Fair Credit Rating

dan77_2

I have checked my credit rating with Experian and Equifax. With Experian I am 988 (Excellent) with Equifax 389 (Fair). Does this mean that if I wanted to I would now be in a position to start getting credit again, or does the Equifax "fair" rating still put me at a disadvantage. I know I can get credit with Halifax as they only use Experian but I just want to know if Equifax is damaging things for me.

mdr86

Have you seen http://www.moneysavingexpert.com/loans/credit-rating-credit-score ?

Universal credit ratings don't exist. Each lender scores you based on its 'perfect customer' wish list.

So my understanding is that those numbers will just be the estimate of your risk by whichever site you looked up your credit file on - each lender will score slightly differently.
I think the purpose of checking your credit file is primarily to check for errors, not to try and predict whether you'll be able to get credit, as you can't really do that.

lvm

I wouldn't count too much on the credit scores.

I score 900 (Good I think) on Experian yet I was declined a "poor credit" credit card from Vanquis.

I would have a look at your reports and see if the data held in each matches with each other - does Equifax have things on it that Experian doesn't?

dan77_2

I have a CCJ on my Equifax file, it is satisfied but will be there for another 3 years. Experian is perfect. I did manage to get a Halifax card (they seem to just check Experian) but I have also been succesful in getting in Argos card and they check both. As you both said the credit "score" is really a waste of time, i think!