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Differences between Noddle and Clearscore

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  • ilikewatch
    ilikewatch Posts: 1,072 Forumite
    edited 25 September 2017 at 7:45PM
    It would seem more odd if two largely random scores were in any way similar.

    Could you elaborate, are the scores really largely random? My understanding was that each company generated a score based on your credit utilisation, history etc. ?

    Surely if the scores were randomly generated then it would be a bit of coincidence that my scores from each company are broadly the same from one month to the next, and go up or down depending on my circumstances and how the accounts reported to them operate. If they were random I would expect that (for example) my Experian score might be 979 this month, then 274 next month and 500 the month after, despite my circumstances remaining stable. As it is, the scores stay broadly similair, and when the is a change in my score it always correlates to a change in my circumstances or credit utilisation.
  • Of course they're not truly random. That's an exaggeration for the sake of emphasis.

    But they are severely flawed in terms of a reflection of how lenders view you. They rely too much on stability and are negatively impacted by any change, either good or bad.

    The particularly leads those with limited or poor histories to be concerned when their scores drop, just because they have cleared a card, or acquired a card. Equally, bankruptcy and those new to credit are rewarded with high scores, which doesn't reflect their credit chances.

    Better to focus on the data and apply common sense, than fret about fluctuations in unreliable numbers.
  • Car1980
    Car1980 Posts: 1,361 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Combo Breaker
    A score of 547 isn't 'bad'. Mine is supposedly 'only' 483 and it doesn't affect me getting credit in any way.
  • Right, so I went and re-did the credit club application (using a different email address) and got registered!

    Interestingly enough it shows my credit rating as 711 (poor) and at least gives some reasons why my rating might be poor. It showed that I had 9 searches that could impact my credit rating. ALL of them being bloody searches when opening new high interest (HAHAHAHHAHA) savings accounts in May with banks so I could at least get my money earning something!

    Now Im really worried as Im looking to get a mortgage for a house in the next couple weeks!!!

    Regards

    Mailman
  • Pixie5740
    Pixie5740 Posts: 14,515 Forumite
    10,000 Posts Eighth Anniversary Name Dropper Photogenic
    Why are you really worried? Will you be applying for a mortgage with Noddle, Clearscore or MSE Credit Club?

    https://www.moneysavingexpert.com/loans/credit-rating-credit-score
  • hahaha...good point :)

    Regards

    Mailman
  • mailmannz wrote: »
    hahaha...good point :)

    Regards

    Mailman

    Notice how you didn't answer any of the questions in #11.

    You clearly have something very wrong in your credit history to be giving you a 1/5 with Noddle and a 711 with Experian and it's not the 9 hard searches.
    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.com
  • Relax candyapple...f00k me some of you guys are touchy! :rotfl:

    Here are the answers (which I just missed when glossing over your post).

    1. There are no missed payments showing for any accounts.
    2. Im not associated with anyone.
    3. No CCJ's showing (so you suspect wrong).

    THIS is why I am confused by the differences between the agencies! Noodle doesn't say WHY my rating is so low (but does try the hard sell to buy its improve product!), ClearScore is at the other end of the spectrum and Credit Club points out the hard searches (which are not highlighted by the other two).

    Regards

    Mailman
  • Heres another thing. The affordability score on credit club has me at full green (V.Good) for debt ratio, credit utilisation and disposable income as well...then says loans and credit card eligibility is good????

    Pity the mortgage part is still a work in progress.

    Regards

    Mailman
  • BAH! I don't know what all your guys hyperventilating was all about eh?

    I got agreement in principle today up to a squdillion clams for a mortgage :j :beer:

    Thanks for all the advice.

    Regards

    Mailman
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