Your Credit Rating: How it works and How to improve it Discussion Area

dec050284

lisyloo wrote: »

Which score?
Every lender has there own.
Ther eis no such thing as a "credit score".



Well it depends which score you are talking about.
It will certainly improve you chance of getting credit quite significantly, but there is no universal credit score, so there is no universal upgrade for doing this.
Each lenders makes their own decisions, but many won't touch you if you if you aren't on the register, so it's a big step forward.

My credit score with experian is 725 out of 1000 but was 881 when i was on the electoral register i just wanted to know if anyone can tell me what it may increase too once i am back on.

Zebedee69

dec050284 wrote: »

My credit score with experian is 725 out of 1000 but was 881 when i was on the electoral register i just wanted to know if anyone can tell me what it may increase too once i am back on.

The answer to that is how long is a peice of string lmao! Best way is just to check it when you know your registered and the system has updated.

iseethestrals

I really dont understand all this credit report stuff,
I recently applied for an argos card and was declined, I have signed up for creditexpert and my credit report shows excellent -982, it shows argos have searched my file but why would they decide against offerin me the card?
(Prob better without it in the lon run as I would of bought lots of xmas pressies on it)

MushyPeas

iseethestrals wrote: »

I really dont understand all this credit report stuff,
I recently applied for an argos card and was declined, I have signed up for creditexpert and my credit report shows excellent -982, it shows argos have searched my file but why would they decide against offerin me the card?
(Prob better without it in the lon run as I would of bought lots of xmas pressies on it)

Could be for a whole number of reasons:
* no landline number
* not registered on electoral role
* renting rather than home owner (though when renting I got an argos card)

It's always worth asking why you were refused?

exel1966

982 !! How about 345 or 634 ? A card company can easily accept someone with a so called rating of 456 and then reject someone with a so called rating of 999 !

Those figures mean absolutely nothing as there is no such thing as a national credit score. Those figures are supplied by CRA's to relieve you of a few quid only !
Each lender will have their own UNIQUE system for assessing an application. One may refuse, one may accept, one may give a low limit, one a high limit. There are hundreds of variables that go into the decision making process.

You could try asking why you were refused. BUT they do NOT have to specifically tell you. They will tell you to refer to your credit report.

I'd look at how much debt you already have, how much credit you already have access to, your salary, your payment history, your address, your personal circumstances. Somewhere in there will be the catalyst that made them decide to reject your application

ALIBOBSY

According to OFT guidelines they are supposed to give you a bit more than it was down to your credit report, but they rarely do unless you query it, and you are unlikely to change their mind. I queried a refusal last year and was told the main reason was past late payments and old defaults on previous accounts.
Good luck
ali x

Zebedee69

iseethestrals wrote: »

I really dont understand all this credit report stuff,
I recently applied for an argos card and was declined, I have signed up for creditexpert and my credit report shows excellent -982, it shows argos have searched my file but why would they decide against offerin me the card?
(Prob better without it in the lon run as I would of bought lots of xmas pressies on it)

Your credit rating is also very very good. Possibly too good for the card ie: Company knows you will never make a late payment and possibly never borrow on card.

Sometimes your rating can be just too darn good:rolleyes: We cant win ha ha!

lisyloo

i just wanted to know if anyone can tell me what it may increase too once i am back on.

No - that's a bit like asking Coca Cola to reveal their secret recipe.
It's pretty meaningless anywas as other posts demonstrate.

lisyloo

I really dont understand all this credit report stuff,

You are not meant to understand all the scoring.
If you understood all the rules you would try to fit into them and that's not the objective.

I recently applied for an argos card and was declined, I have signed up for creditexpert and my credit report shows excellent -982, it shows argos have searched my file but why would they decide against offerin me the card?

The experian score is meaningless.
Ok, it might be an indication of your overall creditworthiness but the scoring that Experian use is not the same as Argos use and therefore it's nothing more than a general indicator.

There are many reason that Argos could decline you.
You might not fit their target profile.
That doesn't mean you have a bad rating, on the contrary some companies target people who are more likely to pay interest rather than people with excellent scores.

Zebedee69

lisyloo wrote: »

There are many reason that Argos could decline you.
You might not fit their target profile.

Bingo! Thats the magic word I was looking for TARGET PROFILE :rotfl: