We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
Credit Score 999 Declines Conundrum - Help!
Comments
-
To be fair, I've worked with credit scoring systems which are run independently to affordability testing, with a requirement to pass both to gain credit. Fail the score and I don't care if your disposable income is £3k a month ... not interested!The fact that it takes no account of income, makes it worthless to a consumer.
I think the biggest problem with Experian is that it cannot take in to account different scoring systems and different marketing strategies of different lenders.
Until they want to put their money where there mouth is and lend against the scores they report, they really should be taken with a pinch of salt. And not worthy of a monthly direct debit.0 -
Also take into account the time of month you applied for a loan.
Banks set aside £xxxxx per month... if the money they are lending is getting close to their figure they will tighten up their credit score. So always apply for a loan at the start of the month this way you will have a better chance.0 -
aimingforadebtfreelife wrote: »Also take into account the time of month you applied for a loan.
Banks set aside £xxxxx per month... if the money they are lending is getting close to their figure they will tighten up their credit score. So always apply for a loan at the start of the month this way you will have a better chance.
Is this true?Hi, we’ve had to remove your signature. If you’re not sure why please read the forum rules or email the forum team if you’re still unsure - MSE ForumTeam0 -
It's a little more scientific than that, but micromanagement of the balance sheet will lead to lender's adjusting credit scores to ensure they don't over/under lend. This could be daily, weekly, monthly, quarterly or whatever, and could vary by product type. It also works both ways, so the advice is flawed. The borrower may be more likely to get what they want towards the end of the lending cycle if the bank feels it hasn't lent enough.Is this true?
Halifax always used to reduce targets and raise credit scores in December though - the default rate was always higher on December loans.0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 352.3K Banking & Borrowing
- 253.6K Reduce Debt & Boost Income
- 454.3K Spending & Discounts
- 245.3K Work, Benefits & Business
- 601.1K Mortgages, Homes & Bills
- 177.6K Life & Family
- 259.2K Travel & Transport
- 1.5M Hobbies & Leisure
- 16K Discuss & Feedback
- 37.7K Read-Only Boards