Lloyds TSB Credit rating Question!

trikidy

I only use noddle as it's the only one free!

Used up my free trial on experian =/

Gordon_Hose

£2 statutory reports from each if you need to see your report.

You-kip

trikidy wrote: »

I only use noddle as it's the only one free!

Used up my free trial on experian =/

Statutory report is what you want £2 experian not the £15 a month one which gives instant access with a worthless score thrown in.

trikidy

Thanks guys, one of these?

http://www.experian.co.uk/consumer/statutory-report.html

Gordon_Hose

That's the fella.

trikidy

Merci guys!

The_Boss

trikidy wrote: »

I see, a bit confusing!

How come a 5/5 noddle score only equates to an average Lloyds score?

Would other banks see it differently?

It's a pointless random number that serves only to confuse many people like you.

It's brothers are the Experian and Equifax scores which are also hideously misleading.

matty747

Lloyds get a monthly feed from experian around 20th every month. They mainly use experian for everything

Trajal

The_Boss wrote: »

It's a pointless random number that serves only to confuse many people like you.

It's brothers are the Experian and Equifax scores which are also hideously misleading.

This is true.

I mean I do understand why they produce numbers like this, they want to give people a vague understanding of the way in which their credit will be represented.

However, the marketing of these numbers - as if it is the be all and end all of things, is quite disappointing.

The reality is that every financial institution will use its own scorecard based on a combination of factors. Some will favour bad debt over good debt (true story) and refuse point blank to people who have wonderful credit. Some will refuse point blank to those who have some bad spots. It depends from lender to lender and is dependant on facts such as their target audience, their risk profile, the level of credit limits they wish to impose, their profitability profiles and any number of other elements.

At the end of the day the story with credit is relatively simple. If you appear to them based on your habits as a fairly reasonable user of credit who they can make some money from but who will repay them then you are very likely to get credit.