Loan rejections despite excellent credit rating

serverking

BoGoF wrote: »

What twaddle, the score they give is a meaningless number. Stop encouraging people to waste money - do you work for them

Wow - what reasoning.... :rotfl::rotfl::rotfl:
BoGoF, getting to see your credit score gives you an idea of why lenders may be rejecting you. I use them, and I think they're ok. Also each bank has its own credit scoring system (aside from Experian / Credit Expert) so there's no guarantee they will hand over £50k in a loan. OP could always re-mortgage. Not sure if you've been out of the UK or in a coma for the past 4 years but we've had something called a Recession which makes banks a little more jumpy about doling out huge sums of money

Nottingham's a long commute from North London for 5 days a week, so no I don't work for CreditExpert...:shhh:

Keep on going with the one-line posts, it all helps your post count, doesn't it

BugsyBrowne

Experian_company_representative wrote: »

I suspect redqueen is right. That's a large loan.

As others have said, CreditExpert is a service provided by Experian. The other two CRAs are Equifax and Callcredit. Serverking is certainly not an Experian employee as we are not allowed to recommend products like this.

As for the scores you can get from the CRAs - these show YOU how we rate your credit report information. Lenders' scores are based on a wider selection of data than this of course. But our appraisal of your credit report is not as irrelevant as some suggest. Whilst the Experian Credit Score is a little less sophisticated than the scores lenders work out, it is based on scorecards we have built for major UK lenders, so it is actually a useful insight. Incidentally, credit scores are now included in the CreditExpert free trial.

James Jones

Exactly these are how we rate your report and also when we work out your scores we do not take in your salary either, so we basically Experian are actually giving you a credit score and we don't even take in account your salary :rotfl::rotfl: and to top it off we don't lend money either :rotfl: also we don't know what job you do but we still give you a score :rotfl:

KingElvis

serverking wrote: »

Wow - what reasoning.... :rotfl::rotfl::rotfl:
BoGoF, getting to see your credit score gives you an idea of why lenders may be rejecting you. I use them, and I think they're ok. I didn't like Experian so much so switched to them. Also each bank has its own credit scoring system so there's no guarantee.

Nottingham's a long commute from North London, so no I don't work for CreditExpert...

Keep on going with the one-line posts, it all helps your post count, doesn't it

Sorry Serverking, he's right, the score from Experian means about as much as the score you can generate right here, on this site for free.

Experian offers a useful service like the other CRAs but the score suff is just shysterism and shizzle.

Experian_company_representative

Let me put it a different way: the Experian Credit Score rates the risk of you defaulting on future credit agreements based on your Experian credit data, ie your past behaviour and your current borrowing situation. You do not need salary or job info to model and create a credit risk score. You can also model affordability based entirely on credit report data by looking at what credit products someone has, the velocity of recent credit transactions and how they're managing them, but most lenders these days obtain this data from applicants and feed it into their scores. Interestingly, salary is the single most unreliable piece of information consumers provide on their application forms.

James Jones

serverking

KingElvis wrote: »

Sorry Serverking, he's right, the score from Experian means about as much as the score you can generate right here, on this site for free.

Experian offers a useful service like the other CRAs but the score suff is just shysterism and shizzle.

We know it's shizzle - I have an average credit score, no IVA's bankruptcy etc, even run my own business, clearing £3k per month, and still Barclays turned me down for a loan. I'm not trying to push OP into signing up with any credit scoring site - it's just a guide to see what has gone on your record, i.e late or missing payments that can make banks wary.

Still they ain't as shysty as LoanGogo or Everyday Loans:p

BugsyBrowne

serverking wrote: »

We know it's shizzle - I have an average credit score, no IVA's bankruptcy etc, even run my own business, clearing £3k per month, and still Barclays turned me down for a loan. I'm not trying to push OP into signing up with any credit scoring site - it's just a guide to see what has gone on your record, i.e late or missing payments that can make banks wary.

Still they ain't as shysty as LoanGogo or Everyday Loans:p

You don't know you have a average credit score.

Experian_company_representative

I suspect serverking means an average credit report score, which is essentially what we can give you.

James Jones

BugsyBrowne

Experian_company_representative wrote: »

I suspect serverking means an average credit report score, which is essentially what we can give you.

James Jones

I don't think severking know what he/she means.

serverking

star-fire wrote: »

I don't think severking know what he/she means.

I know what I mean. I was alluding to an average credit report score. Ideally I'd sort my finances so I don't have to resort to borrowing from any bank at all. BTW I'm a guy - the 'king' part of my username is the clue:D

KingElvis

Experian_company_representative wrote: »

Let me put it a different way: the Experian Credit Score rates the risk of you defaulting on future credit agreements based on your Experian credit data, ie your past behaviour and your current borrowing situation. You do not need salary or job info to model and create a credit risk score. You can also model affordability based entirely on credit report data by looking at what credit products someone has, the velocity of recent credit transactions and how they're managing them, but most lenders these days obtain this data from applicants and feed it into their scores. Interestingly, salary is the single most unreliable piece of information consumers provide on their application forms.

James Jones

Whatever way you try and feed it to people, it's still money for old rope and a complete load of shizzle when applied to real world situations.

I would rather eat my own sh*t than pay for a score from a CRA :rotfl: