Credit score of 513!!! I don't understand

MoneyWasting_Expert

Whether you think the credit score is nonsense or not, in my experience it accurately changes depending on different issues on your file. Yes its debatable if any lender goes by the number, but since your score is low that leads me to belief that not everything is as rosy with your CR as you think. Also one hiccup is enough to cancel out your credit dreams.

MoneyWasting_Expert

lee20010 wrote: »

least your score is better then mine

Out of interest how often do you recall your score, with each change on the CF? I am hoping for some extra points next month.

wayne2786

really sorry to hijack this, can you tell me where i can get my score? i know how to check my credit file on experian but not sure on the whole score thing.

Thanks

Apples2

wayne2786 wrote: »

really sorry to hijack this, can you tell me where i can get my score? i know how to check my credit file on experian but not sure on the whole score thing.

Thanks

Don't waste money on the score. Lenders have their own scoring system, they won't use the one you can see.

Look instead at your credit file. If it is all green and you tick all the boxes, great, you will probably be accepted in principle for a loan. You then go into the lenders scoring system which looks at a million more things experian do not.

Don't pay people for something of no other use than to say "I have a score of 999, why can't I get a loan?"

scooby75

The "Hiccups" is down to my ex-bank. Basically, they reduced my student overdraft without informing me when I was unemployed, leaving me deep in it. I just managed to clear it but a DD went through just before, and I've ended up with a couple of hundred quid charges. The bank has refused to deal with me so I've passed it to the FOS. Even though I've been in a genuine dispute on this, the bank has continued to register defaults. But that's all being dealt with.

I would have hoped that anyone looking at the file would see it in context, but I suppose I'm dreaming....

izools

opinions4u wrote: »

The lender doesn't consider the number.

Merely the specific credit history within the credit file.

The lenders don't even see the number.

They make up their own based on their own criteria, their own arithmetic, and more data than just your credit file.

Please note the Credit File and Credit Score are two very different things.

Credit Files are what lenders see when performing a credit check.

Credit Scores are what credit reference agencies sell to unsuspecting consumers based upon their own criteria.

When a lender searches you, they generate their own score, based on your credit file, and a whole litany of other things including your employment status, how long you've been with your bank / employer / at your address, what you do, debt to limit ratio, debt to income ratio, limit to income ratio, financial associates, etc etc etc

And each creditor has different views on what they consider to be good and bad, so whilst one creditor may view you as uncreditworthy another one won't.

MoneyWasting_Expert

izools wrote: »

The lenders don't even see the number.

They make up their own based on their own criteria, their own arithmetic, and more data than just your credit file.

Please note the Credit File and Credit Score are two very different things.

Credit Files are what lenders see when performing a credit check.

Credit Scores are what credit reference agencies sell to unsuspecting consumers based upon their own criteria.

When a lender searches you, they generate their own score, based on your credit file, and a whole litany of other things including your employment status, how long you've been with your bank / employer / at your address, what you do, debt to limit ratio, debt to income ratio, limit to income ratio, financial associates, etc etc etc

And each creditor has different views on what they consider to be good and bad, so whilst one creditor may view you as uncreditworthy another one won't.

I understand that the Credit Score is not used by lenders therefore if your 999 and your income is 2000 per annual you should not be applying for an Amex.

On top of that it is not worth forking extra money for the score, however I do want to debunk the myth that the number is just random. If you have a low credit score then there is blemishes on your credit report.

The fact that the OP has a low score despite being on time with account payments shows that some information is haven a negative effect and that so happens to be a default.

scooby75

Well whatever they use, creditors don't want to touch me with a bargepole it seems.

Found the ideal car,, went through all the figures with the salesman and we reached a figure that meant me trading in my car and paying £30 / month less than what I pay now, which I thought would mean there would be no problems.

But no. The only creditor that would accept the finance wanted a deposit up front that was so much I may as well just buy the car outright if I had it.

Am I correct in thinking that a bank cannot register defaults for a genuinely disputed account? I had an overdraft for which fees have wrongly been put on, and I have complained to the FOS, but the bank still registers missed payments each month on my credit file. Can they do that, and if not, who do I write to to get them removed - the bank or the credit agency?

Hazzinho

The default will be the reason. you have to sort that out as cra's just report whatever the bank provides. with a default you have no chance.

scooby75

Hazzinho wrote: »

The default will be the reason. you have to sort that out as cra's just report whatever the bank provides. with a default you have no chance.

So do I write to the bank or the credit agency and how long is this likely to take to get sorted?