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Credit scores
Comments
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Don't agree!
Martin lewis said their scores was a guidance on their credit worthiness yes, at this point he looked mystified when the bird pulled a 999 and he replied this means they don't know nothing about you yes.
So if Martin says no credit history means bad why didn't Experian's score reflect this in their scoring and give the bird a very poor?
The show should be reported to ofcom
Because the scores are based on what it does know about you, not what it doesn't.What will your verse be?
R.I.P Robin Williams.0 -
Because the scores are based on what it does know about you, not what it doesn't.
Right!! So what you're saying is if you have no credit history whatsoever Experian at this point will tell the customer based on their credit score they've an excellent chance of of being accepted for the best deals around.
Where on Experian's site does it say based on your score of 999 excellent this means I'm afraid you haven't got an excellent score but we'll give you one anyhow but in fact you will be turned down for virtually everything you apply for as you have No credit history.
If Experian does know very little of the customer then the score should reflect this!!!!"You know when it's cold outside when you go outside and it's cold"0 -
Hello Hello whats happening here. First we had Bugsybrowne then You-kip and now he has not only come back under a new user name of Innovate but changed sex.0
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Deleted_User wrote: »At least your scores are in the hundreds. My score with Noddle is only 5.
Wouldn't that be 5 out of 5?
Which is what I have ....
502 on Equifax, which came with my Capital One card. Don't use Experian as I don't wanna pay for it...
As mentioned, it doesn't mean everything. If you have a great score but the card company thinks they won't make any money from you, they're just as likely to turn you down...
Oh and that 999 score on the Money Show....just proves how naff the system is.0 -
Right!! So what you're saying is if you have no credit history whatsoever Experian at this point will tell the customer based on their credit score they've an excellent chance of of being accepted for the best deals around.
Where on Experian's site does it say based on your score of 999 excellent this means I'm afraid you haven't got an excellent score but we'll give you one anyhow but in fact you will be turned down for virtually everything you apply for as you have No credit history.
If Experian does know very little of the customer then the score should reflect this!!!!
Experian is actually very misleading in the way that they sell it:
"Your credit status in a number! Your Experian Credit Score is based on the information provided in your Experian credit report and is given as a number ranging from 0-999. The higher your score, the more likely you are to get better credit deals."
The bold part is rubbish!
I'm just saying that Martin didn't say if your score was higher, you'd be more likely to get credit... just that it can be used as a rough guideline... so I don't see why people are even considering an Ofcom complaint. Seems overblown to me.What will your verse be?
R.I.P Robin Williams.0 -
Experian is actually very misleading in the way that they sell it:
"Your credit status in a number! Your Experian Credit Score is based on the information provided in your Experian credit report and is given as a number ranging from 0-999. The higher your score, the more likely you are to get better credit deals."
The bold part is rubbish!
I'm just saying that Martin didn't say if your score was higher, you'd be more likely to get credit... just that it can be used as a rough guideline... so I don't see why people are even considering an Ofcom complaint. Seems overblown to me.
So whats the point of the scores then if Martin said they are only a Rough guidance where a 999 score as a rough guideline would automatically Give someone a rough idea that they'll be good for credit which is obviously not the case is it as this could also mean you've no chance of gaining a credit product according to him on his show!!
You are sticking up for a very flawed product matt!!"You know when it's cold outside when you go outside and it's cold"0 -
So whats the point of the scores then if Martin said they are only a Rough guidance where a 999 score as a rough guideline would automatically Give someone a rough idea that they'll be good for credit which is obviously not the case is it as this could also mean you've no chance of gaining a credit product according to him on his show!!
You are sticking up for a very flawed product matt!!
A rough guideline of what's actually in the report.
It's like, at a glance, you know there's something wrong if you have a poor score.
I agree that they're meaningless in terms of being accepted for credit, because lenders will take into account how much credit is available, your income, age, etc.
They do give a rough indication of what's actually in your report though.What will your verse be?
R.I.P Robin Williams.0 -
A rough guideline of what's actually in the report.
It's like, at a glance, you know there's something wrong if you have a poor score.
I agree that they're meaningless in terms of being accepted for credit, because lenders will take into account how much credit is available, your income, age, etc.
They do give a rough indication of what's actually in your report though.
I'm not sure that you watched the whole show. I tend not to as he can be a self promoting !!!! frequently.
When giving the good device about managing more, paying on time etc, the main benefit was......your experian score goes up!
Conclusion to most is therefore that your experian, equifax etc score is the numbers that is critical to lenders, which as we all know is often not the case.0 -
I'm not sure that you watched the whole show. I tend not to as he can be a self promoting !!!! frequently.
When giving the good device about managing more, paying on time etc, the main benefit was......your experian score goes up!
Conclusion to most is therefore that your experian, equifax etc score is the numbers that is critical to lenders, which as we all know is often not the case.
I can't remember that bit but I did watch it all. Did he actually say that was a benefit or just that it happened?
The gist I got from the show was that credit scores should be used as a rough guideline only. Indeed, as I've already stated, he quite clearly demonstrated the score isn't a sign of creditworthiness because the girl with the score of 999 had trouble getting credit, and he explained why.What will your verse be?
R.I.P Robin Williams.0 -
Experian, with CreditExpert are trying to push people to believe in their score.
This has already happened in America where the FICO score is King. Also the main credit reference agencies scored tend to follow each other quite closely over there, whereas here in the UK there can be large differences in scores.
Experian and the others are trying to get the same effect in the UK but it doesn't seem to be working due to the examples you have given of 999ers still being declined credit.
Paying to see your score number won't improve your credit worthiness.0
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