MSE Credit Club

Chelseafan237

Pointless tool for people who really need to understand eligibility... I have bad credit so only certain companies will lend me money and there arent any options for me because none of the companies on the MSE panel will lend money to me. Best to use MoneySupermarket as they have a full panel and they indicate your 'chance for approval' upfront

Clive_Woody

I've signed up out of curiosity and to get free access to my credit report now that Capital One no longer offers this with my credit card.

I am sure this "club" will be useful to many people, if nothing else to help educate them.

wrightk

I've signed up, found it very useful, as i have previous very bad credit although improving every month. Found the experian 'score' handy and was pleasantly suprised by the score which factors in household income from mse questions too.

I know it wont be for everyone but for someone like me with previous bad credit its useful to have some pointers about where to further improve, and to keep on top of things whilst also having info from experian, all free of course

Gunther_Golf

I would not waste my time.

Apparently i have little to no chance of any form of borrowing and my disposable income is very weak.

2 new credit cards and a mortgage in the last 12 months and a long-term comfortable disposable income would suggest otherwise.

About as accurate as a Michael Fish weather forecast.

DCFC79

wrightk wrote: »

I've signed up, found it very useful, as i have previous very bad credit although improving every month. Found the experian 'score' handy and was pleasantly suprised by the score which factors in household income from mse questions too.

I know it wont be for everyone but for someone like me with previous bad credit its useful to have some pointers about where to further improve, and to keep on top of things whilst also having info from experian, all free of course

Don't worry about your score too much as lenders don't see it.

Chelseafan237

This is my point, like you, I've had bad credit and I see the importance of the score. BUT, the product on the club arent suitable for me because theyre suited to people with a good credit score.

Although lenders dont see it (as DCFC79 said) they do use different scoring systems to work out whether people are right for certain products, similar to what the MSE credit club is doing. The down side is that I dont get offered anything because I have bad credit and none of the products in the club are suited to me. Seems unfair, useless and a bit discriminatory.

wrightk

Chelseafan237 wrote: »

This is my point, like you, I've had bad credit and I see the importance of the score. BUT, the product on the club arent suitable for me because theyre suited to people with a good credit score.

Although lenders dont see it (as DCFC79 said) they do use different scoring systems to work out whether people are right for certain products, similar to what the MSE credit club is doing. The down side is that I dont get offered anything because I have bad credit and none of the products in the club are suited to me. Seems unfair, useless and a bit discriminatory.

the products aren't offered purely because of your 'score' its to do with your income and expenditure/debt to income ratio and debt as a proportion of available credit aswell. Im the same there are very little products for me even though my score is saying im moving into the 'good' category, i dont want them anyway and id prefer to be offered nothing rather than be given a list of sub prime creditors designed to put me further in debt and back to square one

It does depend on what your situation is though. About 3 months ago i opened a home shopping catalogue account. Didnt particularly need it but i know that now my attitude towards credit has changed it has come in pretty handy for buying a few bits and clearing straight away, this has bumped my credit score up and is looking good for the future showing i can manage credit

Proxima_Centauri

As Paul Daniels pointed out on Martin's tv show a few years ago, Credit is simply another word for debt. "Put it on my credit card", means "put it on my debt card".

Chelseafan237

wrightk wrote: »

the products aren't offered purely because of your 'score' its to do with your income and expenditure/debt to income ratio and debt as a proportion of available credit aswell. Im the same there are very little products for me even though my score is saying im moving into the 'good' category, i dont want them anyway and id prefer to be offered nothing rather than be given a list of sub prime creditors designed to put me further in debt and back to square one

It does depend on what your situation is though. About 3 months ago i opened a home shopping catalogue account. Didnt particularly need it but i know that now my attitude towards credit has changed it has come in pretty handy for buying a few bits and clearing straight away, this has bumped my credit score up and is looking good for the future showing i can manage credit

This is exactly what I disagree with, if you want to improve your 'less than good' credit score, a good way to do so is to take a loan that suits your file and prove you can repay on time, this is far more powerful when improving your score than a shopping account... I know there are a few products (credit cards and loans) that, although have a higher APR than the 'usual' options, they do alot to help rebuild your credit score which will give you access to cheaper product in the future...

Chelseafan237

Proxima_Centauri wrote: »

As Paul Daniels pointed out on Martin's tv show a few years ago, Credit is simply another word for debt. "Put it on my credit card", means "put it on my debt card".

Dont forget there is 'good debt' and 'bad debt though'

iolanthe07

and a bit discriminatory.

To be fair though, you can't really blame lenders for discriminating against people who have a history of not paying back their debts.