Acceptance

Flash_9

I often read on here about the insignificance of credit scores and ratings.

This will come as no surprise to some, but maybe of re-assurance to others that are looking to utilise mortgage opportunities and finance products. But also give a good example of why these "Numbers For Sale" mean absolutely jack zero..

I think to most people the two most important purchases in life are a house and car? Granted, these are generally secured loans, but an unsecured loan generally isn't of life significance.

Before making our purchases of our new house (FTB's) and our second car, naturally we make sure the data stored on the big 3 is correct, which it is. I won't post that here because that is only significant to me and my lenders, but let me post something for everyone due to highlight the insignificance. (Everyone's circumstances are different, so please take this on face value)

Here are my scores/ratings before my applications: (They barely change)

Experian - 579 POOR :cool:

Explanation:
Most lenders would regard this score as high risk and would expect a high proportion of people in this category to have serious problems repaying credit. :T

Equifax/Clear Score - 279 VERY POOR/POOR

Call Credit/Noddle - 1/5 - 550 VERY POOR/POOR :rotfl:

All very rosy then..Not pulling up many trees in my made up number league.

We have just completed on our first home mortgage last week at 1.99% with minimum deposit with a high street lender :j

And today I have been accepted for car finance at the best rate with no deposit with a high street lender. :j

If you have a Barclaycard, all your "Scores" are now free.
DO NOT BUY A CREDIT SCORE