Credit Scores & All That...

droiderm

This is half the point.
Its about interpretations. No matter what they decide to do , it won't be the same as every lender and could never be.
I would say being discharged may have meant you learnt your lesson.
Some lenders would agree and some wouldn't.
The only real solution would be each lender having an accurate soft search.
Experian can try but they can never succeed.

RichL74

droiderm wrote: »

Have you been spending on this new credit?

£100 tops, paid in full.

Oh the bed was BNPL.

rb10

RichL74 wrote: »

Not really, 3 searches would do that would it and put me into the very poor category?

20 searches I could understand, not 3 and even then I'm sure I wouldnt have gone from excellent to very poor for 3 searches either.

Three searches in a short space of time to someone with little/no existing credit is likely to reduce your credit score.

Credit scoring systems look for stability and consistency. Your history now shows none of that - although at the time you applied for the Nationwide card, it will have been very different.

Simon7685

BugsyBrowne wrote: »

People with adverse should be sitting on scores under 200 and Experian should score based on any adverse instead of just repayment history.

A bit harsh!! So going by that, someone who has made mistakes in the past and have say a default from maybe 5 years ago, yet perfect history since and never missed or paid late should be junked on their rating.

Everyone can make mistakes and good practices surely deserve an improving credit rating?

Buzby

Since the CRA's only provide the data to their clients (to allow them to make decisions to lend, or not), the actual numerical score - conjured up by Experian is for their OWN use - primarily to market to consumers.

Which begs the question, why is this worthy of discussion at all? They've found an additional vertical market in which to make an additional profit stream from consumers who 'want to know' and are prepared to pay for it.

If you pay the Stat Fee, you get the data they hold, plus an advert for their additional services you 'may be interested in'.

Let's not encourage them further.