To anyone new thinking of posting on this board...

hunt85

Don't bother unless you want a really sarky reply saying that credit scores are meaningless etc etc etc honestly read any thread on here you will not get a sensible reply. Why these people waste their time to even post a sarky reply is lost on me. Steer clear just google your question more chance of finding an answer.

Ben8282

hunt85 wrote: »

Don't bother unless you want a really sarky reply saying that credit scores are meaningless etc etc etc honestly read any thread on here you will not get a sensible reply. Why these people waste their time to even post a sarky reply is lost on me. Steer clear just google your question more chance of finding an answer.

The same could be said of the sort of nonsense that is so often posted by those who start the new threads. And just for your information credit scores are meaningless.

Pixie5740

That would require posters such as yourself hunt85 to read this thread before starting a new one, or better still to read the thread at the very top of the board before starting a new one about their bloody credit score, or reading any of the many other threads already started by people on the board about their bloody credit scores.

I've seen people on other forums get far shorter shrift than they do on MSE for posting a question that's already been posted multiple times and answered.

nyermen

The point is they're meaningless to anyone outside of the company you're dealing with.

I work in financial risk management, and I've helped implement scoring systems at different banks. We often provide "test data" and i've seen an "excellent" score in one of those models produce a referral / fail at another.

That's why people say they're meaningless except to that company. For those who know about Basel, these models can input into the capital requirements, known as IRB - "Internal Ratings Based" - with emphasis on internal...

Your credit history on the other hand - that matters, as each company uses it to compute their own score. So keep an eye on that (I periodically do the statutory request) and ensure it is accurate.
Experian's "model" is just that - their own model. They no-doubt change / improve it regularly, which may be why often there are questions eg. "my score has gone down for no reason..."

One other warning while I'm waffling - be careful with notice of corrections. They will likely either produce a rejection or a referral (manual review) with many providers depending on whether they support them. Bear this in mind prior to using them against a minor item.

StopIt

hunt85 wrote: »

Don't bother unless you want a really sarky reply saying that credit scores are meaningless etc etc etc honestly read any thread on here you will not get a sensible reply. Why these people waste their time to even post a sarky reply is lost on me. Steer clear just google your question more chance of finding an answer.

That's because as stated a thousand times, your credit history is important, not an RNG "score".


Lenders look at payment histories, access to, and utilisation of current credit and signs of credit distress like CCJs, default and insolvencies.


They do not look at any "score".


Mortgage lenders go further and take into account provable income and expenditure rather than just stated.


Again, a ex-bankrupt can get a 999 score on Experian for example. Does that make them an amazing credit risk?


To muddy the waters further, some lenders have their own scoring systems, separate from the CRA systems entirely. I know that Lloyds do, as their systems show me as having their best rating possible as my banking advisor shown me her screen the last time I asked about it! And no, the score wasn't on the number scales of the CRAs, before anyone asks.