Noddle is wrong. View Experian Score for free monthly with Barclaycard.

Strummer22

burlington6 wrote: »

The fact your score has gone up isn't the reason you're seen by lenders as a better bet, it's the fact you've corrected something on file.

Of course. But the score does at least accurately reflect that I am seen more favourably by lenders. Therefore it stands to reason that if the score unexpectedly goes down or is unexpectedly low to start with, you should check your files carefully. It's not entirely meaningless - even if it's not what lenders base their decisions on, it does take into account some of the same info.

Pixie, you're obviously money savvy which is great. But if you tell less savvy people their score is meaningless when in fact it could point to correctable issues with their credit file, they might not take action when appropriate.

Pixie5740

Stu_N_ wrote: »

Pixie, you're obviously money savvy which is great. But if you tell less savvy people their score is meaningless when in fact it could point to correctable issues with their credit file, they might not take action when appropriate.

And if they have a perfect 999 score they should take no action as everything is hunky dory with their credit files?

Strummer22

Nope, clearly there could still be incorrect information.

But if the number really is meaningless, there's no reason a CRA couldn't give you a perfect 999 even if the file they hold on you is full of defaults and show that you're insolvent. But they don't do that... at least, I've never seen any examples of that.

If a CRA gives you a perfect 999, then it's a given that there are no late payments, defaults, or anything else in the file they hold on you that would be a negative when applying for credit. If you are denied credit, it will be because of something not contained in the credit report, i.e. something reported by a different CRA, some previous experience the lender has with you, or for some reason not matching their arbitrary 'profile'.

SO, since that is the case, if you get a perfect 999, what would be the point of scouring your file looking for problems? There aren't any. If you're denied credit, it's not because of anything contained in that file.

Pixie5740

There are people with defaults, even bankruptcy who get a 999 credit rating which just go to show that those numbers are like a broken pencil....pointless.

Candyapple

Stu_N_ wrote: »

Nope, clearly there could still be incorrect information.

But if the number really is meaningless, there's no reason a CRA couldn't give you a perfect 999 even if the file they hold on you is full of defaults and show that you're insolvent. But they don't do that... at least, I've never seen any examples of that.

If a CRA gives you a perfect 999, then it's a given that there are no late payments, defaults, or anything else in the file they hold on you that would be a negative when applying for credit. If you are denied credit, it will be because of something not contained in the credit report, i.e. something reported by a different CRA, some previous experience the lender has with you, or for some reason not matching their arbitrary 'profile'.

SO, since that is the case, if you get a perfect 999, what would be the point of scouring your file looking for problems? There aren't any. If you're denied credit, it's not because of anything contained in that file.

Post number 21

Strummer22

Candyapple wrote: »

Post number 21

I misead that thread. I stand corrected!

Pixie5740

Are you sure you read it because the OP on that other thread said he had £56 default showing on his Experian credit file and then went on to say that Experian gave him a 999 credit score?

Most of the mortgage brokers who post on the Mortgages & Endowments board tell tales about clients with 999 credit scores and files that make for poor reading whenever someone posts about their credit score. There are people who have posted all over the forum who have been knocked back for credit despite their 999 scores.

Candyapple

I thought this thread was quite apt too:
https://forums.moneysavingexpert.com/discussion/4858881

There should be no scores sold when you request a copy of your credit report. It's a complete shambles that this practice is even allowed, it's so misleading and unnecessary given that it is worthless and you are the only person who will ever see it.

If CRA's were so inclined they could perhaps offer a checklist for free, with pointers for anyone interested what steps to take if you have ever been declined for credit such as:

- Are you on the electoral roll?
- If you have any late payments, why not set up a direct debit for the minimum payment and make sure you keep up your repayments in future etc.


It will never happen though as there is no profit in it.

m4rc

Stu_N_ wrote: »

But I think anyone saying a credit score is 'meaningless' is being a bit disingenuous.

I used to think the same, I even paid for my 'score' for a while and argued strongly that it was at least indicative of my ability to get credit and could help to improve things. I had a fairly high rating varied between 850 and 960 over a couple of years) but I never really managed to get much in the way of credit, to be honest I didn't have a great credit history, I had a good income and several bank accounts with savings (not that the CRA's know about those) but didn't have much of a credit history. I had lots of defaults from many years before and was discharged bankrupt years earlier. Still I argued that my score was saying I should be able to get credit. I gave up paying for the scores.

In the last year I have stopped working and moved, apparantly my credit score is zero on Experian and 1/5 on noddle but I've been offered more credit and had more increases to limits in the past 6 months than ever before.

So yea I'm inclined to believe it isn't disingenuous to call the scores meaningless, I think it's rather appropriate.

Seeing how easily people will pay the money I've been tempted to set up a website meaninglesscreditscores and charge just £25 a year (a bargain compared to the rest) but for that members get their credit score emailed to them weekly along with a good guess at Saturday's lottery numbers.

[Deleted User]

Stu_N_ wrote: »

Iain, I'm impressed that you got the lender to tell you why you were refused!

BTW, this thread has been very amusing. But I think anyone saying a credit score is 'meaningless' is being a bit disingenuous. My personal experience is that my noddle and Clearscore 'scores' both went up after I got some erroneous late payments removed. This accurately reflects that I am more appealing to lenders without late payments than I am with them.

Telling people that their score is meaningless could also lead them into trouble when applying for credit. As I said in another thread where someone moaned about their 2/5 from noddle, this is not meaningless information. Noddle have given 2/5 for a reason, even if that reason turns out to be stupid in the end. I'd view it as a red flag, to check every little thing your FREE credit reports to see what the problem is - particularly any erroneous information.

Should explain more clearly.. the bank refuse me.. and during meeting they wanted to know everything i had like cc and catalogue.. etc.. they suggested this was the reason so cannot say it was the reason. Just wated to point out a good score donit mean s&^%