999 credit score but keep getting rejected!

BugsyBrowne

On the right of this website we have loads of drop down forums which people can click and look at from loans to pension to holidays to house buyers and bankruptcy for advice why not have an Experian forum which I think many members and new members would find the advice on things like the their credit scores.
Maybe the mods could start a forum up designed especially for Experian

And maybe paul herrings thread could be the bench mark

gaz2180

star-fire wrote: »

On the right of this website we have loads of drop down forums which people can click and look at from loans to pension to holidays to house buyers and bankruptcy for advice why not have an Experian forum which I think many members and new members would find the advice on things like the their credit scores.
Maybe the mods could start a forum up designed especially for Experian

And maybe paul herrings thread could be the bench mark

For what it's worth as a newbie, I totally agree...

notafan

Experian_company_representative wrote: »

you can be legitimately refused credit with an excellent credit history because lenders look at other things too.

James Jones

Yes they also have information from Equifax or Call Credit which can quite often be completely different to what you hold!

How you can premise a score when there are two other credit reference companies and none of you keep the exact same information is beyond me.

Your score consists of limited information - in that it only reflects the information passed to you. So accounts that are ran good or poor that are not reported through to you will not show up, and could have a huge impact on someone's likelihood to obtain credit.

Yet a lender could have access to all 3, along with the information they share with other lenders and the history it has of a person through its own experience.

Your phoney credit score is at best, a very rough guide based on the sometimes limited and sometimes inaccurate data you hold. At worse its cashing in on peoples frustrations of lenders not being honest about why they aren't suitable for products when they hide behind the 'credit score phrase' with little else for explanation.

Dr_Cuckoo3

Experian_company_representative wrote: »

We may not lend money but we build credit scoring systems for many major UK lenders,

Do MBNA still use Experian AutoScore ?

Which companies use use Experian AutoScore at the moment ?

Paul_Herring

Dr_Cuckoo3 wrote: »

Do MBNA still use Experian AutoScore ?

Which companies use use Experian AutoScore at the moment ?

AutoScore appears to be a product designed to credit-score businesses, not customers, which is what this thread is about.

ladyinneed

I found experian to be helpful. I didn't understand alittle while ago why I was being refused. I know my credit history was a little dodgy but I thought it wasn't terrible.

I know the it's not going to be the same for everyone but I found that there were things on my file that I thought was well in the past.

I had previously had a loan with Barclaycard. This was settled and account closed 8 years ago but it was still showing in my history. I also found that things such as your credit limits with catalouges are counted even if you don't owe them anything as this is classed as available credit.

I would recommend to most that they get a copy of there lending history (not really a score as that means naff all) and check your credit limits with any companies you have an account with. Get the limits dropped where possible, write to the companies that have been settled/paid off and ask them to update the database so other companies know that these have been cleared.

In most cases this kind of 'housekeeping' can really help.

HTH and good luck x

Dr_Cuckoo3

Paul_Herring wrote: »

AutoScore appears to be a product designed to credit-score businesses, not customers, which is what this thread is about.

Your response demonstates that you know very little about how the credit reference agencies work

as far as your google link is concerned (is your knowledge limited to google search ?) you have linked to a different product to the one I was referring to


http://www.ie.com/assets/acrobat/HBOSCaseStudy.pdf

confirms that HBOS used Experian Autoscore as its credit scoring software

The former MBNA employees on this forum can verify that MBNA used Experian Autoscore for credit scoring

Therefore the Experian Rep is correct

Experian_company_representative wrote: »

We may not lend money but we build credit scoring systems for many major UK lenders, so we are experts at measuring credit risk and helping lenders manage it. How we rate your credit report is very relevant.

and you know very little

Paul_Herring wrote: »

No, you provide a centralised data store whereby legitimate lenders may form an opinion on a potential borrower based on, among other things, that data you provide - which originated at other lenders.

I am not a fan of Experian ,but they are correct to state that they build credit scoring systems for many major UK lenders - the product they flog to consumers is not of the same quality though

Paul_Herring

Dr_Cuckoo3 wrote: »

Your response demonstates that you know very little about how the credit reference agencies work

Your response indicates that you have connections with, if not directly employed by, credit reference agencies.

as far as your google link is concerned (is your knowledge limited to google search ?) you have linked to a different product to the one I was referring to

Since you didn't bother providing a link to the (clearly, now) niche product you were referring to, where else am I to find information about it?

http://www.ie.com/assets/acrobat/HBOSCaseStudy.pdf

A document that mentions "Autoscore" precisely once, and doesn't actually describe it at all.

A link to the product in question, rather than an HBOS document lightly referring to it may have been a tad more helpful.

and you know very little

Since you provide so little information about your industry, are you at all surprised?

malcolmffc

Jeniwilliams wrote: »

Help

I have a 999 score from Experian but i have recently applied to extend a current loan i have with Sainsbury's bank and i have applied for a 0% on purchases credit card as i am trying to clear my £2,000 overdraft but both have rejected me.

They tell me it is becuase i have a high amount of borrowing against me for my salary yet my score is 999. I earn just below £30k and have a mortgage with a tied in secured loan with my partner. I have a 15K loan which i have been paying off for two years and never missed a payment.

Why do i keep being rejected, what do i need to do!!!! Surely if i have reached my credit limit my score should not be 999????

Clearly with such a high score, you should immediately go and apply for the Experian Credit Card.

What's that....they don't offer ANY credit cards? Hmmm....wonder how they make their money then.....:rotfl:

RobertoMoir

ladyinneed wrote: »

I found experian to be helpful. I didn't understand alittle while ago why I was being refused. I know my credit history was a little dodgy but I thought it wasn't terrible.

I know the it's not going to be the same for everyone but I found that there were things on my file that I thought was well in the past.

I had previously had a loan with Barclaycard. This was settled and account closed 8 years ago but it was still showing in my history. I also found that things such as your credit limits with catalouges are counted even if you don't owe them anything as this is classed as available credit.

I would recommend to most that they get a copy of there lending history (not really a score as that means naff all) and check your credit limits with any companies you have an account with. Get the limits dropped where possible, write to the companies that have been settled/paid off and ask them to update the database so other companies know that these have been cleared.

In most cases this kind of 'housekeeping' can really help.

HTH and good luck x

I totally agree that the credit reports can be useful in this way.

It's just a shame that the companies that do them make such a big fuss about their "credit score" scheme and end up with people getting upset when it turns out the score is much less useful than the credit agencies all imply.