Credit Scoring !

cheeky-virgin

Hello everybody, Just a question that there must be a catagories for lendors who have set their acceptence according to credit score .


Suppose: if somebody have credit score of 350 then he would be more likely to be accepted by halifax or any specific lender.

I think lendor should list their accepted score system because they always use credit scoring system so that would be easy for the lender and the person who is applying for credit.

CLAPTON

its generally accepted that no CC companies use the 'credit score' but they use their own criteria plus the information on your credit file.

exel1966

There is NO such thing as a National Credit Score (i.e the 350 which you've mentioned)which determines your chances of a successful application for any finance. It's a myth ! and a marketing gimmick used by CRA's to relieve you of a few quid.
Credit checking referred to as 'scoring' though is used by all lenders to assess your suitability. This is determined by a multitude of factors such as :-

Age, marital status, employment status and type, living accomodation (homeowner or not), electoral role info (highly important) any children, previous credit history, current debt, salary, available credit to name but a few. Every company will rate these points differently, there is no set criteria they have to follow.
Some companies target certain profiles as they see there is money to be made from those people. Another company may have no interest in that type of person so it's impossible to say why person X might be given credit over person Y even if they appear to be very similar.