Multiple applications......the results

TheShape

OP,

100 people, each with the same Experian Credit Score, apply for the same credit card.

If the Experian Credit Score is the determining factor either:

a) all 100 will be accepted or;

b) all 100 will be declined.

If the result is anything other than a or b, how do you explain the result?

Ficofuture

I was 90% eligible for Lloyds and Santander, yet was declined !, because of the high number of searches prior !

Had i done 1 in isolation , on the balance of probability, i would most likely been accepted

This is about multiple applications and what happens..........what actually happens when you do it

The score is one part of the story, income and many other things are taken into account

One lender may not favour the self employed

Virgin dont like ANY searches in the last 6 months for example

MBNA are very keen for Lloyds customers.........

(Text removed by MSE Forum Team)

glentoran99

Ficofuture wrote: »

Yes, and you fit their criteria...........or the bank used Call Credit or Equifax ?

The score is an insight, a snapshot, why is everyone so scared by them ?

There will be mistakes, but Experian is a multi billion pound company, im quite sure they have come up with a scoring system that is accurate to acceptable percentage levels

My Equifax score is poor too, and noodle is Call Credit. There is no mistake they don't see the scores, they used their own scoring based on the information they had access to via both their own records and the CRA's


No-one is scared of them but people
A) shouldn't pay for them
should not put much stock in them

Ficofuture

TheShape wrote: »

OP,

100 people, each with the same Experian Credit Score, apply for the same credit card.

If the Experian Credit Score is the determining factor either:

a) all 100 will be accepted or;

b) all 100 will be declined.

If the result is anything other than a or b, how do you explain the result?

Voodoo might be the easiest answer ?

glentoran99

Ficofuture wrote: »

I gave my own example for that reason !!!
I was 90% eligible for Lloyds and Santander, yet was declined !, because of the high number of searches prior !

Had i done 1 in isolation , on the balance of probability, i would most likely been accepted

This is about multiple applications and what happens..........what actually happens when you do it

The score is one part of the story, income and many other things are taken into account

One lender may not favour the self employed

Virgin dont like ANY searches in the last 6 months for example

MBNA are very keen for Lloyds customers.........

The point is, this anti score mindset is very blinkered, and i can only see its coming from people with a chip on their shoulder..................maybe their wife ran off with the cool dude from Call Credit ?

When deciding credit the score is NO part of the story, lenders don't see it, Why aren't you getting this?

Ficofuture

Whats wrong with paying for the most up to date information ?

Last months Financial Times is no use to me today.........

If you are worrying about £14.99, stoozing is not for you

glentoran99

Ficofuture wrote: »

Whats wrong with paying for the most up to date information ?

Last months Financial Times is no use to me today.........

If you are worrying about £14.99, stoozing is not for you

You work for Experian don't you?

Ficofuture

glentoran99 wrote: »

When deciding credit the score is NO part of the story, lenders don't see it, Why aren't you getting this?

They see what the score reflects, its much easier for us to understand as a number, on a scale.........what is so wrong with that ?

This must be a cultural thing, or people like to think they have inside info, and think its cool to say,
"Ignore it, its made up"

Its not cool. its sad

Ficofuture

I work for myself...working for others is a mugs game

glentoran99

Ficofuture wrote: »

They see what the score reflects, its much easier for us to understand as a number, on a scale.........what is so wrong with that ?

This must be a cultural thing, or people like to think they have inside info, and think its cool to say,
"Ignore it, its made up"

Its not cool. its sad

Experian gives you a score


Lenders give you a score


they aren't the same, which one do you think matters?