1000 - hows that suit you?

Basically, these numbers are plucked from thin air, they mean nothing and are guesswork (at a rip-off cost) by the CRA's. For reference, the CRA's never decide on lending so therefore have no idea how credit scoring or the points allocation works. For instance HSBC may give 20 points for being on electoral register whereby Tesco (RBS) do not count this towards their credit score - how do Experian know who you're applying to? Therefore how can Experian predict a score? They don't and they can't.

Experian use the Vantage Score Model

http://www.vantagescore.com/about/vantagescore_model

Equifax use the FICO Score Model in the US not sure about the uk

http://www.fico.com/en/Products/Scoring/Pages/FICO-score.aspx

Have a look at the following link could this helpful product from FICO be one of the reasons why some limits are getting the Freddy Krueger treatment?

http://www.fico.com/en/Products/Scoring/Pages/FICO-Bankruptcy-Score.aspx

Want to know why you don't get any pre approvals?

http://www.fico.com/en/FIResourcesLibrary/PreScore_Service_1453PS_EN.pdf

Innocent_Guy

Cash_Flow wrote: »

Experian use the Vantage Score Model

http://www.vantagescore.com/about/vantagescore_model

Exquifax use the FICO Score Model in the US not sure about the uk

http://www.fico.com/en/Products/Scoring/Pages/FICO-score.aspx

Have a look at the following link could this helpful product from FICO be one of the reasons why some limits are getting the Freddy Krueger treatment?

http://www.fico.com/en/Products/Scoring/Pages/FICO-Bankruptcy-Score.aspx

Want to know why you don't get any pre approvals?

http://www.fico.com/en/FIResourcesLibrary/PreScore_Service_1453PS_EN.pdf

Interesting.........

splatt30

I was looking at Barclaycards T&Cs the other day. It was the first time I'd noted a clause that said you could transfer a maximum of 10% of you annual salary. Perhaps other companies are also beginning to look at how much debt you have a porportion of what you earn. I would say this is sensible lending.

digitalphase

Cash_Flow wrote: »

Experian use the Vantage Score Model

http://www.vantagescore.com/about/vantagescore_model

Equifax use the FICO Score Model in the US not sure about the uk

http://www.fico.com/en/Products/Scoring/Pages/FICO-score.aspx

Have a look at the following link could this helpful product from FICO be one of the reasons why some limits are getting the Freddy Krueger treatment?

http://www.fico.com/en/Products/Scoring/Pages/FICO-Bankruptcy-Score.aspx

Want to know why you don't get any pre approvals?

http://www.fico.com/en/FIResourcesLibrary/PreScore_Service_1453PS_EN.pdf

Interesting reading - thanks!

blackshinydog

never-in-doubt wrote: »

For instance HSBC may give 20 points for being on electoral register whereby Tesco (RBS) do not count this towards their credit score - how do Experian know who you're applying to? Therefore how can Experian predict a score? They don't and they can't.

Hello,

When you say that Tesco do not count your being on the electoral register towards their credit score do you mean that they do not check if you are on the electoral register OR that they do check but do not take it into consideration?

My situation is as follows; I need a loan of £20K and have a great credit rating but am being turned down because I am not on the electoral register. I need the money ASAP and do not have the time to register on the electoral roll, wait for my name to appear on the roll and then wait for the CRA's to update their files. I don't want to keep applying for loans from different lenders as I know this will affect my credit rating.

So, basically, I was wondering if Tesco (or any other lender that you know of) will lend but not take the electoral register into consideration. I can prove my address by way of bank statements/utility bills. Are their any lenders eho would consider me on this basis.

I have ample amount of income to pay the loan back easily.

Any advice would be brilliant.
Thank you

lisyloo

Any advice would be brilliant

Well you probably won't like it, but ............save up.

See, I knew you wouldn't like it.

What is it you want the £20K for? (might be able to amke some suggestions depending on what it's for).