Why is it so stressful?

Rothstein

doesn't bother me what the scores are because they are irrelevant, it's what is on the report that is important not some number. Do you want to know why I say irrelevant? Many people post on here worrying that their score has gone down because they made an application, closed an account, or did something else, or alternatively want to improve their score before they apply for something. They focus on the score and not what is on their report - any creditors will look at what is on their report and not the score, because they can't see it."

Read your own script.....

YOU can see the score !!!!, it has been interpreted FOR YOU by the CRA !!!!!!

It's your indication that what you are doing , positive or negative, is affecting your financial standing, your credit worthiness !!!!!!

You all keep saying the same, yet refuse to accept if you do what you say, the score will go up !!!!


£50 is small change if you want the most accurate up to date info, and I do

System

But you said that the scores weren't meaningless. Make your mind up.

No more credit was applied for, credit card balances fell, loan balance and mortgage balances fell. My Clearscore report has said this every single month since I opened an account at the beginning of 2016.

Positive 11

You have no Court or Insolvency data
You have no accounts in Default or Repossession
You have been on the Electoral Roll at your current address for a long time
You have made very few applications for credit in the past year
You have held at least one of your accounts for several years
You have very few / no accounts in arrears
Your largest credit card limit is relatively high
You have stayed within your credit card limit in the past year
Your total credit card % utilisation is relatively low
You have very few / no secured loans or mortgages that have been in arrears
Your current Telecoms balance is relatively low

Negative 0

No factors available

What am I doing which is negatively affecting my financial standing?

PixelPound

Rothstein wrote: »

£50 is small change if you want the most accurate up to date info, and I do

You do know this site is called Moneysavingexpert and not Moneyspendingexpert

You may think £50 is small change, but its the equivalent of paying for a premium gym membership and never actually going but like the look of having the gym membership card in your wallet

takman

Rothstein wrote: »

"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 ??

So you are only able to reply to one part of my post? What about the rest of explaining all the information they exclude which Credit Providers use.

Rothstein wrote: »

£50 is small change if you want the most accurate up to date info, and I do

So basically your posting on here desperately trying to get someone to agree with you so you can justify spending wasting £50 a month.


I've just read this post of yours:

Rothstein wrote: »

On signing up to the new service, I note that the eligibility checker gives higher eligability rankings than the actual company websites !, and that my Experian score is higher than my actual Experian account score on the same date

So your paying all this money and they don't even give you 999/999 haha. I better not tell you what scores i get because you might get jelous and that i don't pay a penny for them haha.

loonywitch

It seems to have got a bit off topic and perhaps that's my fault for not being clear. Yes, ultimately the scores are a guideline. The mortgage provider won't see this so I'm aware that the score itself isn't going to affect my chances.

To be clear, I can't get my head around why my scores don't reflect the affordability. I may not have a credit card but I do have credit where I've had no late payments, defaults or CCJs....my current mortgage has a perfect payment history of 10years. It's bonkers!

Chappaz

loonywitch wrote: »

It seems to have got a bit off topic and perhaps that's my fault for not being clear. Yes, ultimately the scores are a guideline. The mortgage provider won't see this so I'm aware that the score itself isn't going to affect my chances.

To be clear, I can't get my head around why my scores don't reflect the affordability. I may not have a credit card but I do have credit where I've had no late payments, defaults or CCJs....my current mortgage has a perfect payment history of 10years. It's bonkers!

Affordability is based on your income, your current debt, and therefore your disposable income.

You're unlikely to get a high affordability rate unless you're earning a fair bit every year (£40k P/A maybe). If someone had 999/999 credit scores, but were earning £5k per year, their affordability would be through the floor.

And the hit rate on the MSE credit club is a basket of credit types which primarily involve credit cards (maybe 80% credit cards and 20% loans at the moment). So if you have little credit history available in terms of credit card usage, you're unlikely to have a very high chance of being accepted for all the top cards.

I don't believe there are any mortgages in this basket as of yet, so it won't tell you anything about how likely you are to get a mortgage. However, if you have 10 years of perfect payment history for your current mortgage, future mortgage lenders are a lot more likely to be interested in that compared to any other type of credit you have.

StopIt

Rothstein wrote: »

"the amount of on-time payments, the credit utilisation and other factors are more important - regardless of what the score says."

Which of your own words do you not understand ?

If you make on time payments and your utilisation ratios are low , YOUR SCORE WILL GO UP

Why are you keen to say it one way but not accept the blindingly obvious consequence of what you suggest, which is a HIGHER SCORE ?

People come in forums for help and advice, not to be bored to death by people who obviously do not have even a rudimentary grasp of how the system works

How many people have to tell you that what you say is a lovely theory, but completely wrong in real life.


My Credit Score according to ClearScore (mostly, Noddle too but not as variable) has varied by hundreds of points in the last 6 months alone.


Why? After all, I pay my credit card on time each month, have had no credit applications, and the only financial products on my history are on Direct Debit and have a reducing balance (One Paid off this week, the other in September).


What's the odds that rather my credit score going up because I have one less debt, it'll go down because I have one less account? I don't know, but my score has went up 60 points and down 30 points in the last 2 months because god knows as nothing has actually happened.


As for the OP? The reason why the CRAs don't do affordability is because they don't really know your income and other expenditures. When you apply for a Mortgage however, those things are part of the process, so the credit check with a CRA is only a part of the picture.


If you're going back to your lender for a re-mortgage, they'll know your payment history and will factor that into their decisions. Don't worry too much that a CRA gives you 3 kippers out of 5 or whatever.