CREDIT SCORES/HOW much does they rise each month?

izools

Maestro. wrote: »

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

DIscharged bankrupts it transpires can still be rather creditworthy so long as they build a profile subsequent to bankruptcy of very responsible usage of credit.

With my discharged bankruptcy order on my credit file I've had no trouble obtaining a selection of prime credit cards, full bank accounts and now a mortgage (all of which are used responsibly of course).

Therefore I don't see it as unreasonable to rate someone as being creditworthy if they've made a marked improvement with money management since bankruptcy and their credit file reflects that.

Although, I still feel these credit scores are in and of themselves disingenuous as creditors use their own score sheets and there is no such thing as one score fits all. It just doesn't work like this and the product Experian offers suggests it does. Erroneously.

bigadaj

richmeud99 wrote: »

To protect and investigate we should choose those company which are reliable, durable and confidential. There may be locker services
we can consult about it with counsellors too. Therefore habit of saving money make our life protective. In any struggle, we must save some money. This type of campaign should be informed to all childrens, youth and all kind of citizens.

I think that might be experians justification of their credit scoring.

erimus1

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

How do you explain that with a default on my file that I had a near excellent score. Albeit the rest of my credit file was good, the fact that I had any default at all made me an undesirable customer to virtually and lender. I have never managed to get a definitive answer from Experian with regard to this.

izools

As I have proven with the credit I have been able to obtain since bankruptcy negative data in and of it self isn't a deal breaker for obtaining credit.

If you have a spat of defaults, pay them all off, and run a variety of credit accounts since then with low balances, good debt to limit and debt to income ratios, over a long period, with all other aspects of an application for credit being top notch (good income, stable job, stable marital status, stable residency etc) then the presence of one or more old settled default(s) won't put a prime creditor off.

It may cause them to look at your application in more detail, yes, but isn't a be-all and end-all "I won't get credit" sign atall.

If it was I wouldn't be typing this whilst having just been approved for a mortgage at 2.9% APR and two credit cards with above-£3,000 limits and sub 20% APRs only three years on from being discharged from bankruptcy.

samtoby

TBH I don't know why I slogged away paying everything off myself than going bankrupt.

I have decided just for me I am going to look at my credit score on Experian every month and see if it rises as now I keep everything perfect, it was just over 180 at beginning of year it is now 412, last month it was 293 so it is improving. I only am using 12% of my available credit but its only 2.5k available and they show this as a positive but a negative my old defaults many are about to drop and indeed my low credit limits. I have just had an £100 rise on each one which will show in July (automated I think) so hopefully this will go towards my score.