Very very confused about credit score

TheMeerkat

Dobbibill wrote: »

Can you tell me which lender you are applying to?

Lenders have never disclosed their criteria but if this has changed, we need to tell everyone.

i'm not applying for credit. i'm applying to be a guarantor for the property that my brother is renting, and they've explicitly told me that i need a certain score from equifax.

DCFC79

TheMeerkat wrote: »

hi Dobbibill,

yes, i am claiming that the numbers mean something. when approval for a process requires a score of at least x from equifax, and you are at x-100, then you need to climb at least 100 points to win the prize of being approved.

meerkat

Lenders, banks, phone companies see your history not your score.

The figure from Experian can be taken to be how Experian rate your credit/history.

Dobbibill

TheMeerkat wrote: »

i'm not applying for credit. i'm applying to be a guarantor for the property that my brother is renting, and they've explicitly told me that i need a certain score from equifax.

How did they get your score?

[Deleted User]

TheMeerkat wrote: »

this came from their compliance department. them's the rules,.

They're talking about the score THEY give you based on their criteria. Or at best, a score that they ask Experian to generate, based on their own criteria.

You don't get to see that score.

The advice remains the same however, Use your card, clear in full each month. But ignore the score, as it will drop due to getting the card and drop when you use it. And when you go on the ER.

TheMeerkat

Dobbibill wrote: »

How did they get your score?

i assumed they can get this easily from equifax. when i look at my equifax report details under the "other searches" tab, i see that the company that i'm talking about performed a "Credit Quotation" search on me on a specified date.

TheMeerkat

Deleted_User wrote: »

They're talking about the score THEY give you based on their criteria. Or at best, a score that they ask Experian to generate, based on their own criteria.

You don't get to see that score.

The advice remains the same however, Use your card, clear in full each month. But ignore the score, as it will drop due to getting the card and drop when you use it. And when you go on the ER.

see my above post -- my equifax report tells me that they performed a search on me. also, "you're about 100 points off from the cutoff" is what they told me, and they also told me the cutoff number. when i do the maths, the number that they're implying is pretttttty much exactly the number i see in equifax.

Dobbibill

TheMeerkat wrote: »

i assumed they can get this easily from equifax. when i look at my equifax report details under the "other searches" tab, i see that the company that i'm talking about performed a "Credit Quotation" search on me on a specified date.

nope - they don't see it.

they are scoring you from the data they see in line with their own criteria.

ask them the score? give them your Experian score or Call Credit score......they will all be different. You'll really confuse them

[Deleted User]

I can't really make it any clearer. You need to use credit responsibly to improve the way lenders see you.

No one is seeing your score. But as I say, if you want it to go up, then go bankrupt. 2-3 years seems to reset it to 999, but just don't expect to be accepted as a guarantor or to get credit yourself.

Be warned though, all three CRAs continually tinker with their scoring systems to keep customer interested, so there's no guarantee that even bankruptcy will get you the top score.

But please don't go bankrupt just for a number.

DCFC79

TheMeerkat wrote: »

see my above post -- my equifax report tells me that they performed a search on me. also, "you're about 100 points off from the cutoff" is what they told me, and they also told me the cutoff number. when i do the maths, the number that they're implying is pretttttty much exactly the number i see in equifax.

All they did was carry out a search, looked at your history to see if you were a suitable guarantor, your credit data was put through a program and chucked out a rating that meant you were rejected ( if the lender in question works like this).

PixelPound

TheMeerkat wrote: »

see my above post -- my equifax report tells me that they performed a search on me. also, "you're about 100 points off from the cutoff" is what they told me, and they also told me the cutoff number. when i do the maths, the number that they're implying is pretttttty much exactly the number i see in equifax.

Ah, two different things.
Firstly as has been said lenders don't see a score, they see data and associate their own scoring mechanism as to whether they approve you.
Secondly, what you are referring to is Equifax's own internal self-justification for charging. The CRA's are now offering links to financial products and giving their own score on how likely you are to get one (just like MSE Credit Club does), which I assume is based on who they see getting approved - I very much doubt they have access to the actual criteria used by lenders. Thus telling you that you are about 100 points from cut off, is their estimate. You could get that 100 points and still not get approved. There are often other factors, e.g. some cards require a specific level of income, which the CRA's don't have access to.

They are justifying their pay-for service by saying you need X amount of points to be able to apply for the card you want