The Sub Prime Credit Thread - Part IV

Zack1

Oh and I'm bored waiting for footie to start so thought I'd have a little nose through that document. These are some of your 'legally published facts'

"Whether applications for credit will be successful is determined by the processes within each lending institution, using the information available from consumers’ credit reference files in financial institutions’ own internal credit scoring systems"

So, where exactly does Experian's score come into play in that!?!?

And I've got bored of my old credit score, I want 8885884848484848484848 now...

never-in-doubt

Zack, you're right - don't waste time arguing.

Ive explained on numerous occasions the processes and its a proven fact. A CRA cannot provide a score to a lender - they can produce a model but not the scoring otherwise it breaches fair and equal processing rules along with many others.

The lender gives a credit score, not the CRA's. There are thousands upon thousands or permutations - the CRA could never operate properly with such data stored for each lender....

You are however spot on, so don't back down. You're right and he is wrong - again :rotfl:

Sorry its a new age, but you are a little c0cky at times, Proliant will be the first to tell you the CRA scores mean nothing in the bigger picture. They are there to give you an "idea" of how a lender may perceive you and nothing else.

BugsyBrowne

NID or anyone else can give me a bit of advice recently got my flybe card with £1000 limit,i am thinking about closing it down then reapplying in 6 months time cause i am not happy with the credit llimit,as my file ranks better than a £1000 limit.is this a wise idea.

PROLIANT

star-fire wrote: »

NID or anyone else can give me a bit of advice recently got my flybe card with £1000 limit,i am thinking about closing it down then reapplying in 6 months time cause i am not happy with the credit llimit,as my file ranks better than a £1000 limit.is this a wise idea.

No, keep the card, use it and every 3 months you can request a 30% increase. E.g £1000 + 30% = £1300, £1300 + 30% = £1690, £1690 + 30% = £2197 etc etc

savagej

Sorry to interupt without having read all of the thread, but does this mean there will be a set date from which all CRA data will only be held for 3 years and not 6 in the UK (bad and good) along with the being able to take your credit file with you within Euorpe.

I know I am being lazy but a very quick summary would be much appreciated.

Cheers

James

tea690

thanks for this i applied for a capital one card and got accepted..its my first credit card in 31 years of life lol

noah271007

star-fire wrote: »

NID or anyone else can give me a bit of advice recently got my flybe card with £1000 limit,i am thinking about closing it down then reapplying in 6 months time cause i am not happy with the credit llimit,as my file ranks better than a £1000 limit.is this a wise idea.

I got £1000 CL with Flybe too...ive called them saying im not happy with CL and they said i can request for it to be increased after 4 months to £2,000 CL which is more respectable.

HTH.

Innocent_Guy

To book Barcelona or not?

fairmorn308

afternoon all?

hows everyone

never-in-doubt

savagej wrote: »

Sorry to interupt without having read all of the thread, but does this mean there will be a set date from which all CRA data will only be held for 3 years and not 6 in the UK (bad and good) along with the being able to take your credit file with you within Euorpe.

I know I am being lazy but a very quick summary would be much appreciated.

Cheers

James

It should kick in from June mate but they have until 2011, just watch this space....

The official documentation is posted on the previous two pages.... :D

http://forums.moneysavingexpert.com/...1#post31445851

Laymans - #5700

& this - http://www.experian.co.uk/www/pages/...ive_220508.pdf

This is a long document, but worth reading - this relates to searches and use of the quotation search facility, in line with Martin's work on here: http://www.publications.parliament.u...sy/197/197.pdf (thanks for this Proliant)