Credit rating - confused

SusieWinwood

I've been registered with Credit Expert for some years now and have a rating of 999 - excellent.

I was told that Barclaycard are doing a 0% balance transfer deal for 20 months, so I applied and got rejected! :mad:

I've had the usual Dear John letter and found out that they use Equifax. I've just joined them and have a rating of 384 - Fair.

How can two companies who hold the same information vary so much in rating me?

TIA

Susie

Atom

Well as far as i have been told on here they both just guess these numbers up from whats on your credit report and lenders do not see these scores - it's whats on the reports that counts, do you have big balances elsewhere ? Good payment history etc ?

Tixy

Well have you checked that experian and equifax hold the same info about you? It would be fairly unlikely that it would be exactly the same as many financial institutions do not report to both.

Aside from that the credit scores are pretty meaningless anyway. These are just numbers made up by the credit reference agency based on the limited info they hold. Just having a good score does not mean you are likely to be accepted for a particular credit product - as the potential lender will also consider many things that the CRA cannot take into account - eg your income, whether you are employed, length of time in your job, how your existing level of debts/credit compared to your income level etc.

Perhaps if you tell us a bit more about your finances or what is actually on your equifax file then we could help you work out why you were refused.