Credit score - is it worth £5.95?

AnnaV

So I could get my credit score from Equifax for £5.98, but is it worth it? I thought banks used their own criteria anyway...

Looking to start mortgage applications soon.

worried_jim

It's only £5.95 and is good to have a look but you are right banks have there own criteria and pay little attention to any "scores". Its more useful to make sure that there is nothing there that shouldn't be.

AnnaV

Thanks, just checked it and it's in the lower portion of 'excellent' - only 'fair' thing is electoral roll as we have moved house recently.

gt94sss2

AnnaV wrote: »

So I could get my credit score from Equifax for £5.98, but is it worth it? I thought banks used their own criteria anyway...

No, the credit scores they provide are a waste of your money. As you say, banks use their own criteria..

Looking to start mortgage applications soon.

It might be worth paying the £2/fee or signing up to a free trial (via a cashback site?) at the credit agencies to see your credit file though - which is different from "your credit score".

Regards
Sunil

ironlady2022

Apparently it is not worth it as they categorise you rather than base it on your individual score. you are best obtaining a full credit report instead. As for the banks' own criteria. They can only do this if you bank with them with your CURRENT account as they can see your incomings against your outgoings. If it is your main bank you are applying for a mortgage with, op in to see an Advisor and see as they will be able to give you some feedback without stamping your credit file.

Degenerate

No.
.......

AnnaV

Oops - too late now but hopefully useful for someone else!

Got the credit report and you are right it does seem much more useful.

Paul_Herring

The scores themselves are a waste of money.

Get the statutory reports, and learn how to read them - with the scores themselves all the CRA's are doing selling is their own opinion on what you might get.

izools

I think these views on the matter cover it pretty well

http://forums.moneysavingexpert.com/showpost.php?p=35676425&postcount=20
http://forums.moneysavingexpert.com/showpost.php?p=37083960&postcount=30
http://forums.moneysavingexpert.com/showpost.php?p=35774057&postcount=26
http://forums.moneysavingexpert.com/showpost.php?p=35753975&postcount=25

onlypaddy

worried_jim wrote: »

It's only £5.95 and is good to have a look but you are right banks have there own criteria and pay little attention to any "scores". Its more useful to make sure that there is nothing there that shouldn't be.

for someone who has been on here for so long, that is some of the worst money saving advice I've ever seen given on here. the credit scores are more than worthless. Same ballpark as asking your pet ferret to give you a credit score

AnnaV

onlypaddy wrote: »

Same ballpark as asking your pet ferret to give you a credit score

:rotfl: :T

I would agree, having just spent it! That will serve me right for not waiting for a few replies...