Credit score do they actually mean anything?

scobby17_2

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

Hi James, I think this the real point. You have introduced the score but it does not really mean anything.

I have not missed a payment for 3 years, mortgage, electoral role etc all ok plenty of disposable income. Your score says I am a good to excellent risk.
Applications and experience tell me otherwise.

Therefore my score should be lower.

It looks as I have to wait until the CCj falls off

Thanks for all the replies it has really helped.

somethingcorporate

If their score meant anything it would only be to them. Who do not lend money.

Tells you how much it is worth then.

heer84

I too am confused about the relevance of the credit rating. This morning a default 6 years ago had finally been removed off my credit file and when I checked my credit Score on Experian it went from 608 (poor) to 654 (poor). Seeing as I have only made 4 late payments this year (last one in June), and despite having used 75% of my available £5k credit, and only made two applications for credit in the past 6 months....I am struggling to see why such a massive thing being erased from my credit file has has such little impact.

Also checked Equifax, and one section was good, the rest excellent yet I was scored at 326 which was poor. Ok the default had not been removed (which is an error on their file), I do not understand how the defauly could make me high risk if I am excellent for all the other criteria.

poppasmurf_bewdley

heer84 wrote: »

I too am confused about the relevance of the credit rating. This morning a default 6 years ago had finally been removed off my credit file and when I checked my credit Score on Experian it went from 608 (poor) to 654 (poor). Seeing as I have only made 4 late payments this year (last one in June), and despite having used 75% of my available £5k credit, and only made two applications for credit in the past 6 months....I am struggling to see why such a massive thing being erased from my credit file has has such little impact.

Also checked Equifax, and one section was good, the rest excellent yet I was scored at 326 which was poor. Ok the default had not been removed (which is an error on their file), I do not understand how the defauly could make me high risk if I am excellent for all the other criteria.

Your four late payments this year are just as important as the removal of your default to someone who is credit scoring you. It tells them that four times this year, you have been unable to meet your commitments. Easily enough to refuse you credit.