Credit Scoring, what are the numbers...

Minx1986

Hi, I'm just wondering if anyone knows what the 'top score' is on Experian and Equifax. (I know that these numbers are irrelevant but would like to know anyway)

Noddle are very helpful, I know that 3 out of 5 is ok, and 5 is top score.

But Experian at 936, is this out of 1000, or 10,000!

And Equifax at 551, again this says excellent in the green bubble, but realistically, is this out of 600, 1000 or so on.

I just wondering, how these scores really tally up.

(I've recently been refused a bank account with First Direct and a personal loan with Sainsburys which made me check my reports so am just wondering?)

spangles1967

I do know Experian highest score is 999.Im sure others will let you know about the others

matttye

Equifax is 600, Experian is 999.

Like you say though the scores don't mean a thing.

rizla_king

All meaningless anyway.

misspickle_2

You can have an excellent credit score and still be turned down for a loan.
Its about your ability to pay it back.
If they decide your income is too low to meet the monthly payments for the full term of the loan then they will refuse the loan. It has nothing to do with your credit score.
Credit cards at the moment are better than loans. Far cheaper. And more likelihood of getting a card than a loan.

RichL74

People who have been declared bankrupt have an Experian score of 999, work that one out.

Thrugelmir

The answer may well lie in your signature

06/02/2015 - Total Credit Card Debt = £7,846.93
06/02/2015 - Total 'Bank of Mum Debt' = £1,000.00
06/02/2015 - Total Personal Loan Debit = £14,232.80

Minx1986

Thrugelmir wrote: »

The answer may well lie in your signature

This is why i wanted a new loan. I wanted to consolidate my existing loan and credit cards, at a lower rate. When I took out my loan 2 years ago it was at an 15.9% APR, and so I thought I would be able to apply, get a lesser rate and perhaps lower my monthly payments generally, so I can try and start saving for other things. Thought I was being sensible!

DCFC79

Minx1986 wrote: »

This is why i wanted a new loan. I wanted to consolidate my existing loan and credit cards, at a lower rate. When I took out my loan 2 years ago it was at an 15.9% APR, and so I thought I would be able to apply, get a lesser rate and perhaps lower my monthly payments generally, so I can try and start saving for other things. Thought I was being sensible!

The lender has no idea you will use the loan to pay off the current loan, you need to have really good self control to not spend the money on anything else other than the current loan.

meer53

Minx1986 wrote: »

Hi, I'm just wondering if anyone knows what the 'top score' is on Experian and Equifax. (I know that these numbers are irrelevant but would like to know anyway)

Noddle are very helpful, I know that 3 out of 5 is ok, and 5 is top score.

But Experian at 936, is this out of 1000, or 10,000!

And Equifax at 551, again this says excellent in the green bubble, but realistically, is this out of 600, 1000 or so on.

I just wondering, how these scores really tally up.

(I've recently been refused a bank account with First Direct and a personal loan with Sainsburys which made me check my reports so am just wondering?)

If you've been refused a bank account and a personal loan, it's highly unlikely you'll get a consolidation loan from anyone. Your score is meaningless. Lenders don't look at scores. They look at your credit history.

Candyapple

Minx1986 wrote: »

This is why i wanted a new loan. I wanted to consolidate my existing loan and credit cards, at a lower rate. When I took out my loan 2 years ago it was at an 15.9% APR, and so I thought I would be able to apply, get a lesser rate and perhaps lower my monthly payments generally, so I can try and start saving for other things. Thought I was being sensible!

If you have £22k debt made up of cc's and a loan and want to take out a consolidation loan of a further £22k, you would need to be earning circa £80k upwards.