Good but bad credit score ...

MaxineE

Hello there.

I have usually always had a good credit rating - I have never missed payments, I've got a mortgage, am on the electoral role, etc, etc, etc. However, I am finding lately that I seem to have a bad credit score and soft searches seem to give me no chance of getting anything !!! I have looked on Experian and I am in the 900s so all seems to be well on paper.

I am now wanting to look into getting a loan to consolidate my credit cards but I am worried about applying, getting turned down and getting black marks on my already seemingly bad credit score !!!

Does anyone know why this could be happening ?? A seemingly good credit score seems to be getting me nowhere !!!

[Deleted User]

Ok - a few things -

Your credit score is meaningless. No one sees it but you. Ignore it.

You won't get black marks for applying and being declined. Only the search is recorded, not the outcome. You don't want too many searches in any given period, but there are no black marks.

If you are looking to consolidate cards with a loan, then the likelihood is that you have too much credit already, to be able to get anything further. What are your debts and income currently?

Arleen

Credit score is commonly refered here as "random numbers generator" and for a good reason as not only no one beside you can see it, the way it works is mostly related to weather and current mating habits of large mammals.
And as you've noticed, despite having some magically high score it doesn't mean that you can actually get credit. It's that meaningless. What matters is what is on your file.

What is on your file that doesn't look healthy? How is your credit utilisation (credit used vs credit available)?

Also the only mark from applying and getting turned down is a "credit search" on your file, nothing else. As long as you don't accumulate multiple in few months time, you are fine.

bengal-stripe

MaxineE wrote: »

......getting a loan to consolidate my credit cards

That should give you a clue.

You seem to have quite a bit of debt and you want to take-up more debt. (Yes, it's supposed to consolidate your existing debts, but there is always the danger you might run-up your cards again and in a year or two you have twice the debt you have today.)