Why is it so stressful?

Rothstein

You all posting the same blinkered view isn't going to help anyone....it just shows your inability to articulate yourself, if that's all you can say, better to say nothing ?

I did say I wasn't sure about mobile phones, I do know that's the case in USA , as it turns out at least one does here, EE.....but we are splitting hairs

Rothstein

"Some people want mortgages, others want credit cards, others want mobile phone contracts, loans, car finance, jobs, rent applications and all sorts."

All these people will have a greater chance of acceptance if their scores are higher rather than lower, and if they make regular repayments and use their credit wisely, their scores .....

WILL
GO
UP
!

Chappaz

loonywitch wrote: »

So it says on their websites. In fact, EE say they report to all 3. They are both showing on the other 2 just not Experian and they're are no errors on either

It may be worth contacting them to confirm. There won't necessarily be an error on the report but they might not have found your file with some of the agencies or just let it slip through the net for another reason.

But double check that they aren't referring to credit agencies they check. Which agencies they use during a credit check, and which ones they report to, may be different.

takman

Rothstein wrote: »

"Some people want mortgages, others want credit cards, others want mobile phone contracts, loans, car finance, jobs, rent applications and all sorts."

All these people will have a greater chance of acceptance if their scores are higher rather than lower, and if they make regular repayments and use their credit wisely, their scores .....

WILL
GO
UP
!

Well that statement alone shows you don't even understand how credit scores work but yet you are signing their praises.

I know someone who has never had a credit card or any type of credit apart from a bank account and a contract phone which they have had for years. This have them a 999/999 experian score yet got declined for a credit card.

But someone with a lower score but who has history of paying a credit card will be more likely to get one. So a higher score DOES NOT mean someone is more likely to get a card.

Scores also don't take into account of someone income, which is a major factor in whether or not they get accepted for credit. So someone with a perfect score who had no income will not get a credit card but someone with a lower score and no job is much more likely.

So how can you say credit scores are accurate when they don't take into account:

-Whether or not you have a job
-How long you have been in your job
-Income
-External database information (such as Hunter)
-Internal customer information from previous dealings

These are all big factors that lenders use when determine to offer credit or not. All credit scores are for is to make mugs like you pay a monthly fee to the CRA's because you think it's something that is useful and needs to be improved.

shortcrust

Rothstein wrote: »

The scores are not meaningless, you just don't understand them

If she has scores of 300, 300 and 600, she has ZERO chance of getting any credit

If they are 630, 490 and 850, she has EVERY chance of getting credit

Which part of this are you all struggling with ??????

Why are you repeatedly posting the same nonesense in loads of different threads?!

kingstreet

loonywitch wrote: »

Forgive me, but what's the difference between obtaining all 3 versions and logging in online to see the reports held? I have done this for all 3 CRA

It was the "all three" that mattered, not how you did it.

loonywitch

Thanks! I thought you meant it was different somehow

crazyfj

Rothstein wrote: »

"The point is that you can't have an accurate one-size-fits-all scoring model when there are hundreds of different models out there for hundreds of different lenders."

The point is, you can, Equifax, Experian and Callcredit do just that.....it is deemed the most effective way of translating all the algorithms etc into a easy to understand ( for most of us !) format.....it suits most of the people, most of the time

Using one or two obscure cases to dismiss these large successful companies is vapid, so unless you are about to launch your own company with a better system, I'd leave it to the professionals if I were you, your bitterness and being lowly graded is showing....and it's ugly

As someone that has worked in this area. All companies adjust scores to market needs. A bank will have mutiple algorithms for products. All can be increased or reduced due to market pressures, company profits and product. Existing customers will also have a score. You should use the 3 credit reporting tools to make sure your report is correct. If you have a lower score it does not mean you will never get credit.

I would never suggest to anyone if they have a lower score they will not get credit. That's simply not the case. While you can use the system as baseline. Lower scored people are certainly not barred from credit. Many companies offer tailored products for these scores and high apr due the increased risk.

Rothstein

shortcrust wrote: »

Why are you repeatedly posting the same nonesense in loads of different threads?!

Good morning and thank you for asking....

Why are you and your ilk posting just the opposite at every opportunity to every question anyone asks ?

Perhaps now you see how foolish you all look ?

It adds nothing, offers no help and is obviously written by those with an underlying issue themselves.....

How do you feel now ?, are you still glad you asked ?

Rothstein

"I know someone who has never had a credit card or any type of credit apart from a bank account and a contract phone which they have had for years. This have them a 999/999 experian score yet got declined for a credit card."


That's really useful and helpful to all, why don't you post it again ?
In fact, you could base all your opinions regarding credit agencies on this one example, maybe you will get a lot of sheep to follow you then ??