MSE News: MSE launches free Credit Club

Former_MSE_Steve_1
Former_MSE_Steve_1 Posts: 79 Forumite
Combo Breaker First Anniversary Newshound! Chutzpah Haggler
edited 11 August 2021 at 2:07PM in Credit file & ratings
MoneySavingExpert.com has today launched its brand-new Credit Club - a totally free way to check your credit score, whether you're likely to be accepted for credit in the real world and how to boost your chances....
Read the full story:
'MSE launches free Credit Club'
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Comments

  • mprd
    mprd Posts: 6 Forumite
    Couple of things:
    1. I input inaccurate income information into my Credit Club profile. How can I change it? I can't find any way except to delete my account and create a new account.
    2. In common with many providers you ask for details of pre-tax income. How is the tax on that income then calculated? I suspect that I am discriminated against because I am retired, and thanks to careful investment planning, now virtually all of my income is tax-free but I have no way of indicating this. Wouldn't it be better to ask for details of net income after tax?
  • MABLE
    MABLE Posts: 4,080 Forumite
    First Anniversary First Post
    Does not make pleasant reading for me. 737 and fair. Stoozing certainly has taken its toll on my credit report. However it has not stopped BC wanting to increase one of my cards with them by another £2k.

    All these statistics all very well but I take all this with a pinch of sea salt.
  • Had to have a chuckle at the slightly concerned face regarding account length. Have opened a few accounts in the last couple of years - mainly to benefit from rewards, interest rates and cheaper mobile contracts!

    Had this been around 2 and a half years ago I'd have had 1 bank account which has been open since 2003, a credit card that has been open since 2008 and my O2 contract was from 2003 until 2015 haha.
    DEBT FREE!

    Debt free by Xmas 2014: £3555.67/£4805.67 (73.99%)
    Debt free by Xmas 2015: £1250/£1250 (100.00%)
  • takman
    takman Posts: 3,876 Forumite
    Combo Breaker First Post
    This will be very valuable when they offer full access to experian reports for free!. That will then mean that you can get credit reports from all three credit agencies for free!
  • SuperHan
    SuperHan Posts: 2,269 Forumite
    First Anniversary First Post
    MABLE wrote: »
    Does not make pleasant reading for me. 737 and fair. Stoozing certainly has taken its toll on my credit report. However it has not stopped BC wanting to increase one of my cards with them by another £2k.

    All these statistics all very well but I take all this with a pinch of sea salt.

    Similar here - 830 with a "credit hit rate" of 25%. It's so low because of my utilisation (£3k of £20k, paid off every month) and debt to income (< 10%, excluding my mortgage). I'm not entirely sure what it is telling me to do to improve... I've never had trouble getting 0% cards or credit whenever I've wanted though, so it's an interesting analysis.
  • When a score of 860ish out of 999 is 'fair' then you know the scaling is utter crap.
    DEBT FREE!

    Debt free by Xmas 2014: £3555.67/£4805.67 (73.99%)
    Debt free by Xmas 2015: £1250/£1250 (100.00%)
  • Isn't this just MSE emulating ClearScore/Equifax?
  • Bike369
    Bike369 Posts: 32 Forumite
    First Anniversary First Post Combo Breaker
    I have an 'excellent' score of 975 with the Credit Club

    but

    720 'crap' when viewing my Experian credit score through Barclaycard..!

    so no idea!!

    I did however get accepted for a Tesco 0% fee 24 month credit card a few days with £4750 credit limit though so I'm not looking for any additional cards etc. but it is interesting.

    These scores are still a dark art and a money spinner if you sign up to these companies direct. So don't.

    Use Clearscore for Equifax, Noddle for Callcredit and Barclaycard/Credit Club for Experian(ish)
  • jamesd
    jamesd Posts: 26,103 Forumite
    Name Dropper First Post First Anniversary
    edited 16 September 2016 at 6:19PM
    Will income information for quotes rather than applications be passed to National Hunter and used in application consistency checks?

    This is important because it seems that MSE does not use a person's total income in its searches, instead it splits it into pay and other income and attributes the other income to a spouse rather than the individual. That can very substantially understate a person's total income. It seems to make the comparison service here useless for those like me with substantial non-pay income, since it's not representative of the income that would be disclosed in a real application.

    The rent is also a little puzzling. The site says I have poor affordability but rent is around 400 a month. Perhaps the site is using the London practice of weekly rents and assuming that the rent is a bit over four times as high as it really is? later, it's specified as monthly on the site Maybe it's also pretending that it has to be paid out of only the pay part of the income?

    The possible combined result of these things is way lower projected acceptance than other quotation-based card searches.
  • jamesd
    jamesd Posts: 26,103 Forumite
    Name Dropper First Post First Anniversary
    edited 9 September 2016 at 8:21AM
    MABLE wrote: »
    Does not make pleasant reading for me. 737 and fair. Stoozing certainly has taken its toll on my credit report. However it has not stopped BC wanting to increase one of my cards with them by another £2k.
    I'm even lower, below 700 and in the poor range, but still getting regular limit increases from a range of providers. Though last application was for a higher than standard interest rate and lower limit. That provider just increased my limit by 40% and offered me an 18 month 0% 3% fee BT around nine months after account opening. Utilisation is about 75%, down from over 80% a few months ago. Used is about 74% of total gross income or about 90% of the pay only income that this place seems to use.

    Not really something to worry too much about when stoozing. The credit record is there to be used, after all, and a high score is just money not being made that could be made.

    For anyone not familiar with stoozing, these numbers aren't anything to worry about. The money largely isn't spent, just invested, and I have three times the borrowed amount in non-pension savings and investments.
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