Credit Score

Bertrum

It's official, the credit score is a load of twaddle.

I have a score of 'poor' (2/5) on Noddle .

Yet I applied for Mortgage through Nationwide with the score coming back as excellent, and the mortgage was approved in 1 hour (that's application to offer)!!

So in summary, don't get hung up on a 'score'.

Candyapple

Can you post your score/number in the below thread please

https://forums.moneysavingexpert.com/discussion/5584855

Chappaz

I think it depends. For example, I have a poor credit score (mostly due to a lack of credit history), and 2/5 on Noddle as well, but I have been rejected for many straightforward terms of credit before and have poor results in the card eligibility stakes.

So in my case at least, it seems to be reasonably accurate.

Mind you, even if the score is useless at times, at least it pushes people to do the right thing with building their credit. Generally, what increases the score, and what lenders like, are very similar (regular on-time payments, low credit utilisation, stable accounts etc).

The score is more like a little reward scheme where you get a numerical pat on the back if you're doing the right thing.

CakeCrusader

I don't think it means anything. I have 2 late payments on my credit file (from early 2014 when I changed jobs) and 2 very old and paid CCJ's which fall off next year and the year after. My credit cards (Vanquis, sadly, Barclaycard and now Tesco) are all paid on time, I never go over my limit and there's no missed payments. I have a O2 contract for my phone which is paid on time, yet my 'score' never budges off 1/5 (550). It was 1/5 (550) when I registered to use Noodle in August last year.