Credit Score Mystery

bloc75

glentoran99 wrote: »

That's just what they told you to say, all part of the poi misselling nonsense

Yeah I know. It's wrong, but it is what it is I guess.

So to summarise, give it a few months in the job, get those CC's paid off, and then i'll see what's what.

boo_star

bloc75 wrote: »

Rubbish.

It's not like I wanted to go into debt, and it's not like I didn't want to pay my debts. People go bankrupt and pay nothing back.

I have worked so hard to repay my debts, I have worked so hard to get myself into a position where I can earn decent money.

I don't think it's too much to ask for these so called lenders to say exactly why I didn't get accepted.

If they could say well you need to do this and that, and you will be fine.

I actually happened to work for a financial institution about 10 years ago as a temp and I learned that unless you took out PPI, then it made no odds what your affordability was, you weren't getting the loan.

You'll have noticed that the financial sector has been cleaning it's act up recently (not necessarily by choice.)

They have their reasons for declining you, they may see you as a risk, they may see you as unprofitable. It doesn't really matter.

bloc75

boo_star wrote: »

You'll have noticed that the financial sector has been cleaning it's act up recently (not necessarily by choice.)

They have their reasons for declining you, they may see you as a risk, they may see you as unprofitable. It doesn't really matter.

No I get that, but it would help if they could be a little bit less cryptic.

uncreative

Look at the statistics, you need to stop taking it personally.

Not on electoral role because you went to Canada for 4 months
Had an IVA showing past money issues
Just started a job so for the first year you are at risk of losing it again under employment law.

Its a simple fact that these things above go against you. Loans are taken out over a period of time, that is the KEY point. Lenders look for stability and address/employment consistency so that the loan is statistically more likely to be paid back.

If you had your job for a year and hadnt gone to Canada, then they can take a view on the IVA, etc etc.. As the factors that affect stability increase, your chances of borrowing over a medium to long term decrease.

Save a month, or use your credit card and pay back out of your £1600 surplus before the interest charge hits.

But well done on getting the job, and for budgeting a ring that isnt 4 or 5k and sounds like you can definitely afford it. Too many people are getting themselves in a right pickle over rings, like taking 3 or 4 year loans for them.

rolls99

The thing is, (appreciating that you don't want to use your cards to the maximum), you already have
available credit.


If you were willing to pay £350 for the ring, you could have paid £300 of this to clear the card with £300 on it, (pocketing the extra £50) and paid for the ring with that, thereby still being below your limit.


If you could then afford repayments on the ring, you could afford to put these to the card.


No lender is likely to tell you precisely what things they base their decisions on, but by looking at what is on your report, as yourself "What would I do?"


Remember you might have a good reason to have a balance on two cards, when (just for example) you could have one with a zero balance.


How that balance is their (cash advances for instance), and payments made also play a part.


If you had the two cards with nothing on them would you still consider finance on the ring or just use a card? I would say most people would use plastic.


All the lender in this case knows is you have outstanding debt that is owing and you are asking for more, and a simple check of your % utilisation and balance on each card would show that you have that amount (and more) available.

Candyapple

bloc75 wrote: »

Ok, so I went into an IVA about 8 years ago, paid it all up fine. My credit score is currently 399 with Experian. 1 point below a Good rating.

Your Experian Credit Score is based on the information provided in your Experian credit report and ranges on a scale from 0-999.

Your Experian Credit Score is essentially a snapshot of your current credit status and can be broken down into five categories; very poor (0 - 560), poor (561 - 720), fair (721 - 880), good (881 - 960) and excellent (961 - 999).

http://www.experian.co.uk/consumer/experian-credit-score.html


Although credit scores mean nothing, where did you get the impression that 399 was 'good'?

Rather than speculate, have you actually obtained copies of all 3 of your credit reports, not just one, to see what they all say?

bloc75

uncreative wrote: »

Look at the statistics, you need to stop taking it personally.

Not on electoral role because you went to Canada for 4 months
Had an IVA showing past money issues
Just started a job so for the first year you are at risk of losing it again under employment law.

Its a simple fact that these things above go against you. Loans are taken out over a period of time, that is the KEY point. Lenders look for stability and address/employment consistency so that the loan is statistically more likely to be paid back.

If you had your job for a year and hadnt gone to Canada, then they can take a view on the IVA, etc etc.. As the factors that affect stability increase, your chances of borrowing over a medium to long term decrease.

Save a month, or use your credit card and pay back out of your £1600 surplus before the interest charge hits.

But well done on getting the job, and for budgeting a ring that isnt 4 or 5k and sounds like you can definitely afford it. Too many people are getting themselves in a right pickle over rings, like taking 3 or 4 year loans for them.

Yeah that makes sense, I get more irate when they don't tell you why. Or how you can perhaps improve.

bloc75

rolls99 wrote: »

The thing is, (appreciating that you don't want to use your cards to the maximum), you already have
available credit.


If you were willing to pay £350 for the ring, you could have paid £300 of this to clear the card with £300 on it, (pocketing the extra £50) and paid for the ring with that, thereby still being below your limit.


If you could then afford repayments on the ring, you could afford to put these to the card.


No lender is likely to tell you precisely what things they base their decisions on, but by looking at what is on your report, as yourself "What would I do?"


Remember you might have a good reason to have a balance on two cards, when (just for example) you could have one with a zero balance.


How that balance is their (cash advances for instance), and payments made also play a part.


If you had the two cards with nothing on them would you still consider finance on the ring or just use a card? I would say most people would use plastic.


All the lender in this case knows is you have outstanding debt that is owing and you are asking for more, and a simple check of your % utilisation and balance on each card would show that you have that amount (and more) available.

yeah that makes sense to me.

bloc75

Candyapple wrote: »

http://www.experian.co.uk/consumer/experian-credit-score.html


Although credit scores mean nothing, where did you get the impression that 399 was 'good'?

Rather than speculate, have you actually obtained copies of all 3 of your credit reports, not just one, to see what they all say?

Because it says 400 is a good score. What are the other 2? I have equifax, and I know of Experian, what's the 3rd?

molerat

CallCredit or their free offshoot Noddle.