Credit Score of 999 but still refused!!!

london_guy1976

I decided to check my credit score today with CreditExpert as I had recently be refused credit in various places. I have had credit for years and have kept it up to date, I also have had a mortgage for 10 years always up to date. My credit score was 999! basically you cannot get any higher if you wanted to....but I still am refused credit everywhere.

The description from CreditExpert on my score:

"Your score is 999 out of a maximum 999, putting you into the excellent category. This is the score that the rest of the population would like to reach"

"Credit scores are designed to help lenders to assess the risk that you will not repay what you owe them, reliably and promptly, by comparing your situation and credit history with databases showing how other people have managed their repayments in the past.

This score suggests you are a very low risk borrower − most lenders would expect very few people in this category to experience serious problems with repaying credit"

So it appears to me that no matter how good your credit score is, even like mine its the highest it can ever be....expect to be refused still.

Its a joke. :mad:

Gordon_Hose

Credit score means absolutely nothing.

Do you have any current lending?

KingElvis

Those scores mean nothing, squat, nowt

Have you checked the actual information on your credit report from all three CRAs?

sofababe

Stop applying for credit, that will make it worse. What percentage of your available credit are you using? How much in relation to your income? This makes a difference. And lenders don't take much notice of the actual score, they look at what you already have and they have their own criteria.

withabix

CreditExpert are just a bunch of shysters, charging you for something that is irrelevant.

Gordon_Hose

withabix wrote: »

CreditExpert are just a bunch of shysters, charging you for something that is irrelevant.

lol, I completely agree. I made the mistake of paying £5.95 before now, never again.

london_guy1976

OK thanks for the speedy responses to this. - Now I know not to rely at all on the credit report and I certianly will not be paying another £6 to check it again.

I have also checked Equifax, since not all of the credit was listed on Experian. I do have 4 credit files - all of which are up to date. but its probably becasue 2 of them are not 'active' accounts and repayment only that is the issue. - regardless, the level of debt is very low compared to my monthly income, so it will be paid off in 6 months anyway. -

I dread to think how much money Experian are making from people who use this service to check their score that means squat to any lender.

london_guy1976

What is the whole point of the credit score then, if its worthless, and why do so many people rely upon this as their main weapon of obtaining credit? - Surely there is a better system that can provide professional analysis. I know there is no black and white rule to credit, but from what it seems, these Credit Agencies are absolutely useless to the consumer.

mr.ton

london_guy1976 wrote: »

I decided to check my credit score today with CreditExpert as I had recently be refused credit in various places. I have had credit for years and have kept it up to date, I also have had a mortgage for 10 years always up to date. My credit score was 999! basically you cannot get any higher if you wanted to....but I still am refused credit everywhere.

The description from CreditExpert on my score:

"Your score is 999 out of a maximum 999, putting you into the excellent category. This is the score that the rest of the population would like to reach"

"Credit scores are designed to help lenders to assess the risk that you will not repay what you owe them, reliably and promptly, by comparing your situation and credit history with databases showing how other people have managed their repayments in the past.

This score suggests you are a very low risk borrower − most lenders would expect very few people in this category to experience serious problems with repaying credit"

So it appears to me that no matter how good your credit score is, even like mine its the highest it can ever be....expect to be refused still.

Its a joke. :mad:

The whole credit system/credit rating system is simply not fit for purpose & a law unto intself in my view.
Someone with a low score can still get approved for things, were as someone with a high score can get refused.
The whole system needs to be done away with or at least changed in some way, to at least make it fit for purpose...

london_guy1976

I totally agree, meanwhile these companies are making a fortune from people spending money month after month while trying to improve their scores to see the benefits its having on their file. Money people would I am sure use to pay towards their own finances. Its not right.

climbgirl

The thing is, banks don't really like people who pay debts on time and pay their credit cards off every month - they don't make any money off somebody like that. So a perfect credit score doesn't mean much.

They're clearly not going to lend to somebody who has loads of defaults on their credit record but by the same token, why lend to somebody who has a history of paying their credit card off in full each month? They make nothing.

I fall into that category and despite having no debt and an income twice that of my friend, she has much easier access to credit than me. They make money off her though - she's never defaulted but they make loads of interest as she doesn't pay her cards off in full. They don't get a penny off me!