MSE CREDIT CLUB info wrong?

Pilot86

Hello all!

Long time lurker, first time poster

Ok so I have been building my credit file over the past couple of years. I did have a default that dropped off last a couple of months ago.

Clearscore score : 418
Experian : 999

My salary is 19000, plus I have a constant overtime amount per month of 500 after tax. My total bills are only £650 per month. I pay things on my credit card every month and pay it off early

I am confused as the loan probability say v.weak,

Can anyone shed some light on this,

Regards

Scott

[Deleted User]

Does the credit club require you to put in your outgoings or does it make assumptions?

stuart30

Pilot86 wrote: »

Hello all!

Long time lurker, first time poster

Ok so I have been building my credit file over the past couple of years. I did have a default that dropped off last a couple of months ago.

Clearscore score : 418
Experian : 999

My salary is 19000, plus I have a constant overtime amount per month of 500 after tax. My total bills are only £650 per month. I pay things on my credit card every month and pay it off early

I am confused as the loan probability say v.weak,

Can anyone shed some light on this,

Regards

Scott

Well according to MSE credit club i couldn't get fresh air on credit...in fact its amazing how im even able to get Broadband as they say my % of getting any credit was minus 3 million (ok ok slight exaggeration maybe but basicly my chances were nearly nil.).

Checked Noodle/Giffgaff and Clearscore and then apply for Tesco credit card with 60% chance...approved straight away with long term balance transfer and £1500 limit.

Few days later chance my arm with Barclaycard platinum after one of the free CRA stated 80% chance,approved with £3500 limit and long balance transfer.

Then only last week i thought id try and no doubt get rejected for an M&S bank account and boom approved.

However as i say...MSE reckons id be lucky to get tap water on credit let alone £5000 with normal lenders (compared to Aqua ect)...just shows whilst the forum is bang on,the credit club is complete wet poo.

gingercordial

stuart30 wrote: »

However as i say...MSE reckons id be lucky to get tap water on credit let alone £5000 with normal lenders (compared to Aqua ect)...just shows whilst the forum is bang on,the credit club is complete wet poo.

Me too. Or at least, the MSE credit club doesn't think I exist. I do, and have access to the free services from Noddle, Clearscore/Equifax and Experian directly, so I can't see any reason why MSE's version says I don't exist.

MSE's eligibility checker therefore told me last week I had absolutely zero chance of getting a Sainsbury's BT card. 0% chance, don't even bother.

I applied and was immediately accepted with a £10,000 limit.

Pointless.

MSE_Dan_L

Pilot86 wrote: »

I am confused as the loan probability say v.weak,

Can anyone shed some light on this,

Regards

Scott

Hi Scott

Thanks for your post. The affordability on Credit Club is based on a few factors:

- information from your Experian credit file (e.g. details of any debts which you have, and your payment history).
- details you've provided when registering (e.g. salary and dependents).

We then use this to understand your affordability. With loans, it is likely that we feel you've got a relatively low amount of disposable income, and whilst this doesn't mean that you wouldn't get accepted for a loan, it is likely that you'd not receive an amount as someone else who has been calculated to have higher affordability.

Full information around this is included on the affordability tab of Credit Club, so do take a look there.

MSE_Dan_L

gingercordial wrote: »

Me too. Or at least, the MSE credit club doesn't think I exist. I do, and have access to the free services from Noddle, Clearscore/Equifax and Experian directly, so I can't see any reason why MSE's version says I don't exist.

Hi gingercordial

Thanks for your post and I'm sorry to hear you've failed verification.

The verification process is managed by Experian and will ask you specific questions relating to your accounts and if you answer them incorrectly, you will not pass. Alternatively, if it is unable to match your name and address history to a credit record, you'd be unable to progress.

Unfortunately this does happen in around 15-20% of cases and although it's frustrating but to protect your data from being used fraudulently, we simply don't have the reason as to why you failed, nor are Experian able to tell you why.

For now this means that you'll unfortunately be unable to register for Credit Club which I appreciate is disappointing.

However we're working closely with Experian to look to improve how the service works in the future, including how we can tighten up gaps around different formats of addresses. If you'd like us to take a further look with Experian, do drop us a note to creditclub@moneysavingexpert.com.

Fireflyaway

The same happened to me. Credit club gives me a score of 997 which I was surprised at as with clear score I'm deemed 'fair' and with noddle I'm 'poor'. Credit club asked for housing costs and based on that and my income it said I had a good chance for a loan. However my chances of a credit card were stated as weak. I think its all pretty confusing!

MSE_Dan_L

Fireflyaway wrote: »

The same happened to me. Credit club gives me a score of 997 which I was surprised at as with clear score I'm deemed 'fair' and with noddle I'm 'poor'. Credit club asked for housing costs and based on that and my income it said I had a good chance for a loan. However my chances of a credit card were stated as weak. I think its all pretty confusing!

Hi Fireflyaway

Thanks for your post.

The first thing to highlight is there isn’t a single universal credit score, the credit reference agencies (who collate info about you to send to lenders) have developed the idea of a credit score to provide you with an at-a-glance view of your credit worthiness based on the factors shown in your credit file. Each agency will have its own model sitting behind the score to help determine its make-up, which is one reason why your score can differ with one agency rating you as ‘excellent’ and another as ‘good’. Credit Club uses Experian to give you eligibility chances and to help calculate your MSE Credit Hit Rate, plus you get an Experian Credit Score.

Additionally, here are some other common reasons why your score might differ:

• Your personal details might differ, e.g, name or address, meaning either Experian (for Credit Club) or the other agency isn’t able to match your full details.

• Experian’s Credit Score in Credit Club updates once per month, so it may be that your score elsewhere is less (or more) up-to-date based on recent changes to your credit report.

• One of the lenders might not share details with one of the credit agencies meaning that this item of credit isn’t being recorded.

• If you’ve previously raised a dispute about an entry on your credit file with one particular agency, this can mean that this item isn’t currently being considered as a factor on your credit report.

For more information on what your credit score really means, take a look at our full guide: http://www.moneysavingexpert.com/loans/what-credit-scores-mean

We're working with Experian to understand more about how the affordability elements work, hopefully in the future we'll be able to add more information to the FAQs and affordability section of Credit Club.

I hope this helps.

stuart30

Fireflyaway wrote: »

The same happened to me. Credit club gives me a score of 997 which I was surprised at as with clear score I'm deemed 'fair' and with noddle I'm 'poor'. Credit club asked for housing costs and based on that and my income it said I had a good chance for a loan. However my chances of a credit card were stated as weak. I think its all pretty confusing!

Did you check all cards as i think by default it says the top 5% of cards or some nonsense.

Ive given up on it as its a WASTE of time.

Giffgaff surprisingly has a good free version and the % of acceptance seems pretty accurate.