Help with credit scores?

richiemills2002

Hi all, I wonder if any of you good folk can offer me some advise please?

For reasons I wont go into now I am trying to get a loan to cover the cost of my wedding (and please, this is not up for debate, I've already had this argument a number of times)

My credit score with Experian is 740 (fair)
My credit score with Equifax is 267 (very poor)

I went to my bank (Barclays) but was refused due to poor credit score - yes, they use Equifax

My question is, do I have any chance of getting a loan based on my Experian score, or is the Equifax score going to hang over me like the 'Sword of Damocles'?

I read that certain lenders use one / other / both agencies to check customers, but I don't want to go making more applications and risk damaging my score further...

I am on a very tight timescale and so rebuilding / repairing the credit score is not viable for this purpose, although it is obviously something I will be actively trying to do in the future.

Many thanks!

EDIT: I feel it worth adding that, as supported by my credit reports, the events resulting in the adverse credit scores are all over 4-5 years old, and everything in the last 36 months has been above reproach, but I am obviously paying for some poor decisions in the past.

Apples2

Sadly a debate is all you can be assured of.

richiemills2002

Then please rest assured that that debate rages on elsewhere.

Now, if anybody has any constructive advise relating to the question I would be very grateful!

SnowTiger

richiemills2002 wrote: »

Hi all, I wonder if any of you good folk can offer me some advise please?

For reasons I wont go into now I am trying to get a loan to cover the cost of my wedding (and please, this is not up for debate, I've already had this argument a number of times)

My credit score with Experian is 740 (fair)
My credit score with Equifax is 267 (very poor)

I went to my bank (Barclays) but was refused due to poor credit score - yes, they use Equifax

My question is, do I have any chance of getting a loan based on my Experian score, or is the Equifax score going to hang over me like the 'Sword of Damocles'?

This suggests there are some nasty things on your Equifax report that don't appear on our Experian report.

I think the likelihood of you getting a loan is quite low, especially as your own bank has already turned you down.

There's a thread about which lenders use which CRA here:

Credit Reference Agencies - Who Really Uses Who? II.

It's in the Credit Cards forum, but it covers other lenders too.

BugsyBrowne

You're very lucky as you have Bugsy who will answer your question.

1.You will NOT get a loan with a bad credit history

2. You don't stand a chance as lenders only lend to those who repay.

3. Credit scores from agencies are as much use as North Korea's military tanks.

bigadaj

OP as bugsy says the scores are meaningless.

Get your actual credit reports and confirm What is ther both positive and negative. The scores are so meaningless they could both have the same data but differ from the random nu ber generator.

How much do you need to borrow, what other debts do you have, and what do you earn?

Getting turned down by your own bank is a bad sign, as you no doubt realise.