Forum Home» Credit File & Ratings

What your credit score really means - Page 5

New Post Advanced Search

What your credit score really means

edited 9 January 2019 at 3:57PM in Credit File & Ratings
377 replies 208.8K views
1235738

Replies

  • DCFC79DCFC79 Forumite
    38.8K posts
    Part of the Furniture 10,000 Posts Name Dropper
    ✭✭✭✭✭
    Stampchog wrote: »
    Both Lloyds and Bank of Scotland have recently used a change on my credit score to increase my credit card interest rate by almost 20% APR. The ridiculous thing is that the change on my credit score, which is a negative as far as Experian are concerned, is the fact that I have paid off my mortgage. I remain a homeowner, but I no longer have a mortgage to pay. Now any rational human being would assume that that would be a good thing. I have an extra £500+ per month now. But Experian say this is a negative and the credit card companies have been very quick to jump on that one and use it as an excuse to increase my rates. Trying to speak to the credit card companies is a joke. All I heard was "computer say no". Incredible. So your credit score may mean nothing but the banks will use them to bend to their liking.

    You must mean your credit history and NOT your credit score.
  • zx81zx81 Forumite
    28.3K posts
    Tenth Anniversary 10,000 Posts Photogenic Name Dropper
    ✭✭✭✭✭
    Stampchog wrote: »
    So your credit score may mean nothing but the banks will use them to bend to their liking.

    The only way they're seeing your credit score if if you're phoning them up and telling them.
  • DCFC79DCFC79 Forumite
    38.8K posts
    Part of the Furniture 10,000 Posts Name Dropper
    ✭✭✭✭✭
    zx81 wrote: »
    The only way they're seeing your credit score if if you're phoning them up and telling them.

    Could be psychic I guess.
  • ceo211ceo211 Forumite
    20 posts
    Makes things quite clear I think
  • Metrobank told me they use Equifax to check credit score/report (the banker used terms interchangeably) to open a current account.
  • Claire83Claire83 Forumite
    2 posts
    My credit rating has dropped because natwest added a default however it was done as a result of their mistake (they never switches over all my direct debits between accounts) please help with how I get this removed as my credit was brilliant before.... How long will it take for my credit to rise again?
  • zx81zx81 Forumite
    28.3K posts
    Tenth Anniversary 10,000 Posts Photogenic Name Dropper
    ✭✭✭✭✭
    Claire83 wrote: »
    how I get this removed

    Raise a complaint with NatWest.
    Claire83 wrote: »
    How long will it take for my credit to rise again?

    Doesn't matter.
  • ikkieikkie Forumite
    33 posts
    Fifth Anniversary 10 Posts Combo Breaker
    score means nothing apart from fuss.
  • My credit score is appearing very differently on different websites which is concerning me. On check my file / Experian it is coming out at around 780 and 3/5 stars. However when I created a noddle account today it is showing as 1/5 and around 520. Is there any reason they would show so differently?
  • PaulW922PaulW922 Forumite
    950 posts
    Part of the Furniture 500 Posts Combo Breaker
    ✭✭✭
    Greertops wrote: »
    My credit score is appearing very differently on different websites which is concerning me. On check my file / Experian it is coming out at around 780 and 3/5 stars. However when I created a noddle account today it is showing as 1/5 and around 520. Is there any reason they would show so differently?

    It is because each agency uses a different method to calculate it. Those scores are not seen by anyone other than you and the relevant credit agency. As such, beyond an indictor to you of your general credit position, they mean little. What is more important is your credit history - your record of payments, us of credit, applications etc.
Sign In or Register to comment.

Quick links

Essential Money | Who & Where are you? | Work & Benefits | Household and travel | Shopping & Freebies | About MSE | The MoneySavers Arms | Covid-19 & Coronavirus Support