Advice from my bank manager has lowered my credit score

glosoli

First of all, I am surprised the bank manager was taken in by the myths of the credit scoring system, and also surprised he actually gave advice on the fact. It is not something anyone in a bank is given training on or has a "course" or module to complete on, so even though he's your bank manager you might aswell have been talking to some random guy in the pub.

Secondly, who knows what algorithms are behind an internet banking loan offer - it could be a range of things, from being able to analyse your income and expenditure, to no longer meeting their ideal customer profile, or perhaps they are narrowing their targeting to a specific demographic for a period of time, or maybe no one is getting a personalised quote. It really doesn't matter anyway.

Thirdly, micromanaging your accounts in this way does not make one ounce of difference to a mortgage application. Are you on the electoral register? Check. Do you have any form of credit history, i.e even a current account? Check. Have you managed your affairs correctly for the past six years, in the sense of missed payments, defaults, CCJ's, so on and so forth? Check. If so - forget your credit score.

Without intending to sound rude the paranoia surrounding credit scores is at fever pitch levels, and people like the branch manager, who I am sure had good intentions, should really know better than to continue to peddle to this b/s.

Jimmy_Boy

Hi glosoli

Thanks, that perfectly sums things up.