Bad credit loans

kloana

You-kip wrote: »

Agreed I think this just shows how worthless Experian's scoring module is.Giving someone a fair rating with a default.

I prefer Callcredit's scoring model. I'm still aware that it's as much fluff as Experian's, but it scores on a 1-5 scale. My score is 4. No CCJs, no defaults, never even a missed payment. Diverse credit file with a mixture of up to date accounts (contracts, mortgage, credit cards, etc.). Experian would likely score me 999. Then, I've seen it score appalling credit files at 900 or more. If you're daft enough, 999 on Experian can make you think that the world is your credit rating oyster.

Callcredit would probably score skje12 around 1-2 our of 5. Still useless, but puts things into better perspective for potential borrowers - many of whom fall into the trap of paying for subscriptions to find out useless scores, that don't even correlate to the true picture of their finances.

You-kip

kloana wrote: »

I prefer Callcredit's scoring model. I'm still aware that it's as much fluff as Experian's, but it scores on a 1-5 scale. My score is 4. No CCJs, no defaults, never even a missed payment. Diverse credit file with a mixture of up to date accounts (contracts, mortgage, credit cards, etc.). Experian would likely score me 999. Then, I've seen it score appalling credit files at 900 or more. If you're daft enough, 999 on Experian can make you think that the world is your credit rating oyster.

Callcredit would probably score skje12 around 1-2 our of 5. Still useless, but puts things into better perspective for potential borrowers - many of whom fall into the trap of paying for subscriptions to find out useless scores, that don't even correlate to the true picture of their finances.

How can you possibly prefer different CRAs scores when neither of them take in income etc and don't lend money.

You're either easily pleased with a meaningless number or you're here for a wind up!

bigadaj

You-kip wrote: »

How can you possibly prefer different CRAs scores when neither of them take in income etc and don't lend money.

You're either easily pleased with a meaningless number or you're here for a wind up!

I think we should all be allowed to choose the number were scored from, personally 137 would be my preference.

kloana

You-kip wrote: »

How can you possibly prefer different CRAs scores when neither of them take in income etc and don't lend money.

You're either easily pleased with a meaningless number or you're here for a wind up!

Did you read my post? Absolutely aware that nobody's number means anything. However, from the perspective of the borrower, Experian seems very keen on dishing out high scores for average borrowers. Or average scores for poor borrowers. This leads bad borrowers (especially those with little sense) baffled as to why nobody will lend to them.

You can drum home the idea that credit scores are worthless all day long (and I absolutely agree), but if you're addressing someone who is happy to pay good money for a meaningless score, you'll get nowhere.

Log on to Callcredit, though, and whilst their number in isolation still means nowt, they are far more likely to score a realistic number. Not 900+ for a bankrupt (this has been seen on this board). If these borrowers checked Callcredit instead of Experian, they wouldn't have bizarre ideas that their credit 'score' is fair/good/excellent, despite their huge past misgivings as borrowers.

You-kip

I see where you're trying to come from but whether its CC or EQ or EX they are all trying to mug us off.

It just annoys me how the major part of a Credit card or Loan application is borrowing and affordability against someone's income and to NOT use this within their scoring module just proves a VOID score.

gb12345

bigadaj wrote: »

I think we should all be allowed to choose the number were scored from, personally 137 would be my preference.

I'd prefer to have mine displayed in hex or possibly Roman numerals.

kloana

You-kip wrote: »

I see where you're trying to come from but whether its CC or EQ or EX they are all trying to mug us off.

It just annoys me how the major part of a Credit card or Loan application is borrowing and affordability against someone's income and to NOT use this within their scoring module just proves a VOID score.

Callcredit are free

Not exactly sure how any of the CRAs produce their scores (Experian clearly pick it out of a hat), but the beauty of free access to Callcredit is that you can see about 95% of your entire credit picture (in terms of accounts you've had, and have, bearing in mind that some lenders don't report to Callcredit), and can make a common-sense assessment of your own credit-worthiness. Can I get that 200k mortgage, even though I have 6 CCJs, and one of the CRAs is actually telling me that I'm bad, for what it's worth? Umm, no

The downside is that it tries to sell you products by 'matching' you to them. But, fair enough, just ignore them...

Would never in a million years pay an actual subscription for someone to throw a random number at me. I am, however, interested in the overview of the accounts I have, the ones I've paid, and so on. However, looking at all your accounts in detail is great, but does not justify the £10-15 (or whatever) per month that Experian charge.

I signed up to Equifax's free trial a few months ago (it was good), and cancelled within the specified period. The telephone agent mumbled something about they will cancel it now, but it'll automatically reactivate in one year in case I've been the victim of ID theft. Umm, no. Wonder how many unsuspecting punters have been caught out by that.