Equifax plus best reason for a loan?

ellives

Anyone know how reasonable a credit score of 454 on Equifax is?

Also, what's the best (as in most acceptable to a lender) reason for a personal loan? Is saying it is to pay off a credit card a negative, or say less attractive than sayin git's for a car, for example?

jamesd

Equifax says:

• 0 to 278 is very poor and represents very significant risk to lenders
• 279 to 366 is poor and represents significant risk to lenders
• 367 to 419 is fair and represents some risk to lenders
• 420 to 466 is good and lenders will be more inclined to grant credit
• 467 and above is excellent and lenders will be more inclined to grant credit

When Zopa was using Equifax they said "a credit score of 350 – 475 means you are likely to be a Zopa B, a score above 475 means you are likely to be a Zopa A. Approximately half the UK adult population will score above 350, and approximately 30% are above 475".

Lenders use their own scoring systems, may see data from a different credit reference agency and can't be assumed to agree with Equifax.

pitbullpeebs

How do u find out your Equifax credit score?

ellives

pitbullpeebs wrote: »

How do u find out your Equifax credit score?

I paid £17 for the privilage of finding out!

I was wondering if any experts out there could tell me HOW good my score is (in other words, I know it is good, but what does that mean - e.g. typically not refusable etc?)......

tom188

I suggest you read this thread to see just how meaningless the score you paid for is http://forums.moneysavingexpert.com/showthread.html?t=411151. Most lenders dont use them and the "scores" do not reflect your true financial situation. Use your judgement of your situation to work out how credit worthy you are.

ellives

vanity and ignorance - a dreadful mix!

apart from it being of little value, what really annoys me is that it is only a fiver with the other mob and I didn't research that before getting the score - really out of character for me, so doublely annoying!

actually, I blame the wife pressuring me to buy her a new car!

least I used the free trial to get the credit file.....