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What your credit score really means

edited 9 January 2019 at 3:57PM in Credit File & Ratings
384 replies 209.5K views
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  • zx81zx81 Forumite
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    They fall off on the day and lenders see a live view.
  • jazzyjajazzyja Forumite
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    zx81 said:
    They fall off on the day and lenders see a live view.
    Brill thanks. 
  • HannimalHannimal Forumite
    152 posts
    100 Posts
    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. 
    £4,531.78 out of target £07,000 65% of total in the £12k in 2020 challenge - #123

    Made £2,125.97 since started money saving - from bank switches, cashback etc
  • zx81zx81 Forumite
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    Don't worry about the rating.  It's based on an inaccurate algorithm.
  • Richard_skeltonRichard_skelton Forumite
    1 posts
    Second Anniversary First Post
    MoneySaving Newbie
    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.
  • zx81zx81 Forumite
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    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.
  • edited 28 June at 8:35PM
    DCFC79DCFC79 Forumite
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    edited 28 June 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.
  • allyj13allyj13 Forumite
    4 posts
    First Post
    MoneySaving Newbie
    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. 
  • zx81zx81 Forumite
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    If you had a default, it will stay even if you settle it.
  • allyj13allyj13 Forumite
    4 posts
    First Post
    MoneySaving Newbie
    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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