999 credit score but keep getting rejected!

3cheesesoup

I think as long as you regard it as a rough indicator, theres nothing wrong with in-house CRA scores....and you bet your bottom dollar that you won't find a single lender which will issue you with an actual score, so it's the best you'll get.

As a former experian employee, I spent day in day out trying to get people to understand that score was not the important thing in self-analysing one's credit history, but the data the lenders analyse on the report. The thing is that most people don't want a report, they want a score. Clever boots like Mr Herring, may be capable of analysing this on their own, but some people are truly obsessed with their experian score which they see as that complex set of data simplified into three digits.

Any company even a CRA has the right to boil a credit report into a score...I know for a fact that scoring with another lender I used to work for was done waaay before the nitty gritty of wages etc came into play. The initial external check for reliable history/fraud is done to make sure that asking for further information is even worth a lender's bother. The lender ill generally do a second check one an acceptance in principle has been done, where they analyse the CAIS accounts to calculate disposable income, working out minimum payments on existing commitments. That's generally where a 999 score can come unstuck.

Paul_Herring

3cheesesoup wrote: »

I think as long as you regard it as a rough indicator, theres nothing wrong with in-house CRA scores

There's everything wrong with them. To name three:
1) CRAs charge for them
2) They bear no relation to what a real creditor scores you because they omit criteria real creditors use.
3) People paying for them believe that a 999 entitles them to credit (when frequently, they aren't - see threads passim ad nauseum.)

Clever boots like Mr Herring,

Ad hominem. Try again.

may be capable of analysing this on their own, but some people are truly obsessed with their experian score which they see as that complex set of data simplified into three digits.

Then the solution is to educate the people to analyse their reports. Not to sell them useless 999s.

JohalaReewi

4) The CRAs market these as credit scores when they are not. They are just plain old scores.

davec1960

Jeniwilliams wrote: »

Help


what do i need to do!!!!

Contact Experian and ask them to to change your score to a lower one:)

Paul_Herring

JohalaReewi wrote: »

4) The CRAs market these as credit scores when they are not. They are just plain old scores.

To be honest, that's just a rephrasing of my point 2. Their number has no basis in reality because they don't score you against lots of things that real creditors score you against. (Do you actually have a job? Do you have savings? etc.)

They simply score your history of
1) Being on the electoral roll (role?)
2) Not being late with your mobile phone bills.
3) Have you moved (recently)

Creditors are (at least if not) more interested in the future - if you're likely to pay them. Which includes, surprisingly, if you have a job. Something getting a 999 of any of these companies takes no account of.

Paul_Herring

davec1960 wrote: »

Contact Experian and ask them to to change your score to a lower one:)

Or, maybe, to a higher one? Maybe '1999' might impress Barcwest or Natleys to give them a card.

Or maybe ask Experian/Equifax to give them credit since they apparently rate them so highly...

(I won't hold my breath - the risk of asphixia is too great.)

Experian_company_representative

We make it very clear what the Experian Credit Score is. The opening line on the credit score landing page reads: "Your Experian Credit Score can help you to understand how lenders view your credit report."

The score ranks your chances of defaulting on future credit based on your credit history data and sound analysis of past credit reports and future behaviour. Of course, other factors can be and are factored into lending decisions.

If you get a 999 Experian Credit Score you are basically in the top 10% in terms of the health of your credit history. But it is only part of the equation as I and many others say on here time and time again - and we clearly say it on our website too.

James Jones

izools

Experian_company_representative wrote: »

We make it very clear what the Experian Credit Score is. The opening line on the credit score landing page reads: "Your Experian Credit Score can help you to understand how lenders view your credit report."

James Jones

Except that it doesn't.

Your score applies specific weightings to specific areas of an individual's credit file.

3rd party creditors apply specific weightings to specific areas of an individual's credit file, too, but not necessarily the same as you do.

You have no way to know what the weightings applied are, and you have no way to create a generic "one score fits all".

Your score does not help understand how creditors view an individual's credit file - it makes a stab in the dark as to how a creditor might weight aspects of a credit file and might tie in with one or two scoring models out in the wild -

But the number of scoring models different to yours will be in the majority and therefore your claim is erroneous.

As of today, you rate me 914 - well, I still have six defaults and a discharged bankruptcy order glaring on my credit file and have only been on the ER at my current address for five months.

This does not help me understand how a creditor may view my credit file. No creditor on the high street will consider an applicant with six defaults and a discharged BR order to be in the top region of applicants.

Your statement is false, and misleading customers.

I challenge you to prove otherwise. Name one creditor who will take the same view as you do toward my credit file.

EDIT: You previously stated that "Creditors no longer consider discharged bankrupty orders to be negative, so our scoring model reflects this"

Interesting. Your £14.99 / PCM product does not quote Bankruptcy orders as a negative factor if they are discharged.

Your £7.99/PCM product DOES quote bankruptcy orders as a negative factor even when discharged if under six years old. It uses the old interface which you told us had changed becuase your scoring model has changed.

Yet, the actual score generated by each product is identical -

Explain.

somethingcorporate

Experian score is worthless.

OP, my score for you is 2 bob and a big apple. That'll be £2 please

danothy

Experian_company_representative wrote: »

We make it very clear what the Experian Credit Score is. The opening line on the credit score landing page reads: "Your Experian Credit Score can help you to understand how lenders view your credit report."

izools wrote: »

Your statement is false, and misleading customers.

I'm inclined to agree, as even if there was a description of the deterministic model used to generate the score it would not help me understand how lenders view the report, it would help me to understand how experian views it. If anything this would obfuscate the understanding as the product is marketed somewhat as a universal measurement.