We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
Confusing Credit Score
grizza_2
Posts: 2 Newbie
Just used the experian credit score through MSE and am confused by the results.
How can I be excellent for loans yet poor for credit cards? I have relatively high disposable income and surely if you can afford loans you can afford credit cards?
I don't need either but my overall score is poor which is more of a concern for when I remortgage at the end of the year.
Debt to income is very low, never miss payments etc. I have just moved accounts but was with my previous bank 10 years +.
Have a credit card that rarely has more than a couple of hundred £s on it and is always paid in full and is only used for bigger purchases that require some form of insurance like holidays etc
Is the poor score because I don't use credit much? I would consider myself exceptionally low risk for a lender as per the rating for loans?
Any advice appreciated
How can I be excellent for loans yet poor for credit cards? I have relatively high disposable income and surely if you can afford loans you can afford credit cards?
I don't need either but my overall score is poor which is more of a concern for when I remortgage at the end of the year.
Debt to income is very low, never miss payments etc. I have just moved accounts but was with my previous bank 10 years +.
Have a credit card that rarely has more than a couple of hundred £s on it and is always paid in full and is only used for bigger purchases that require some form of insurance like holidays etc
Is the poor score because I don't use credit much? I would consider myself exceptionally low risk for a lender as per the rating for loans?
Any advice appreciated
0
Comments
-
Is the poor score because I don't use credit much?
It could be. Or it could simply be because the score is irrelevant and generally inaccurate.
If you're clearing your card in full, are on the ER and have no history of missed payments, there shouldn't be too much to worry about. Make sure you're using the card regularly so that you're building a solid history.
If you still have concerns, then see a broker for your remortgage.0 -
Just out of interest, what score did Experian give you?
Have you checked your files with the other 2?
Call Credit: https://www.noddle.co.uk
Equifax: https://www.clearscore.comI'm a Board Guide on the Credit Cards, Loans, Credit Files & Ratings boards. I'm a volunteer to help the boards run smoothly, and I can move and merge threads there. Any views are mine and not the official line of moneysavingexpert.com0 -
Experian was 622 equating to poor
Noddle is better from memory in the good bracket (can't access this to check on work computer for some reason).0 -
So just tell people about your Noddle score.
0 -
Your 'score' would have likely taken a hit because you've closed your bank account / opened a new one so it will probably recover in about 6 months time.
Make sure you are on the electoral roll and ignore the score by and large as it is meaningless, your credit history is what matters.I'm a Board Guide on the Credit Cards, Loans, Credit Files & Ratings boards. I'm a volunteer to help the boards run smoothly, and I can move and merge threads there. Any views are mine and not the official line of moneysavingexpert.com0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 351.7K Banking & Borrowing
- 253.4K Reduce Debt & Boost Income
- 454K Spending & Discounts
- 244.7K Work, Benefits & Business
- 600.1K Mortgages, Homes & Bills
- 177.3K Life & Family
- 258.4K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.2K Discuss & Feedback
- 37.6K Read-Only Boards