2 differing credit ratings & making a dispute

AJCarter

Hi there,

I recently got my first credit card a few months and was interested in seeing how this effected my rating (before hand, I'd never really had credit past mobile phones and was always in the middle). So, I checked Noddle first, and Noddle has me at "terrible" 1/5 and states my chance at getting credit is non-existent. This worried me, so I paid the £15 and joined Experian. Experians has me at 960/999. This equals "Good" and is one mark from "Excellent" (which is the highest rating they have).

Which do I believe? what should I do about this?

Further to this, I applied for a bank account with the Co-Operative last November. I never received the card and contacted the Co-Op to ask about this. They told me they can't see any issue and my application was successful, but for some reason a card was never sent out. I then decided to cancel my application and close the account. - It was taking too long and believed this reflected badly on them to the point I no longer wanted to bank to them.

However, on Experian it says that the Co-Op looking at my credit rating has "mildly negative effect" on my rating. I would like this removed - how should I go about it? Apparently it will be removed in 6 months, anyway. But it still annoys me nevertheless.

Thanks for in advance for your help

[Deleted User]

You don't need to do anything. Neither will lend you money and no lender will look at their opinions. They will simply review the data on your file.

Thrugelmir

No such thing as a credit score per se. Lenders will score you on your credit history. Likewise other businesses according to their criteria. Depending on what you applying for.

£15 to Experian a total waste of money.

Malmo

AJCarter wrote: »

Which do I believe? what should I do about this?

You should believe neither and do nothing about it. The scores provided by the 3 main agencies are meaningless and are not seen or visible to anyone other than the agency and you.

In the UK, individuals are not assigned a universal or central credit score (they are in the USA though, I believe). Lenders use information held by the agencies, supplemented with information from other sources (such as wage slips, if applying for a mortgage) to evaluate customers based on the lender's own criteria/rules that determine their ideal customer. So pay no attention to these scores.

The £15 you paid is a waste of money, so if you need access to your reports going forwards, just obtain the statutory report from each agency, which costs £2 per report. You do not need the score as it is immaterial. See links below for obtaining the statutory report from each agency.

Experian Statutory Report

Equifax Statutory Report

Callcredit Statutory Report

[Deleted User]

I really wouldn't worry about it.

To put into perspective my "Credit Score" by Noodle has fluctuated loads. The reason is "Limited time on the electoral roll". It was at its highest when i had been on the roll at my current address for two months, two years later and it is still lower than it was then for the same "limited time.." reason.

The things to remember are; Pay your bills, don't get into debt (and if you do an have a loan etc never default) and don't worry.

My "credit score" has been awful, didn't stop the banks offering me £20,000 in credit limits on credit cards.

Just use your credit card, pay it off every month, and don't worry about what it says on the credit reports in terms of scores. They are seriously meaningless.

teffers

I echo what newbieboy has said. My Noddle yoyo score fluctuates in correlation to how cloudy it is outside.

As for the second part of the OP's question, the search is unlikely to be removed as it truly reflects the fact you applied for the Co-op account - even if you later decided you didn't want it because the Co-op are a bit naff.

Nasqueron

My Noddle was 5/5 - I then got a BT card to cover a big purchase I wanted to make and recently got car finance and changed bank account. Now it's 3/5 - probably to reflect the increased exposure to debt.

However, the fact I can cover about 70% of my debt (which is all 0%) with money in my account is neither here not there to Noddle, they don't have my new account and I have not had any issues meeting any of my debts - thus why the score is fairly meaningless

Plus my BT card is on a "promotionl" rate lol