experian credit score

faceuptoit

The credit score indicates nothing about how likely lenders are to lend to you.

johnmorgan89

The experian and equifax credit scores are useless.

Always remember that when you contact your bank for a loan they use their own systems to check your worthiness for credit. Totally different algorithms that will be tweaked to suit the business plan of that particular bank. It's a but like car insurance, one provider will give you a great quote and another will be shockingly bad. This is not because one insurer is terrible and another good, it's because they will have a completely different way of viewing market sectors and will change the computer systems to react to proposer details accordingly.

That's not to say seeing your rating up nice and high won't make you smile, it's worthless for anything else though!

What's more important is looking at the meat of the report and making sure its clean and clear.

BugsyBrowne

The OP knows full well the scores from CRA's are about as useful as a bike with no wheels but he's getting the reaction he's looking for.

Ignore the clown.

allpine5346

BugsyBrowne wrote: »

The OP knows full well the scores from CRA's are about as useful as a bike with no wheels but he's getting the reaction he's looking for.

Ignore the clown.

you are the clown go get a life

Hastobe_Katt

The single biggest failing in credit reports is that they do not take into account amounts that the individual may have in savings, deposits, investments etc.

BugsyBrowne

Hastobe_Katt wrote: »

The single biggest failing in credit reports is that they do not take into account amounts that the individual may have in savings, deposits, investments etc.

The lender wouldnt give a monkies what your got in investments or what's in your savings account its what's on the applicants credit history thats important.

Hooloovoo

BugsyBrowne wrote: »

The lender wouldnt give a monkies what your got in investments or what's in your savings account its what's on the applicants credit history thats important.

Why is that then?

So if you have £250k in the bank, that does not make any difference to your risk profile when considering an application for a £10k limit credit card? What makes you think that?

BugsyBrowne

Hooloovoo wrote: »

Why is that then?

So if you have £250k in the bank, that does not make any difference to your risk profile when considering an application for a £10k limit credit card? What makes you think that?

Why am I bothering to reply to this.

You don't automatically qualify for blo0dy credit products just because you have a large amount of cash in your savings account as they want to know your paying debt back credit history for late/missed payments.

Who's to say you won't just spend on the card and move your savings to another account as the bank don't know this which means it wouldn't see you as a low risk whatsoever.

If you have a bad credit credit history and savings it's a decline.
If you have a good credit history no savings its approved.