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Do Banks REALLY care about rating or just making money?
Comments
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They take the raw data from Experian et al (ie that which you can see yourself on your report) and drop it into their own scoring system.if they're not judging you on Experian/Equifax ratings etc then how does one change your habits to stop it happening again?
I've been disappointed with rejections when I thought I'd be accepted, and then utterly amazed at being accepted for some cards (with decent limits) when my CRA file shows me being over-committed.
Some you win and some you lose is the best approach to take in my opinion, rather than try to analyse their thinking.0 -
YB, quick question,have you registered with noddle? If so what's your opinion?0
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Your credit report will show that you applied for credit, but it won't show the outcome as the CRAs aren't told whether applicants are accepted or refused. If you space out any applications you make you shouldn't have a problem.
James Jones“Official Company Representative
I am an official company representative of Experian. MSE has given permission for me to post in response to queries about the company, so that I can help solve issues. You can see my name on the companies with permission to post list. I am not allowed to tout for business at all. If you believe I am please report it to forumteam@moneysavingexpert.com This does NOT imply any form of approval of my company or its products by MSE"
Posts by James Jones, Neil Stone, Stuart Storey & Joe Standen0 -
its a first the experian rep not trying to bigup their rating system , you ill james?Don't put your trust into an Experian score - it is not a number any bank will ever use & it is generally a waste of money to purchase it. They are also selling you insurance you dont need.0
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