Experian Score Insanely Low?!

theburningcat

I disagree that Experian's score is "random". It's not an important or accurate metric but there is a very rough correlation with a typical lender's perspective. The OP, for example, has a very low score and has been refused even a current account.

When did you apply for each payday loan? If you applied for 3 in 1-2 months, that would indicate disastrous financial management. Were you over your limits at your bank at the same time? Paid anything late (phone contract etc.)?

MrsTinks

Your "score" may or may not be seen by creditors (there is a lack of clarity on this with some creditors quoting exact scores which match peoples own records. However the critical part of this is that your credit history is exceedingly poor at the moment. Forget your friends - there could be details on theirs that means their "score" is higher than yours.

Start with addressing the debts by posting on DFW with your full SOA - then we can see how best to advise you on fixing the problems. Payday Loans are NOT the solution...

Ironically - be glad you were refused more credit before this got too out of hand.

hign10pines

rtho782 wrote: »

For a score of 35 you must have something adverse, such as defaults, late payments, etc on your file. Or perhaps a financial link listed to someone who does.

The only acceptable amount of defaults/late payments is Zero. Anything else will significantly impact your access to mainstream credit.

I've had missed payments, many defaults and even a DRO but never had a score that low. Didn't think it was possible!

The score is only there for me to see my report improving, I don't pay for it and I don't take that much notice.

PixelPound

theburningcat wrote: »

I disagree that Experian's score is "random". It's not an important or accurate metric but there is a very rough correlation with a typical lender's perspective. The OP, for example, has a very low score and has been refused even a current account.

When did you apply for each payday loan? If you applied for 3 in 1-2 months, that would indicate disastrous financial management. Were you over your limits at your bank at the same time? Paid anything late (phone contract etc.)?

The score is an overall indication, I guess so you can glance at. It is a pity that Experian only give you your score and change since last month (under CreditMatcher) rather than be like Clearscore and show you historical ratings.

What I find strange is that there is concern that the score is very low but seemingly no concern that their finances are in such an array that they have to rely on a number of payday loans in a very short period. The finance sector look on these badly, which is probably why the score is low, it doesn't matter if you only paid what you think is a small and reasonable charge for the facility because it was interest for very short period, that's not how the financial industry see that and I assume that's weighted appropriately in the experian scoring formula. Is it weighted more than would a default be? Don't know.