Credit Score 999 Declines Conundrum - Help!

opinions4u

ILW wrote: »

The fact that it takes no account of income, makes it worthless to a consumer.

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!

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.

aimingforadebtfreelife

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.

ryantcb

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?

KingElvis

ryantcb wrote: »

Is this true?

I think it's a urban myth......

opinions4u

ryantcb wrote: »

Is this true?

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.

Halifax always used to reduce targets and raise credit scores in December though - the default rate was always higher on December loans.