Declined credit card

goaroundnow

The give-away post has been deleted. Somebody has put their foot in it. I was suspicious about an "inexperienced" poster having so much to say so regularly - until that post by jo-bo.

jo-bo

I don't know what you mean, I enjoy reading their posts as there's no hand holding or back rubbing going on!! Straight to the point and no messing

[Deleted User]

gb12345 wrote: »

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".

I don't agree with this at all. At the end of the day, we are in an open market. If Experian want to charge a fee for a 'credit score' and people are willing to pay it then so be it.

People on here bang on and on about how the score is meaningless but I don't agree with that either. It may not mean much to any giver lender but it does give the average punter a GENERAL idea of how his credit rating looks and the factors which MAY affect it. And for people who don't spend hours on MSE discussing the finer nuances of credit rating then it can be useful as a rough idea.

And as far as the whole 'it's misleading' argument goes....so is yakult, vitamin supplements, those electronic abdominal stimulator things and fancy moisturising creams. The world is full of companies talking !!!!!!!!.

JakeGreen

If you are going to pay for the credit score, the number itself is largely meaningless but the useful part of the number score is how it increases or decreases when something on your report changes.

From observing the changes you can work out which changes make a positive impact and which things have a negative impact and change your behaviour and time your applications accordingly.

Having said that... I just order the £2 reports from Experian and Equifax before applying for a card to make sure that everything is in order before I apply for new credit.

anoncol

Tiredandfrustrated wrote: »

Thanks everyone for your replies. The unused credit makes sense. One of my current cards will allow a 0% transfer so going to move the money to there. Should I cancel the credit card I am not using? I have kept it as 8k limit and thought useful as an immediate emergency source of money, but if affecting my credit assessment should Ijust get rid?

What are you after the credit for when you have this 8k anyway?

The_Boss

goaroundnow wrote: »

The give-away post has been deleted. Somebody has put their foot in it. I was suspicious about an "inexperienced" poster having so much to say so regularly - until that post by jo-bo.

I don't get it. Was jo-bo an alias?

gb12345

Lazyloki wrote: »

It may not mean much to any giver lender

Wrong, it means NOTHING to ANY lender as they do not even get to see it when they do a credit check.

Lazyloki wrote: »

but it does give the average punter a GENERAL idea of how his credit rating looks and the factors which MAY affect it. And for people who don't spend hours on MSE discussing the finer nuances of credit rating then it can be useful as a rough idea.

So why are there so many threads on here like this one that say

"I have checked my credit score with experian (who lloydstsb also used) and it is excellent."

and then go on to say how they have been turned down for credit.

It gives a GENERAL idea of how the credit agency THINKS your credit rating looks based on the LIMITED information that they have about you.

gb12345

JakeGreen wrote: »

If you are going to pay for the credit score, the number itself is largely meaningless but the useful part of the number score is how it increases or decreases when something on your report changes.

From observing the changes you can work out which changes make a positive impact and which things have a negative impact and change your behaviour and time your applications accordingly.

Having said that... I just order the £2 reports from Experian and Equifax before applying for a card to make sure that everything is in order before I apply for new credit.

See previous post.

How it increases still has no relationship on the likelihood of you getting the credit you are after. Your credit score could jump from 500 to 900, but you still aren't going to get that £15k loan for the shiny stuff if you only earn £10k.

All it is there for is to provide uninformed people with a fuzzy feeling as they watch it slowly creep up to that MAGICAL excellent rating (oh and to provide the agencies with a selling point to con people into their monthly subscriptions).

Going4TheDream

I recently applied for my credit reports from all 3 agencies, for no purpose other than to check what was on there.

I think the problem is that all these agencies have over egged what credit reports are all about, and are in the business of selling you something, so its all a clever marketing ploy. £14.99 a month to be an Experian member with their benefits, which most I have from other sources anyway! I got my report and cancelled the free trial.

They seem also to be in the business of recommending 'products' that with your profile you may be eligible for which without knowing your salary and outgoings is rather bizarre! - all the reports really tell anyone is how you have 'previously managed credit that you have had or still have'

And the scoring is their own made up score that is often meaningless to financial institutions especially when lending companies take other factors (like salary and outgoings ) into account before weighing up the risk of lending to you.

The more you want to borrow against your income the more of a risk you become no matter how well you have managed previous credit.

That said if nothing else it is worth paying £2 every few months to check all is in order and nothing dubious has appeared especially regarding ID theft

CRISPIANNE3

The_Boss wrote: »

I don't get it. Was jo-bo an alias?

Its not jo-bo its You-kip. It would appear bugsybrowne has re invented himself under another user name.