I feel my score doesn't accurately reflect my file?

SeduLOUs

I'm glad you are happy with your car, but wish you'd taken the hints - most of the people who have posted probably did so from personal experience and regret.

We'll all be here for you in a few years if and when you come to the debt free wannabe board looking for help to manage your crippling debts.

Lemonsqueezer78

See you soon on the Debt Free Wannabe board.

Sigh... I guess some people insist on learning the hard way.

Rothstein

Deleted_User wrote: »

Your score is meaningless. No one sees it but you and it doesn't reflect how lenders will view you.

Ignore it and tell people you have a 999 score if you want to. We won't tell.

Ensure all card balances are cleared in full each month and manage your credit according to the terms - ie never miss payments or go overlimit.

Which part of the numbered scoring system don't you understand ??


Would it be easier for you if they rated you with words ?


Ok, not bad, pretty good, average, very good.................??


Your score goes up with positive data added, down with negative data added..........its not complicated !


Paying the balance in full is not necessarily going to boost your score OR get your limits raised, so that's simply bad advice

[Deleted User]

Rothstein wrote: »

Your score goes up with positive data added, down with negative data added..........its not complicated !

And up with bankruptcy, which is perhaps my favourite,

It's lovely that you believe in the credit score fairy. Don't let me be the one to shatter your belief for you.

I'll send you some extra points as bonus.

Rothstein

Its an indication of your rating, your eligibility, what part of that do you seem to struggle with ?


Alluding to being in the industry may make you seem mysterious and knowlegeable to some, but from what ive read so far you add little...................I suspect you were fired many years ago and are still bitter, from one of those large international companies, like Experian or Equifax for example ??

[Deleted User]

You're right. I used to be a human cannonball.

I got fired every night.

Now I'm not even mysterious anymore.

dresdendave

Rothstein wrote: »

Paying the balance in full is not necessarily going to boost your score OR get your limits raised, so that's simply bad advice

But it will save you real money, surely more important than it's effect on a fictitious score.


Money which then be could used to reduce other debts, which will improve your credit history, something the banks actually look at, unlike the meaningless credit score.

jdc23

SMF1 wrote: »

£1700 is basic before there any allowances on top. With a £5k deposit on a PCP plan you're looking at £400 a month.

The only things I enjoy and spend my money on is my cars and bikes with a few other minor things. My total monthly outgoing just now is only £230 pounds £630 per month on ones guilty pleasures really isn't that much when I earn £1700 basic p/m.

This post is not all supposed to be nasty in any way. I've definitely made my own money mistakes over the years. Just trying to give you a different perspective on things.

It's absolutely up to you what you do with your own money, I would love a nice Audi but would never spend that amount of money on one. A 38k car is very expensive at your age. In my opinion there are better ways you could be using your money. £400 a month is not a small amount of money for many people. I expect at some point you may realise this and find it a financial burden.

If you do the figures:

£400 a month is nearly 24% of your total take home salary. That is a high proportion on just a car.

I assume your PCP deal is a minimum of a 24 month term. So.....

£400 x 24 months = £9600

Add in your hard earned 5K deposit that you'll unfortunately never see again and that gives you £14600.

There were probably other associated transaction fees, plus add in running and servicing costs too (which on a car like that won't be at all cheap) and you are probably looking at nearly 20k over the two years.

That's a lovely deposit you could of had for your first home at age 25.

I'm 30 years old and me and my partner are saving hard for a house deposit while paying rent, we only dream of being able to save that amount of money.

Rothstein

Why would anyone want to reduce their amount of debt ??

Money has never been cheaper....

Anyone else want to add " score means nothing ", it's really helpful .....not !!

Do you all work at Poundland ?

Chappaz

I'm personally not as harsh on credit scores as some folk on here.

Is it a solid reflection of your credit history? Not really.

However, the fact is that more often than not, it's going to go up for positive reasons and down for negative reasons.

The typical issue is that lenders have dozens, if not hundreds, of different internal scoring models based on all sorts of things. For example, a scoring system for a credit card company will be different to that of a mortgage company. They are looking for different things and assess risk in different ways.

What this means is trying to have a general, "one size fits all" scoring system is never going to be very accurate.

But barring a few situations, it's generally going to follow good history and bad history in the right direction at least. If someone manages to grow their score from 600 to 900 by doing all the right things, are they going to be accepted for more credit with better rates? Almost certainly.

But people do need to understand that it's just an internal scoring system for the agencies and that lenders use their own. It can be a useful motivational tool, where you see it creeping up as you continue to build good history, but that's about it.

But I certainly don't think it's plucked out of thin air as some seem to suggest. If it goes up or down, there's usually a valid reason.