what a joke experian and apple finance are.

Gentoo365

adindas wrote: »

I could see where you are coming from. But for people with Bankruptcy, it is also a complete exaggeration to get a score of 964/1000.

It is a fact that almost all lenders (if not all) will not touch people with bankruptcy with a barge pole.

The score is not about probability of getting credit (and should not be marketed as such). It is about account conduct.

So someone may be bankrupt yet in the more immediate past have behaved well financially.

So in this case the score is not really useful, but is not random. There is meaning to it.

Nasqueron

Gentoo365 wrote: »

The score is not about probability of getting credit (and should not be marketed as such). It is about account conduct.

So someone may be bankrupt yet in the more immediate past have behaved well financially.

So in this case the score is not really useful, but is not random. There is meaning to it.

Not really, stuff is on your credit report for 6 years, a score of 999 with bad credit on your record is random as it implies you are a perfect customer whereas lenders won't touch you based on their own internal scoring.

A 999 should only ever be given to someone with a perfect rating i.e. well managed cards, normal utilisation, paid off every month, no defaults/late payments/PDL probably no loans, only 1-2 cards not having more credit than take home pay etc etc

NPHammer

Gentoo365 wrote: »

The score is not about probability of getting credit (and should not be marketed as such). It is about account conduct.

So someone may be bankrupt yet in the more immediate past have behaved well financially.

So in this case the score is not really useful, but is not random. There is meaning to it.

While I agree with you that it's not random - there is a method in its generation, I think that is a completely moot point. What matters, for something people pay 15 pounds a month for. (£180 a year) is that it should be useful.

As has been clearly stated already an excellent rating 964/1000 would indicate that almost anyone would be willing to lend to you. In reality a bankruptcy and 2 defaults mean the complete opposite. Almost no one will touch you.

CRA scores are worthless. Your account conduct, your debt/available credit vs income, length in job and stability and standard of residential status are all that matter.