Credit Ratings are Meaningless Because...

cakeforbrains

I just logged on to my Experian for the first time in about 5 years. It didn't know who I am, in that I have married and moved house (a few times) since then and nothing had updated.

It showed 0 financial records, £0 owed, and 0% of my credit limit used. Yet it 'scored' me as 936.

Because, of course, they'll be throwing credit at me!

Share your random credit score tale...

(Just to say I've now updated all addresses and name and emailed the relevant proof).

JKSandy

....it is a marketing ploy/gimmick to make money from people who need information crunched into bit size pieces so they can easily ingest it, numbers fit this well.


Someone has posted a higher score previously and they had a Bankruptcy on their file.

cakeforbrains

JKSandy wrote: »

....it is a marketing ploy/gimmick to make money from people who need information crunched into bit size pieces so they can easily ingest it, numbers fit this well.

Indeed.

It would be nice if there was at least some sense to them, though.

Experian_company_representative

If you update your CreditExpert member profile with your new details you'll see your current, full credit report and guide score. You may have to wait for it to update overnight. Lenders do not use your CreditExpert membership when they carry out a check and credit reports are always produced based on the details provided in the enquiry. Hope that makes sense.


James Jones

keiran

I've had a score of 999( excellent) in the recent past.

Fallen to about 850 (only "fair") now as carrying large (0%) balance transfers and had 20-odd searches, etc with opening multiple new current accounts for switch incentive purposes

Agree that the score is of little use in the real world. E.g, I have only investment income and a search by a lender for a credit account may well be thrown out as I would not be able to populate its "employment" box


And cakeforbrains ( I hope that's not an apt moniker!!) ... have you been paying a monthly charge to experian for access, and only just logged back in after 5 years?
That is seriously the opposite of money saving!

cakeforbrains

keiran wrote: »

I've had a score of 999( excellent) in the recent past.

Fallen to about 850 (only "fair") now as carrying large (0%) balance transfers and had 20-odd searches, etc with opening multiple new current accounts for switch incentive purposes

Agree that the score is of little use in the real world. E.g, I have only investment income and a search by a lender for a credit account may well be thrown out as I would not be able to populate its "employment" box


And cakeforbrains ( I hope that's not an apt moniker!!) ... have you been paying a monthly charge to experian for access, and only just logged back in after 5 years?
That is seriously the opposite of money saving!

Haha, no. I haven't been paying them in the meantime!