Credit score bands.

Petmidget

Well in answer to part of the question. On Experians system

<550 = Very Poor
<710 = Poor
<900 = Fair

After that I dont know, this is from monitoring my score every 6 weeks or so for the last 2 years.

And before you flame me for wasting MY money. I personally value it as an indication that I am succesfully rebuiding my credit rating after royally screwing it about 4 years ago.

stacey21_2

No, they aren't used at all, that's why people with a hundred defaults and history of non payment can walk in anywhere and get a mortgage... ok. ;-)

Tell us another joke.

xgingerx

By the way, some companies do actually take the credit score from the as par tof the application process, remember though the cra score is only an indication and on its own is not much use with out taking into account all the info on the application form and even if it shows excellent doesnt guarnatee you will be accepted, to give you an example, i worked abroad for 5 years, came back got my credit file which was blank and got a rating of Fair ?? , i wouldnt say its a complete waste of time though

xgingerx

stacey21 wrote: »

No, they aren't used at all, that's why people with a hundred defaults and history of non payment can walk in anywhere and get a mortgage... ok.

You might get a mortgage but it would be at extotionate rates and the only reason you MIGHT get a mortgage at a silly rate is because they can take you home of you and get their money back

NO NORMAL HIGH STREET BANK WOULD TOUCH SOMEONE WITH SUCH ADVERSE CREDIT - FACT

Mrs_pbradley936

A lot be to do to your age. My son checked his out and it was “fair” he is 24 and lives at home with a £12K student loan debt. He does not have a mortgage so cannot get scored for paying it regularly. He does have a car which I paid for and he is paying me, so no loan there to see if he keeps up to date with payments. He has a pay as you go phone as well. My sister who works in bank allocating mortgages has advised him to get a contract phone fairly soon as long as he can keep up the payments so that his score improves and she can get him a mortgage easily should he want one.

Basically you have to keep up to date with ALL of your outgoings. Debt is OK provided you are making regular payments. In fact if you have no debts at all they view you with suspicion if you go for a loan/mortgage because you have no track record for them to judge you by. You also have to be on the Electoral register.

stacey21_2

xgingerx wrote: »

You might get a mortgage but it would be at extotionate rates and the only reason you MIGHT get a mortgage at a silly rate is because they can take you home of you and get their money back

NO NORMAL HIGH STREET BANK WOULD TOUCH SOMEONE WITH SUCH ADVERSE CREDIT - FACT

My post was in sarcasm making the exact same point as yourself..

tom188

stacey21 wrote: »

My post was in sarcasm making the exact same point as yourself..

And my post was suggesting that the CRA scores themselves were not used. Of course the underlying information from the CRAs is used by the lender, on top of the equally important factors of salary, stability that the lender will be assessing as well.

thesaint

stacey21 wrote: »

I did not mention one thing about a mortgage lender lending on a 'good' rating as opposed to a 'fair' one.

To quote: To some a credit score may be worthless, but to others it's the difference between getting a mortgage and not getting one, between getting a credit card to reduce interest rates from 22% to 0% or not.

What I meant by that was that if someone was looking to get a mortgage it would be useful for them to have a good credit score. If someone has a credit card which is starting to charge interest after the 0% has expired, they may want to get a new one, to avoid paying the high interest. Therefore, without a good credit score, how could they change to a 0%?

My post clearly was not read properly before you answered it so hopefully that has cleared it up.

Contrary to what you believe, I did read your post correctly.

You don't need a good/fair/excellent credit score with any CRA to get a mortgage or 0% credit card.

There was someone on this site not too long ago who had a 'score' of about 985 out of 1000, she had no chance of getting any credit because she was £60k in debt.

So your theory of your 'score' getting you what you require are somewhat flawed?

In any case your 'score' would be the same whether or not you paid for it or not. As stated at the top of the thread, simply paying your bills etc on time is the best indicator to your credit worthiness(and free).

xgingerx

stacey21 wrote: »

My post was in sarcasm making the exact same point as yourself..

LOL - Sorry, im slow today !!!

You can always guarantee credit scores create a lot of discussion

thesaint

Petmidget wrote: »

Well in answer to part of the question. On Experians system

<550 = Very Poor
<710 = Poor
<900 = Fair

After that I dont know, this is from monitoring my score every 6 weeks or so for the last 2 years.

And before you flame me for wasting MY money. I personally value it as an indication that I am succesfully rebuiding my credit rating after royally screwing it about 4 years ago.

No one will flame you for wasting your money, it's just that some of us believe that a lot of people do not realise that you can guess if you are likely to be lent money or not simply by looking at your credit report.