Are credit scores really useless?

adindas

crystal_pixie wrote: »

I must admit I realised that they were completely worthless when my excellent score went down to poor with no changes.

As of then I have managed to get a credit card and a new current account.

So for me personally the score was completely worthless.

There have been few cases reported here in MSE forum where people with few defaults, CCJs still manage to get over 800 credit score, unbelievable. It is well known that CCJs, defaults, are a no go zones for many lenders.

In the meanwhile people with low score, yet still get credit cards, manage to open a current account with OD facility, loan, mortgage, etc.

I think the people who create the algorithms to generate that magic number the so called credit score will need to be sacked. It is fundamentally flawed as they do not take into account, the things which are crucial to lender in making decision such as salary, type of employment and to some extents savings.