experian Credit report

toothfairybuttkicker

Ok so my previous post was a why check my credit report.

So having bit the bullet to see how bad it is i'm amazed that with the amount of debit i've got that my credit score is infact 999 (excellent) are these people for real. Yes i have rarely missed a payment but im struggling monthly to keep that up. How can anyone thing that i'm a good candidate for credit?

On the plus side i now have all the details of the accounts with zero balance so i can close them. Thank you my fellow MSEers for kicking me into action

TFBK xx

fermi

Have a read about credit scores here:

http://www.moneysavingexpert.com/loans/credit-rating-credit-score

They don't really work quite the way most people imagine they should.

The ones from the credit reference agencies are also next to useless. Instead each creditor uses the raw data on your report to calaculate one based on their own lending criteria, which may bear no resemblance to the ones assumed by the agencies.

Tixy

Before you close down your zero balance accounts - if you have any empty but still open credit card accounts and you are paying interest on any existing credit card then it might be worth seeing if the empty cards would give you a 0% or promo deal on balance transfers.

shopping_addict

I had a similar experience when I checked mine last week, it said my score was 994....which I find very hard to believe! I have 3 up-to-the limit overdrafts, 3 credit cards with not much available credit between them (although no missed payment, and paying more than the minimum on each) and have (unsuprisingly) recently been declined 'extra borrowing' on my mortgage....

So Im guessing credit scores as we see them dont really apply -wish I hadnt wasted the £5.95 finding mine out now -couldnt paid that off a credit card!

Gordon_Hose

Lenders have their own criteria that they go by. All the CRA's see is that you're paying on time, which is a good thing... but with a lot of existing credit, lenders may be wary of adding to that and potentially causing a problem for themselves if you can't pay further down the line.

toothfairybuttkicker

Tixy wrote: »

Before you close down your zero balance accounts - if you have any empty but still open credit card accounts and you are paying interest on any existing credit card then it might be worth seeing if the empty cards would give you a 0% or promo deal on balance transfers.

Thanks for the heads up Tixy

Forgot to say on the plus i found out that i had £62 credit on my MBNA card that they had not told me about. Whoop Whoop.

Brill idea to check out offers too

Thanks guys