Is it best to pay off credit cards straight away or wait for a statement?

RichL74

Read what I actually said.

Credit score and credit rating - two seperate things.

One is something that the CRA's provide that no lending company anywhere ever look at, the other isn't - I'll leave you to work out which is which (sort of a free Christmas quiz for you!!)

BugsyBrowne

cmoorejnr83 wrote: »

:think: I'm pretty sure your credit rating isn't meaningless :doh:

Ahh yes it is when you recieve a score off one the credit reference agencies it is most defiantly meaningless.

UsetheFORCE

A credit score isn't meaningless...

it is a quick, at a glance indicator of how data stored by the CRA might be viewed by potential creditors. Of course, the data a CRA holds is only a part of the data a potential creditor will use in making their lending decisions.

Logically if you know the criteria that most affects your ability to obtain credit then you can use your brain and work out roughly your credit rating by applying it yourself.

Credit scores are okay if free but questionable if you have to pay for them.

RichL74

The scores ARE useless! As has been mentioned on here, people who have been declared bankrupt have 'scores' of over 900 putting them in the excellent category.

Now, how is that going to work for someone?

reclusive46

RichL74 wrote: »

The scores ARE useless! As has been mentioned on here, people who have been declared bankrupt have 'scores' of over 900 putting them in the excellent category.

Now, how is that going to work for someone?

Indeed, my call credit one seems to change for no apparent reason sometimes.

BugsyBrowne

UsetheFORCE wrote: »

A credit score isn't meaningless...

it is a quick, at a glance indicator of how data stored by the CRA might be viewed by potential creditors. Of course, the data a CRA holds is only a part of the data a potential creditor will use in making their lending decisions.

Logically if you know the criteria that most affects your ability to obtain credit then you can use your brain and work out roughly your credit rating by applying it yourself.

Credit scores are okay if free but questionable if you have to pay for them.

Mate you're talking about something which clearly shows you know absolutely nothing about and if I was you give up before you make yourself look like a larry.

Gromitt

RichL74 wrote: »

The scores ARE useless! As has been mentioned on here, people who have been declared bankrupt have 'scores' of over 900 putting them in the excellent category

Meanwhile, people with scores of 999 are declined credit.

Ignore the numbers, just apply common sense. If you are not bankrupt, had any late payment markers applied recently, and not got any defaults, then you stand a chance. Each recent application reduces that chance. Good credit history improves that chance. Stability improves that chance. Being able to easily identify you electronically improves that chance. etc.

UsetheFORCE

RichL74 wrote: »

The scores ARE useless! As has been mentioned on here, people who have been declared bankrupt have 'scores' of over 900 putting them in the excellent category.

Now, how is that going to work for someone?

So the fact that someone has been declared bankrupt is listed on the Experian file and taken into account by the score???

UsetheFORCE

BugsyBrowne wrote: »

Mate you're talking about something which clearly shows you know absolutely nothing about and if I was you give up before you make yourself look like a larry.

I will stand by what I have written....

Gromitt

UsetheFORCE wrote: »

So the fact that someone has been declared bankrupt is listed on the Experian file and taken into account by the score???

Indeed, but think about it for a moment.

How many banks do you think will lend money to someone who's been declared bankrupt?

Meanwhile, experian give that person a score of 900, which means: