CREDIT SCORES/HOW much does they rise each month?

ANTWAR72

Hi all

Could somebody please let me know how much your credit score rises each month if all credit accounts are run in good order?

[Deleted User]

By however much the CRA random number generating machine decides to change it by.

bigadaj

ANTWAR72 wrote: »

Hi all

Could somebody please let me know how much your credit score rises each month if all credit accounts are run in good order?

As above credit score means nothing. There are important stages at which having operated your accounts well you will appear better to lenders, obviously things drop off after six years but there is some evidence that six months, a year and annually after that should be hurdles you want to aim for.

BugsyBrowne

Exactly I think the less informed members think lenders have the same scoring system as Experian 0-999 but would wage a bet a lenders would be either 1-10 or 1-100 or even A-Z.

NickX

This has been discussed so much on here and there is no answer. Credit scoring is not an exact science, each lender have their own criteria which they do not reveal. They simply take information from the CRAs and make their own assessment using weird and wonderful algorithms.

The CRAs are simply conning customers by charging for this unique credit score that tells the customer how well they are doing with regard to credit. In actual fact these people are paying for random numbers. The CRAs are sharks !

Experian_company_representative

That is unfair. The scores we offer people summarise their credit data based on the scoring systems we build for lenders. To say they are meaningless is disingenuous. We make it clear what these scores are and what they aren't. Lenders' scores take account of more data than the scores we can provide to the public, but that does not make them useless. People have been asking us for years and years to help them understnad what their credit data means via a score and this is what we have developed. Many people find them a useful guide. They are only a guide, they are not definitive and I think the majority of people get this and many do find them helpful - a barometer if you like.

James Jones

NickX

Hi James,

I didn't mean to offend. Long term posters on here will know my opinion on paying for credit scores - not something I advise.

Probably best to agree to disagree on this one,

Nick

BugsyBrowne

Experian_company_representative wrote: »

That is unfair. The scores we offer people summarise their credit data based on the scoring systems we build for lenders. To say they are meaningless is disingenuous. We make it clear what these scores are and what they aren't. Lenders' scores take account of more data than the scores we can provide to the public, but that does not make them useless. People have been asking us for years and years to help them understnad what their credit data means via a score and this is what we have developed. Many people find them a useful guide. They are only a guide, they are not definitive and I think the majority of people get this and many do find them helpful - a barometer if you like.

James Jones

James my advice would be is to change the name from credit scores to experians scores as you don't offer credit and don't charge them.
It seems you mentioning 'credit with scores is going to get peoples sleeves wet or is this an excellent market tool for customers.

You know how many people come on here daily and you know yourself your scores are not a true reflection of how a lender would see it yet you still carry on making as much money as you can with a tool that is as you know very inaccurate.

Some chap come on the other day telling us how his credit experts score came up as excellent and they said with his profile he would have a very good chance in getting post office platinum etc and later found out he only had a mobile phone contract.

It's wrong what you are doing and to make money out of people who are being mislead is Disgusting.

Maestro.

Experian_company_representative wrote: »

That is unfair. The scores we offer people summarise their credit data based on the scoring systems we build for lenders. To say they are meaningless is disingenuous. We make it clear what these scores are and what they aren't. Lenders' scores take account of more data than the scores we can provide to the public, but that does not make them useless. People have been asking us for years and years to help them understnad what their credit data means via a score and this is what we have developed. Many people find them a useful guide. They are only a guide, they are not definitive and I think the majority of people get this and many do find them helpful - a barometer if you like.

James Jones

Would you be prepared to explain then why a person who is bankrupt can have a perfect credit "score" on experian...?

Gordon_Hose

Credit scores are worthless, I'll stand by that statement 100% And to charge for a made up number is daylight robbery.

Anthorn

Experian_company_representative wrote: »

That is unfair. The scores we offer people summarise their credit data based on the scoring systems we build for lenders. To say they are meaningless is disingenuous. We make it clear what these scores are and what they aren't. Lenders' scores take account of more data than the scores we can provide to the public, but that does not make them useless. People have been asking us for years and years to help them understnad what their credit data means via a score and this is what we have developed. Many people find them a useful guide. They are only a guide, they are not definitive and I think the majority of people get this and many do find them helpful - a barometer if you like.

James Jones

Let's tell it like it is: Experian provide a credit score which is an example of a credit score arrived at by a company which is using the same criteria as Experian. Since Lenders have their own criteria which may be different to that of Experian the Experian score could be accurate or totally inaccurate! Therefore if the Experian score is totally inaccurate it is likely to be totally misleading and lead to a borrower not making an application which would have been successful!

Hence my own advice thoughout my posts, "If in doubt, apply."

I also do not see the value of paying for a credit score: People usually know how much or how little bad debt they have and that knowledge alone is enough in appraising the likely outcome of an application.