We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
The Forum now has a brand new text editor, adding a bunch of handy features to use when creating posts. Read more in our how-to guide
Good credit score
adib1903
Posts: 5 Forumite
Hi, I have a good credit score according to the credit agencies, I have recently applied for credit and been refused, but I don't know why and would like to find out.
Does anybody have any ideas
Thanks
Does anybody have any ideas
Thanks
0
Comments
-
Ignore the "Score" they sell you, it means nothing.
What matters is a good history of making repayments on time (preferably in full).Credit 'Score' - Don't buy the credit 'score' that Experian, Equifax and Noddle want to sell you. It's an arbitrary number that means nothing when it comes to applying for credit.
ALWAYS HAVE A DIRECT DEBIT SET UP FOR THE MINIMUM PAYMENT ON YOUR CREDIT CARDS, REGARDLESS OF WHETHER YOU PLAN TO LOGIN AND PAY EACH MONTH.0 -
If the agencies score you so well ask them to lend you the money.
The reason you were refused is the real lenders dont see your made up credit score. And ask more questions like do you have a job. The credit agencies wont know if you do or not.
Have you missed any payments in the last 6 years? Have you lived at the same address for 6 years? Are you on the electoral roll?
How much do you save every month?Censorship Reigns Supreme in Troll City...0 -
Thanks the british bloke & forgetmyname, I have no defaults on my file and have a full time job, lived at the same address for the last 5 years and am I am on the electoral roll.
????0 -
Do you have any loans, credit cards or use overdrafts?0
-
Hi Thrugelmir, yes a loan and a small overdraft, for which all monthly payments are paid on time, and occasionally the overdraft is maxed out but never over my limit.0
-
As far as any lender is concerned these will impact any lending decision. Credit agencies don't lend money hence the disparity.0
-
Max the overdraft and they will think your not coping well and cannot afford a loan.
Cut back and try to stop using it.Censorship Reigns Supreme in Troll City...0 -
Hi Thrugelmir, yes a loan and a small overdraft, for which all monthly payments are paid on time, and occasionally the overdraft is maxed out but never over my limit.
That suggests you don't have any spare money to make loan repayments with.
Also, credit reference agencies don't take your income in to consideration when calculating your score.0 -
What credit was it that you applied and were declined for?
Was it just one lender you applied to? and is that a company you have had any past accounts with?A smile enriches those who receive without making poorer those who giveor "It costs nowt to be nice"0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 354.3K Banking & Borrowing
- 254.4K Reduce Debt & Boost Income
- 455.4K Spending & Discounts
- 247.2K Work, Benefits & Business
- 603.9K Mortgages, Homes & Bills
- 178.4K Life & Family
- 261.4K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.1K Discuss & Feedback
- 37.7K Read-Only Boards