Experian (Credit - Very Poor)!

CherlokHomes

fevlo wrote: »

OK, Fair enough if that is the case, But where do they get their information from as to what borrowing is avalibale if not the individuals credit file ?
Surely they cant base the decision soley on internal information ?

Lloyds have two internal ratings one of which is 1-9 which is account conduct and then A-E which is what rate you'd receive on loans which A being the best you'll get their best rate. I'm currently 3c which is not brilliant.

Every month lloyds will be updated from the CRA's for each customer which will be fed into lloyds internal scoring mainly being the A-E scale, or depending on what your credit files say lloyds could credit policy decline you that month for a particular lending product.

Lloyds will quite willingly give a customer a 3k overdraft yet they'll refuse someone a 1k loan probably due to overdrafts can be recalled at anytime.

To find out if you're entitled to a loan is to see what loan rate they'll give you on their quote online and if you type in say 6k and it comes up in the 20% plus bracket you know your chances are slim that month.

Jasonlucas93

ye they offered me an overdraft of 3k which i refused, maybe i need to check the A to E rating, well when i did speak to the bank manager she told me that their system will be updating on the 10th of january and said someone will phone me because at the moment they can't offer me a loan due to 'ability to pay' because usually when their systems update i have not a lot of my wages in there, however this month i've managed to keep 500 in there so lets just hope

Jasonlucas93

Experian_company_representative wrote: »

High utilisation is like yo be an issue, along with the number of recent credit checks. Reducing your debt and holding off any new applications for a while should improve your credit history.

James

thanks!! well ye i need to stop getting the urge to apply for stuff which I'm not likely going to receive!