Credit Score is High, Will I Get The Credit?

matttye

ilikewatch wrote: »

Unfortunately, the information contained in many threads (and your signature) is factually incorrect and misleading...

Despite what many people on this and other forums seem to regard as gospel, credit scores are not "randomly generated" they are calculated according to each individuals specific circumstances (i.e. if by some strange coincidence 2 people had absolutely identical circumstances, then a specific CRA would rate them both with an identical credit score.)

Whilst CRA generated credit scores may not have any practical purpose, they are NOT randomly generated.

I think that what people mean is that the scores are so far removed from actually showing someone's creditworthiness. For example we've seen plenty of people with defaults and even bankrupts have high credit scores.

It's just easier to say 'random' albeit that may not be factually correct. I'm sure there is an algorithm for working out credit scores but the algorithm is quite clearly awful.

The_Boss

^ what mattye said