Experian, Equifax and Noddle 'scores' and 'ratings' have little value

sugarplum10

fermi wrote: »

James Jones? https://twitter.com/AskJames

fermi, how did you know??? LOL:p

The_Boss

Extremely extremely disappointing. All based on Credit Reference Agency scores, almost nothing about how lenders score. You can have a great score and no salary and where's that going to get you? THink this is just going to confuse people even more, especially when one person with no credit history scores 999 and another scores in the mid 800s.

Martin also says to close unused cards - NOT NECESSARILY GOOD for how lenders score you!

Reckon this is going to get more people paying for the waste of money credit scores sadly and then complaining that they have excellent scores and are rejected a big blow for common sense and a HUGE missed opportunity.

Libby was seriously cute though

The_Boss

Stolen from the credit card forum and sums it up perfectly...

bigadaj wrote: »

Martin giving James jones made up numbers credence, we might have to ban him from his own site!

Hopelessly_Hopeful

The_Boss wrote: »

Extremely extremely disappointing. All based on Credit Reference Agency scores, almost nothing about how lenders score. You can have a great score and no salary and where's that going to get you? THink this is just going to confuse people even more, especially when one person with no credit history scores 999 and another scores in the mid 800s.

Martin also says to close unused cards - NOT NECESSARILY GOOD for how lenders score you!

Reckon this is going to get more people paying for the waste of money credit scores sadly and then complaining that they have excellent scores and are rejected a big blow for common sense and a HUGE missed opportunity.

Libby was seriously cute though

Agreed.

Still think James is a real cutie though, even if he didn't have much to say!

HHx

The_Boss

Hopelessly_Hopeful wrote: »

Agreed.

Still think James is a real cutie though, even if he didn't have much to say!

HHx

He also doesn't have much to say whenever I challenge him on why Experian deliberately mislead and probably mis-sell the scores. He's probably sitting there chuckling at all the extra money that is likely to come in. Why does it matter that someone can add 100 points to their CRA scores in a year when it still is down to the lender to score them on data not available to Experian?

Poor poor poor.

Hopelessly_Hopeful

The_Boss wrote: »

He also doesn't have much to say whenever I challenge him on why Experian deliberately mislead and probably mis-sell the scores. He's probably sitting there chuckling at all the extra money that is likely to come in. Why does it matter that someone can add 100 points to their CRA scores in a year when it still is down to the lender to score them on data not available to Experian?

Poor poor poor.

Luckily we are not all that easily swayed

HHx

The_Boss

There's been some strong feedback on Friday's Martin Lewis Show shambles in the CC forum. Has the show triggered more credit score threads since then on here?

MoneySaverLog

I would have thought so.

Glad Martin explained it better last night, at the start of the second half, regarding credit ratings, lender scores and CRA scores.

The_Boss

My Noddle credit score :rotfl:

Credit rating 3

A rating within this banding indicates that you may occasionally be rejected when applying for credit. You may find you can’t get all the best deals in the market, and in cases where companies offer different interest rates to people depending on their status, you will tend to be offered a typical or higher rate.

Not been turned down for anything since 2006 :rotfl: always got good rates i.e. on 2 loans and also promo offers on the 11 cards I have been accepted for since.

Maybe I should obtain a couple of defaults to improve my 'score'?

CherlokHomes

The_Boss wrote: »

My Noddle credit score :rotfl:



Not been turned down for anything since 2006 :rotfl: always got good rates i.e. on 2 loans and also promo offers on the 11 cards I have been accepted for since.

Maybe I should obtain a couple of defaults to improve my 'score'?

My mate's got 5/5 and he's only ever took out a BNPL last June.