Whats the use without a 0-999 figure £2 report

JohalaReewi

The_Boss wrote: »

Must admit I did think this thread was a wind-up when I saw the title

I did wonder if it was 'tongue in cheek'

InsideInsurance

You have it the wrong way round. The credit history that you received is the important information and is what lenders actually based their decisions on.

The "score" is a number made up by the credit reference agency in question which is not used by any credible lender you can think of. It is basically a marketing gimmick created to give them a B2C channel for making decent profit given they've already legally been required to set up the infrastructure to do the statutory reports.

If you send me a copy of your report and half the fee I can equally give you a "score" and it will be just as valid as the one the CRA would have given you.

lanac3

just wanted to share my story as I have been battling with my credit score for some time.

I signed up to Noddle to monitor my credit history, it gave me a rating of 1/5 (1 being the worst). it claimed I would only be able to obtain credit cards from Aqua with astronomical interest rates.

I have also used various other online tools and they all gave me the same results; basically that my credit rating is awful and no one will lend me money for a long time.

I took the advice they gave me and registered for the electoral roll. I also set up a payment plan for an old phone bill that I never paid which is now clear but still shows as 'default' on my file up to this month.

In total on my credit file I have a maxed out credit card of £1600 with a few late payments registered, and an old phone bill that defaulted every month form June 2010 until now.

I am also partial to the odd Wonga loan every other month.

Now that you have the background, here's what has happened recently...

I decided having been in steady employment for 4 years I really want to buy a car, but being terrible at saving I figured I would see if I could obtain a loan. I applied for a low APR loan of 6% with Tesco & Zoopla - both rejected me.

Fearful that I would damage my chances all together I decided to go through a 'broker' called Credit Plus who had quoted an average APR of 16% - much higher than the high street banks but more likely to get me approved somewhere.

In the end they have sourced me a loan with.. BARCLAYS! at 6% APR.

Since then I have also managed to get approved with Barclays for a credit card to perform a balance transfer so I can get my ghastly Capital One card cleared.

The moral - I spent so much time worrying about getting my credit score in order, when in actual fact it corroborates that each lender does have their own set of criteria. Don't be disheartened because your rating doesn't look idealistic, shop around.

You-kip

lanac3 wrote: »

just wanted to share my story as I have been battling with my credit score for some time.

I signed up to Noddle to monitor my credit history, it gave me a rating of 1/5 (1 being the worst). it claimed I would only be able to obtain credit cards from Aqua with astronomical interest rates.

I have also used various other online tools and they all gave me the same results; basically that my credit rating is awful and no one will lend me money for a long time.

I took the advice they gave me and registered for the electoral roll. I also set up a payment plan for an old phone bill that I never paid which is now clear but still shows as 'default' on my file up to this month.

In total on my credit file I have a maxed out credit card of £1600 with a few late payments registered, and an old phone bill that defaulted every month form June 2010 until now.

I am also partial to the odd Wonga loan every other month.

Now that you have the background, here's what has happened recently...

I decided having been in steady employment for 4 years I really want to buy a car, but being terrible at saving I figured I would see if I could obtain a loan. I applied for a low APR loan of 6% with Tesco & Zoopla - both rejected me.

Fearful that I would damage my chances all together I decided to go through a 'broker' called Credit Plus who had quoted an average APR of 16% - much higher than the high street banks but more likely to get me approved somewhere.

In the end they have sourced me a loan with.. BARCLAYS! at 6% APR.

Since then I have also managed to get approved with Barclays for a credit card to perform a balance transfer so I can get my ghastly Capital One card cleared.

The moral - I spent so much time worrying about getting my credit score in order, when in actual fact it corroborates that each lender does have their own set of criteria. Don't be disheartened because your rating doesn't look idealistic, shop around.

As you've found out CRAs silly scores they sell the public are probably up their with loan scams because either way you're throwing away money for nothing.