Who will be honest with me about my credit rating

izools

Need I remind you of this post:

http://forums.moneysavingexpert.com/showpost.php?p=35774057&postcount=26

on this thread:

https://forums.moneysavingexpert.com/discussion/2658939

?

I think we pretty much covered all bases there didn't we?

If your credit score is a guide to credit worthiness, please kindly explain why me, with a "Very Poor" experian score of 502 has been approved for the following in the last 30 days: (And don't blame it on the searches resultant from the below mentioned applications, because I purchased the score before making any with only one footprint in the preceding six months)

#300 Capital One Progress Card
#4,000 Zopa Loan at 12.9% APR
#3,000 LTSB Overdraft at 10.4% APR
#1,000 HSBC Overdraft at 18.9% APR (NEW CUSTOMER - No account history with them)
#1,500 HSBC Mastercard at 16.9% APR (NEW CUSTOMER - No account history with them)

?

And also please explain why my mother with a 980 "Excellent" score has been declined by every major lender on the high street?

Believe me, it isn't a guide. Your responses on the above mentioned thread and real world experiences prove this.

BugsyBrowne

izools wrote: »

Need I remind you of this post:

http://forums.moneysavingexpert.com/showpost.php?p=35774057&postcount=26

on this thread:

https://forums.moneysavingexpert.com/discussion/2658939

?

I think we pretty much covered all bases there didn't we?

If your credit score is a guide to credit worthiness, please kindly explain why me, with a "Very Poor" experian score of 502 has been approved for the following in the last 30 days:

#300 Capital One Progress Card
#4,000 Zopa Loan at 12.9% APR
#3,000 LTSB Overdraft at 10.4% APR
#1,000 HSBC Overdraft at 18.9% APR (NEW CUSTOMER - No account history with them)
#1,500 HSBC Mastercard at 16.9% APR (NEW CUSTOMER - No account history with them)

?

And also please explain why my mother with a 980 "Excellent" score has been declined by every major lender on the high street?

Believe me, it isn't a guide. Your responses on the above mentioned thread and real world experiences prove this.

Don't Zopa do credit check with equifax.

KingElvis

I often think of registering a domain and operting a "credit score" service, I could knock one up in flash in an hour.

Costs would be tight but I think £5.99 per go would make me a tidy profit.

Hey wait a mo, Experian already have a template LOL

izools

star-fire wrote: »

Don't Zopa do credit check with equifax.

They do indeed! But Experian / CreditExpert didn't tell me that, so how was I to know their score was not related to my ability to get a Zopa loan?

exel1966

hedgehopper wrote: »

T

I was told many times by my bank I had a good rating, but fair enough, I guess I don't have to believe them.

You might have a very good rating with your bank, but that will be your INTERNAL rating with them ONLY and not applicable to any other general rating/'score' etc. The two are entirely different. Your external rating may be somewhat lower.

exel1966

Experian_company_representative wrote: »

A credit score is a numerical expression of creditworthiness. You don't have to be a lender to calculate one, all you need is data and the know-how to minipulate the general public into falsely believing they're credit worthy or not as the case may be

Forgive me, but I extended your quote (blue italics)

You could also say that or :mad: or :eek: are a pictorial expression of creditworthiness.

They mean much the same !

Suzanne_Louise

Experian_company_representative wrote: »

Any data still registered at your address about former tenants won't be visible to your lenders so can't affect you.

Lenders do not see the score you can get from our website, it's simply a guide for you as to the state of your credit report. Although Experian is not a lender, we do provide credit scoring consultancy to the majority of UK lenders and we help many of them build their scorecards. As a result, a score you get from Experian will certainly not be meaningless. It makes me laugh when people say this. We are the UK's leading provider of credit scoring tools!!

James Jones

I don't understand this as I've got a score of 999 with yourselves and went to your recommended balance transfer credit card link and was turned down!!!!!!

peterbaker

Both [STRIKE]star-fire[/STRIKE] MrsTine and the Experian Rep have stated that (in effect) there is no such thing as a blighted address.

I disagree.

Clearly lenders use whatever data they find useful to make decisions about credit. That includes whatever they can get from one or more CRAs and it includes data they have collected themselves, and it also might include data obtained from other sources.

If that were not the case, then never mind the unexplained declinatures, but why are there so many examples of delayed applications when "further checks" are made some of which result in requests for additional (beyond the norm) proofs of ID and address and then do result in successful applications? I have always understood that many of these might be as a result of an address which is linked to one or more defaulters.

Six years ago, BT gave me a "new" telephone number when I moved in which clearly is on one or more defaulter's records in the debt agencies' databases. Even now I occasionally get calls from agencies about previous users of the number at a completely different address.

If I was trying to trace defaulters or to protect myself from defaulters then I might consider cross referencing blood groups and inside leg measurements let alone addresses and telephone numbers, just to see what shook down

No doubt I'd discard many babies with bathwater, and I am sure there's some truth in that notion with the real situation.

BugsyBrowne

Suzanne_Louise wrote: »

I don't understand this as I've got a score of 999 with yourselves and went to your recommended balance transfer credit card link and was turned down!!!!!!

Exactly its a pure money making scam Suzanne unfortunately.

Yeah see what you mean izools.

peterbaker

:rotfl:
Oops I am sorry star-fire, I meant MrsTine .. I'll correct it ...