Declined credit card

You-kip

Experian_company_representative wrote: »

Ask the lender. They should be able to give you the principle reason for saying no - if you ask - under industry guidelines.

On the issue of available credit and closing old cards - be careful here. For many lenders, have access to credit and not using it is a sign of low risk, which will help your credit score. This Experian Q&A explains in more detail.

James Jones

You say it will help with his Credit Score but you gave the OP an Excellent score!!

Come on James the game is up you're ripping the general public with misleading scores based on your assessment of them NOT how a lender would View their profile with income taking into account etc.

StuC75

Its all Horses for Courses, the score is used in combination with there lending criteria, which can change over time; and as the rep states certain requests can be made within industry guidelines - i.e general indication; and suggestion of what it may be..

Im currently doing a mortgage TOE, so checked my credit report on free sign up through quidco on check my file, and here is the explanation of the credit score:

"Your credit score is a measure of the probability of you defaulting on a credit agreement. Scores range
between 0 (high probability) and 1000 (low). The average is 750. Credit ratings range from 1 star (poor) to

5 stars (excellent). The average credit rating is 3 star."

Scores vary depending on how much of your credit report is allowed to be available to the organisation.
Large lenders use all of the data. Landlords and employers see only the public part – electoral roll,
bankruptcy and judgments. Postcode scores are based on the public credit reports of you and your
neighbours. Application scores are based only on the information you give on a credit application form.

Please refer to your online report and our terms for more information on credit scores and credit ratings.

Seems quite clear to me what it is & is not..

You-kip wrote: »

You say it will help with his Credit Score but you gave the OP an Excellent score!!

Come on James the game is up you're ripping the general public with misleading scores based on your assessment of them NOT how a lender would View their profile with income taking into account etc.

You-kip

StuC75 wrote: »

Its all Horses for Courses, the score is used in combination with there lending criteria, which can change over time; and as the rep states certain requests can be made within industry guidelines - i.e general indication; and suggestion of what it may be..

Im currently doing a mortgage TOE, so checked my credit report on free sign up through quidco on check my file, and here is the explanation of the credit score:

"Your credit score is a measure of the probability of you defaulting on a credit agreement. Scores range
between 0 (high probability) and 1000 (low). The average is 750. Credit ratings range from 1 star (poor) to

5 stars (excellent). The average credit rating is 3 star."

Scores vary depending on how much of your credit report is allowed to be available to the organisation.
Large lenders use all of the data. Landlords and employers see only the public part – electoral roll,
bankruptcy and judgments. Postcode scores are based on the public credit reports of you and your
neighbours. Application scores are based only on the information you give on a credit application form.

Please refer to your online report and our terms for more information on credit scores and credit ratings.

Seems quite clear to me what it is & is not..

And Breath...

StuC75

No need to breathe when its just copy & pasted from the credit report.

Just highlighting that there is 'sensationalism' in what people portray credit score to be & not to be. Nowhere does it say that the score will guarantee you credit, as afterall credit is a privilege and not a Human Right.

Personally I'd say leave the Sarcasm Lock off on your posts until your count gets a little higher..:money:

You-kip wrote: »

And Breath...

matttye

I just wrote to Lloyds TSB to appeal against a decision and they just wrote back to me with a canned response about checking information in my Experian and Callcredit reports, as that's what their decision was based on.

The_Boss

StuC75 wrote: »

Just highlighting that there is 'sensationalism' in what people portray credit score to be & not to be. Nowhere does it say that the score will guarantee you credit

Several of us have been trying to get people to understand this for months/years.

It is a big shame that the Experian cut and paste makes no reference to the fact that lenders don't just use Experian's score and that data from the application form is also used as things such as salary and time with employer are not held by Experian. How Experian can state that their score shows how likely you are to default when they don't know your salary is beyond me. In fact, a recent post by someone on the DFW board told us that the OP had two defaults recorded on their file...but an excellent 'score'. Similalry someone struggling and with no income except benefits and a high level of debt also had an 'excellent' score. Surely they are very likely to default? So Experian's explanation doesn't really mean much - it means as much as their scores sadly.

dalesrider

Never mind the fact that ALL lenders use their own internal scoring anyway.....

Never ceases to amaze me how people fixate over their credit scores.

goaroundnow

jo-bo wrote: »

If only you knew stu!! :rotfl:

Just realised what this means..!

gb12345

StuC75 wrote: »

Nowhere does it say that the score will guarantee you credit, as afterall credit is a privilege and not a Human Right.

But that is what Joe Public assumes when they see their big shiney 999 credit score. After all, what is it called - CREDIT SCORE - so if they've got an excellent one then they assume they are guaranteed credit.

The credit agencies could dispel the myth by explicitly telling people that a good credit score doesn't guarantee credit - but they don't. The reason why is that it would devalue the "added benefit" that they are flogging to their "customers".

CRISPIANNE3

You-kip wrote: »

And Breath...

Were you Bugsybrowne in a former life.:rotfl: