Mycreditmonitor 541 score help??

dembobaroo

Hi

I've just signed up to MCM to be shocked as my score is low as 541!

Abit about me, I'm 19, have been employed for 2 years, have 2 credit cards I rarely use and pay in full every month as well as a bank account for my employment of 2 years with the NHS and live with my parents. I was using My Annual Credit Report previously which told me my score was 781 and had been for months but as of 2 months ago they changed what they offer so I cancelled that. On MCM all my payments are upto day, i've never missed a payment and have a flawless payments made on time record so I'm really confused and Abit down about this. Any ideas anyone? Hopefully someone with more knowledge about this sort of stuff can help

Many thanks, Demi

worried_jim

It's a totally meaningless number that only you see. Pay your bills on time and don't borrow too much and you'll be fine.

DCFC79

dembobaroo wrote: »

Hi

I've just signed up to MCM to be shocked as my score is low as 541!

Abit about me, I'm 19, have been employed for 2 years, have 2 credit cards I rarely use and pay in full every month as well as a bank account for my employment of 2 years with the NHS and live with my parents. I was using My Annual Credit Report previously which told me my score was 781 and had been for months but as of 2 months ago they changed what they offer so I cancelled that. On MCM all my payments are upto day, i've never missed a payment and have a flawless payments made on time record so I'm really confused and Abit down about this. Any ideas anyone? Hopefully someone with more knowledge about this sort of stuff can help

Many thanks, Demi

The problem is your focusing on the score, dont do that is my answer. Only you can see it.

Dobbibill

Experian will give you a different score, Equifax - different again and Call Credit - different again..........you get where I'm going with this.

Pay no attention to any of them - they are not lenders - every lender will score you differently when you apply for credit with them. As above - pay everything on time, don't exceed any limits or miss any payments.

KoshB5

As everybody else has stated it is how you conduct yourself financially and the history you create that is important. Credit reference agency scores are generic credit risk scores that factor the things considered within a lenders own scorecard, they can't predict how a lender will actually assess you.

MCM use Callcredit to get your credit report, so will show the same one you'd get for free by using https://www.noddle.co.uk. Save money and sign up for a free monthly report from Noddle for Callcredit, Clearscore for Equifax and MoneySavingExpert credit club for Experian. If you want additional services that MCM provide you can get these for a far lower cost from Noddle as a paid extra.

dembobaroo

Thanks for the replies all, very insightful

I applied for 0% finance for something through Hitachi UK and got rejected even though I've never missed a payment and haven't exhausted any of my credit. Really struggling to understand why

DCFC79

dembobaroo wrote: »

Thanks for the replies all, very insightful

I applied for 0% finance for something through Hitachi UK and got rejected even though I've never missed a payment and haven't exhausted any of my credit. Really struggling to understand why

They dont have to tell you why but you could ask why, no harm in that.

Anyone can be rejected for credit at any time.

KoshB5

dembobaroo wrote: »

Thanks for the replies all, very insightful

I applied for 0% finance for something through Hitachi UK and got rejected even though I've never missed a payment and haven't exhausted any of my credit. Really struggling to understand why

Given your age you will have a very limited history to asses the risk of lending to you, even with a good history additional assessment that lenders undertake against their lending criteria e.g. affordability scoring can lead to a decline.

20aday

OP what is your income and what are the credit limits on your accounts?

I'd imagine it could be down to your age and limited credit history.

bazzyb

dembobaroo wrote: »

Thanks for the replies all, very insightful

I applied for 0% finance for something through Hitachi UK and got rejected even though I've never missed a payment and haven't exhausted any of my credit. Really struggling to understand why

There could be a number of factors, including your age, but from Hitachi's point of view your credit record will be showing no active credit currently (2 credit cards with nil balance from what you've posted). This would be quite a risk potentially to them - we don't know what item you were looking to finance, the value or the repayment amounts, nor what your income is. All of these will be deciding factors, not your 'score' as nobody will ever see that number but you.

Are you on the electoral roll?