Credit scores-help me!

amandaben

How confused to i want to be now.

I have wanted to get a low interest loan, or at least a new interest free credit card, but i keep getting turned down. so i decided to make use of the 30 day free trial for Experian. I paid £4.99 to get my credit score to see how bad things reeally were, and it turns out i have a very good score of 906 ot of 1000 and they declare i should have no problem getting credit! there must be something i'm missing!

can anyone help me, please?

lynzpower

Do you have any credit at all? Are you on the electoral roll?

Sometimes having no credit anywhere and not being on the E roll makes you "invisible" hence why you might be a risk

WELL DONE THOUGH what a fab CR- you should be chuffed with yourself :T

Will.Power_2

The credit score you received from Experian won't be the credit score the loan companies used to make the decision, although it may have formed part of the score. Most lenders have their own scorecards to identify how likely you are to repay the loan compared to other applicants. The scorecard will use information from your application about you (eg. age, marital status) and information from the credit search (eg. the amount of other debt you have and whether you've made the payments on time, whether you're on the Voters' Roll, and how many credit searches have been made on you). Different lenders will use different factors and apply different scores, so a good score from Experian, while positive, won't necessarily get you a loan.
One important thing to check is who you have 'financial associations' with. The Experian search will show you this but it won't tell you about their credit record. If you're associated with someone who has a poor credit record, the lenders will probably have taken this into account. (They would have told you about it in the "small print".)
If you've been turned down several times now, there will be multiple searches against you, which may further depress your score.

ismangil

Off topic, but lynzpower, you joined Feb 2006 and have 4000 posts? In 4 months? That's like 1000 post a month. 30+ post a day. Assuming you sleep 6 hours, that's almost 2 post per hour assuming you're in front of the computer for 18 hours a day. Surely that's illegal

lynzpower

I type when Im asleep, Im considering working out how I can also do a second and third job in my sleep too