what a joke experian and apple finance are.

Rrushi_Shqiptar

I checked my experian report etc showed a score of 964, so I applied for an apple laptop. I was rejected by apple stating tht they have taken into consideration experians score and info about me, so it does show its worth diddly squat this scoring, If I am 964/1000 average allegedly being 808 whats going on?.....did I post it in the right place?

The_Boss

Rrushi_Shqiptar wrote: »

I checked my experian report etc showed a score of 964, so I applied for an apple laptop. I was rejected by apple stating tht they have taken into consideration experians score and info about me, so it does show its worth diddly squat this scoring, If I am 964/1000 average allegedly being 808 whats going on?.....did I post it in the right place?

You don't have a credit score. You're talking about a random meaningless number that Experian generate. There's tonnes and tonnes of threads on here about how meaningless they are - and this is just the latest example that proves it.

Apple would not have stated that they take Experian's "score" into consideration as they would not see this "score" and they would apply their own scoring matrix to your application for credit. Having done so they deemed that you do not meet their criteria. What they would have done is used data from your Experian credit file along with data that you record in your application for credit.

Rrushi_Shqiptar

Dear Boss, I am fully aware of your view on this situation, my point is that the same info was given to both parties whom obviously come up with completely different opinions. So why on earth do they bother to use such companies. In my instance I have a healthy pension, little out goings and have a healthy balance each month in my account to show for it. Yes I had a couple of defaults 5.5 yrs ago but the world moves on and we are wiser.

The_Boss

Rrushi_Shqiptar wrote: »

Dear Boss, I am fully aware of your view on this situation, my point is that the same info was given to both parties whom obviously come up with completely different opinions. So why on earth do they bother to use such companies. In my instance I have a healthy pension, little out goings and have a healthy balance each month in my account to show for it. Yes I had a couple of defaults 5.5 yrs ago but the world moves on and we are wiser.

I bet the defaults are what caused Apple/whoever handle Apple's finance applications to decline it. And thereby lies the difference between Experian and a lender - Experian commonly assign a high random "score" to people with defaults, whereas lenders look at defaults and in most cases reject applications.

I don't get what you mean the same info was given to both parties. You would have had to state your income, job, time with employer etc in your Apple application. This data is not something that Experian hold. Since you have a pension I assume you do not work?

Rrushi_Shqiptar

I don't get what you mean the same info was given to both parties. You would have had to state your income, job, time with employe etc in your Apple application. This data is not something that Experian hold. Since you have a pension I assume you do not work?[/QUOTE]

I was meaning the times at addresses, telephone numbers etc. etc.
I have noted that putting retired down seems to have an complete melt down with computers (retired on ill health from police) Well I will either boycott Apple or wait a yr until things clear off my file etc......or just buy a Laptop out right, just wanted the 0% finance

saver861

Credit scores are pretty meaningless and probably used more for Experian etc to sell their wares than anything.

Were I lending someone money, I would be considerably more interested in the defaults than a number that is supposed to equate to what?

Also, now that I am retiring and going on pension, one of the downsides is the availability to credit. During the 0% transfer on credit cards era, we played the system really well to our advantage. Now that our monthly income is reduced to pension, credit availability will reduce regardless of how much we have stashed away.

GingerBob_3

Rrushi_Shqiptar wrote: »

Dear Boss, I am fully aware of your view on this situation, my point is that the same info was given to both parties whom obviously come up with completely different opinions. So why on earth do they bother to use such companies. In my instance I have a healthy pension, little out goings and have a healthy balance each month in my account to show for it. Yes I had a couple of defaults 5.5 yrs ago but the world moves on and we are wiser.

Quite. Unfortunately the majority of lenders and the CRAs don't move with it. And if they had access to your credit data from 20 years ago, and it showed a default, they'd probably reject you just the same.

The system is broken, and to a large extent the lenders are the losers - you being a case in point. Most of the time it's down to "computer says no". There's no human intervention where you might be able to explain the situation. The situation is especially worrying with regard to the regime now being operated by mortgage lenders, where the slightest indiscretion is used as an excuse for them not lending. Never mind that the £5 default was caused by some scumbag mail order firm (e.g. Very) not telling you that the delivery charge was not included in buy now pay later (a representative example). The computer still says no. Of course they'll tell you they are only looking after your best interests. Yeah! Of course they are!

The_Boss

^ do agree with some of that in terms of some right to severity of different defaults (in a lot of rejected application cases you can appeal though and this goes to a human to review), but they're just protecting themselves from bad risks, and lending to someone who breaks repayment agreements is a bad risk. I think 6 years on file is fair enough though.

Tixy

Apple are known for being difficult to obtain finance from.
If you have any negatives showing on your credit file I would expect them to decline your application.

kingstreet

Let's turn it round.

If you ask advice on applying for unsecured credit six months before two defaults fall off your credit file, most of the advice would have been to wait until after they are no longer visible.

This is because visible adverse credit can often outweigh all the positive factors in your application make-up.

The CRA "credit score" nonsense we've exhausted here and elsewhere ad nauseum.

Nasqueron

If you are retired and not working as a graphic designer or music producer, buying an Apple laptop makes little sense anyway, you're paying a premium purely for the name, the spec inside is lower than equivalent priced windows PCs. You could even consider a tablet if you just want to browse the internet (and you can get keyboards for them)