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What your credit score really means

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  • [Deleted User]
    [Deleted User] Posts: 35,242 Forumite
    Part of the Furniture 10,000 Posts Photogenic Name Dropper
    They fall off on the day and lenders see a live view.
  • jazzyja
    jazzyja Posts: 400 Forumite
    Seventh Anniversary 100 Posts Name Dropper
    They fall off on the day and lenders see a live view.
    Brill thanks. 
  • Hannimal
    Hannimal Posts: 960 Forumite
    Fifth Anniversary 500 Posts Name Dropper
    I am struggling to understand why my debt to income ratio is on amber. I am making a decent income, I have a couple of overdrafts that I have never used and a credit card with a £9k limit but I pay it off in full each month. i have no debt. 
  • [Deleted User]
    [Deleted User] Posts: 35,242 Forumite
    Part of the Furniture 10,000 Posts Photogenic Name Dropper
    Don't worry about the rating.  It's based on an inaccurate algorithm.
  • I've just been refused a top up loan for a newer car from Tesco,they say I dont meet their new criteria.I was told to go on Experian to see my credit score which is an excellent score but had to sign up before I could get it.I got back to Tesco and told them my score and asked them what the new criteria was but they wouldn't tell me over the phone for whatever reason.I've been with them for nearly 10yrs having loans and never defaulted at anytime and this time they wont lend me the money and was told it might be difficult at other lenders because of these times we're in.
  • [Deleted User]
    [Deleted User] Posts: 35,242 Forumite
    Part of the Furniture 10,000 Posts Photogenic Name Dropper
    They don't mean your Experian score.  It's their internal score you need to pass. 

    Those criteria are confidential, not to mention multi-dimensional, so they won't tell you.

    If you look at your actual credit files, you may get a sense of why you were declined. If there is nothing particularly negative, then you may want to try apply to a less picky and higher rate lender, where their acceptance criteria will be looser.
  • DCFC79
    DCFC79 Posts: 40,641 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    edited 28 June 2020 at 8:35PM
    I've just been refused a top up loan for a newer car from Tesco,they say I dont meet their new criteria.I was told to go on Experian to see my credit score which is an excellent score but had to sign up before I could get it.I got back to Tesco and told them my score and asked them what the new criteria was but they wouldn't tell me over the phone for whatever reason.I've been with them for nearly 10yrs having loans and never defaulted at anytime and this time they wont lend me the money and was told it might be difficult at other lenders because of these times we're in.
    Despite having had past loans from them it doesnt mean you will end up in the accepted pile.
    Why not use cssh for the car ?
    Much cheaper alternatives around ?
    The money you would use for the monthly repayments wheee is this money, saved up ?
    If saved up why not use that money.
  • Hi, I’m trying to apply for a mortgage, however my credit file says I have a default, despite the account being paid  Is there anything I can do. 
  • [Deleted User]
    [Deleted User] Posts: 35,242 Forumite
    Part of the Furniture 10,000 Posts Photogenic Name Dropper
    If you had a default, it will stay even if you settle it.
  • So even though the account is settled and the final payment was late , it will still stay on. So getting a mortgage may be difficult? 
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