Creation - Equifax credit score > 550 = Accept

izools

Equifax's own score is on a different scale to Experian keep in mind.

Experian go 0-1000 with 980 or above being excellent.

Equifax go 0-600 with 475 or above being excellent.

Equifax's own score suggested my OH was "Fair" at 380 and he was instantly approved online for a Creation card with £3,000 limit and 19.9% APR

Equifax's own score suggested I was "Good" at 471 and I was instantly approved online for a Creation card with £3,000 limit and 17.9% APR

Nevertheless I find it a bit dubious they use Equifax's own scoring model. I have been told many things over the years by their underwriters, including "Each card carries it's own scoring model as the different brands want to sell in to different markets" etc.

End of the day, they're relatively lax across the board so if you're credit is alright you should be good to go

jon142

izools wrote: »

Equifax's own score is on a different scale to Experian keep in mind.

Experian go 0-1000 with 980 or above being excellent.

Equifax go 0-600 with 475 or above being excellent.

Equifax's own score suggested my OH was "Fair" at 380 and he was instantly approved online for a Creation card with £3,000 limit and 19.9% APR

Equifax's own score suggested I was "Good" at 471 and I was instantly approved online for a Creation card with £3,000 limit and 17.9% APR

Nevertheless I find it a bit dubious they use Equifax's own scoring model. I have been told many things over the years by their underwriters, including "Each card carries it's own scoring model as the different brands want to sell in to different markets" etc.

End of the day, they're relatively lax across the board so if you're credit is alright you should be good to go

correct score model is;

0-299 (very poor)

300-349 (poor)

350-399 (fair)

400-474 (good)

475-900 (excellent)

Excellent seems to be a very big band.

ILW

jon142 wrote: »

correct score model is;

0-299 (very poor)

300-349 (poor)

350-399 (fair)

400-474 (good)

475-900 (excellent)

Excellent seems to be a very big band.

It encourages people to apply for credit, which helps their business.

The scores are rubbish. How can decision on credit be made when they do not even take into account whether you are working or not?

jon142

ILW wrote: »

It encourages people to apply for credit, which helps their business.

The scores are rubbish. How can decision on credit be made when they do not even take into account whether you are working or not?

Why do they need to know that? if payments are being made against your accounts its obvious your getting money from somewhere. it doesn't bother them.

i.e user has £2000 credit and pays in full everymonth or knocks £500 off each month.... payments must be coming from somewhere....

They see very limited information anyway when making decsions.

[Deleted User]

It may be a large band for "Excellent", but it's all relative.

Imagine you want to buy a 75p Mars bar.

Your bank balance compared to ability to buy Mars bar...

£0.00 - £0.74 : No chance
£0.75 - £1.49 : Yes but you can't buy another one after
£1.50 - £9999999.99 : Yes, and you can buy another if you're still hungry.

Does that analogy work? I hope so...

Dr_Cuckoo3

ILW wrote: »

It encourages people to apply for credit, which helps their business.

The scores are rubbish. How can decision on credit be made when they do not even take into account whether you are working or not?

Auto decline may override the score - why are the scores rubbish ? :think: