Credit score do they actually mean anything?

Blackpool_Saver

BoGoF wrote: »

On what basis do you say it's 'good' though?

No missed payments, low amount of used credit, one dependant who is 18, negatives are rental instead of owned, tell me what I am missing please

worried_jim

Blackpool_Saver wrote: »

No missed payments, low amount of used credit, one dependant who is 18, negatives are rental instead of owned, tell me what I am missing please

Affordability. How much surplus is left in your account every month.

poppasmurf_bewdley

Credit Scores offered by the credit reference agencies are there for one thing, and one thing only. To increase the £££ going into the coffers of the credit reference agencies.

They mean nothing to anyone except the person who has fallen for all the hype and spent their hard earned money to get what is essentially a worthless piece of jargon.

BoGoF

Blackpool_Saver wrote: »

No missed payments, low amount of used credit, one dependant who is 18, negatives are rental instead of owned, tell me what I am missing please

'Low amount of used credit'?....does that mean your available credit is much more than what you are using, eg a credit card with £3000 limit but only £500 used? If so this can be a negative to any potential lender.

jachowden

BoGoF wrote: »

'Low amount of used credit'?....does that mean your available credit is much more than what you are using, eg a credit card with £3000 limit but only £500 used? If so this can be a negative to any potential lender.

I am also in the same boat, i dont look at the score im more interested in building a repayment history and what you said grabbed my attention, how will not using much of your available credit be a bad thing?

Experian_company_representative

poppasmurf_bewdley wrote: »

Credit Scores offered by the credit reference agencies are there for one thing, and one thing only. To increase the £££ going into the coffers of the credit reference agencies.

They mean nothing to anyone except the person who has fallen for all the hype and spent their hard earned money to get what is essentially a worthless piece of jargon.

Actually, we introduced the Experian Credit Score largely because people had been asking for a score to accompany their credit report for many years. Our score is useful but you have to understand what is being scored and what lenders assess when you approach them.

James Jones

BackOnTrack

Have you wasted 6 months of effort? No absolutley not. Everything you have done is entirely sensible and you are activley looking after your finances which is a great result. You may not get good credit deals but as soon as the CCJ drops of your record you are likely to be in line to get some of the better deals around and as you are activley managing your finances you might not even need them. There might be no immediate reward in terms of getting the best credit products but look at all the other posts on these boards about people getting chased by DCAs and pay day loan nightmares. You don't have to worry about ending up in these situations because you have a firm grasp of your current situation. If we all did this there would probably be a lot less posts on these forums.

KingElvis

Experian_company_representative wrote: »

Actually, we introduced the Experian Credit Score largely because people had been asking for a score to accompany their credit report for many years. Our score is useful but you have to understand what is being scored and what lenders assess when you approach them.

James Jones

In other words, it's just a random number based on a set of calculations....your credit history is important, your credit score is nonsense.

Elvis uses the BurgerScale (TM) to calcualte score and I'm afraid you only score 1 1/2 burgers

poppasmurf_bewdley

Experian_company_representative wrote: »

Actually, we introduced the Experian Credit Score largely because people had been asking for a score to accompany their credit report for many years. Our score is useful but you have to understand what is being scored and what lenders assess when you approach them.

James Jones

In other words, the Credit Score is completely meaningless.

Which is what I said originally.

BoGoF

jachowden wrote: »

I am also in the same boat, i dont look at the score im more interested in building a repayment history and what you said grabbed my attention, how will not using much of your available credit be a bad thing?

It could be seen as a bad thing if you are looking for more credit. You may manage fine with £1000 of your £5000 limit but if you're looking for more credit a lender will be thinking could they pay off a new debt if they were to max out their credit limits.