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Nasqueron

chattychappy wrote: »

Simply put, I do understand! Of course there are exceptions and inconsistencies.

In my own case, the score I got from Experian was the same as the score a company got when they searched me. That came with a recommendation and some data that made up the score. The company was free to take the score/recommendation, or look at the underlying data, or combine it with their own info. Of course it was my company and I was "playing around", but they weren't to know that.

Experian supply data (and perhaps a scoring service) to lenders and use the same data to provide a score to consumers. There is going to be a positive correlation between higher scores and positive lending decisions.

sigh

The score you get is not seen by anyone but you, Experian freely admit this on their website. They don't know what you earn so cannot give any idea of how good you are. Experian provide data only.

Again, a bankrupt can get a score of 999 (clean credit record) but clearly they are not a prime borrower because of that. There are hundreds of posts on here from people with high scores on the credit agencies complaining they do not get the cards they apply for or the headline rate of a loan etc - there is NO correlation between how Experian score you and whether you are accepted, only the data on the record and how the LENDER scores you

vlmal

Okay this thread seems to have gone off topic slightly.

But just while we're on credit scores... after reading all of the latest posts it seems that a lot of people think credit scores are irrelevant and don't really matter too much - since they're apparently subjective?

My question is will a low credit score affect my chances of getting a mortgage? The last time I applied for a mortgage was in 2007 but my credit score at the time was around 850. Now, my score is around 350. Will this impact my chances? If so, does this mean credit scores aren't in fact irrelevant?

[Deleted User]

Lenders do not see your score provided by the CRA's

They will use their own tools and algorithms to score you for the products they offer, and another lender will use the same for their products etc etc etc.

It's all based on criteria - for example, MBNA may score you as 9/10 and accept you for a credit card, but Santander may score you 3/10 for a credit card and not accept you - it's all down to the lenders own criteria that they look for in a customer.

As already mentioned above, bankrupts get a 999 score - people get refused a £20 per month SIM-Only mobile contract with 999 scores, but those with a 300 odd point score can get a mortgage for £300,000+ - go figure.

As an example, yes you can still get a mortgage with a 350 "score" - someone I know was rated pretty poorly across all 3 CRA's (between the "poor" and "fair" marks) and was given a £320,000 mortgage - and not through a specialised broker but a high street lender.

MallyGirl

a mortgage company won't look at your numeric credit score. They will look at your recorded credit history - how you have conducted your financial affairs.
The score you see is indicative of something not that great in your credit history.

You can have a max 999 score if you have never borrowed and never missed a payment but a very thin file like that would not be good support in a mortgage application.

Candyapple

vlmal wrote: »

Okay this thread seems to have gone off topic slightly.

But just while we're on credit scores... after reading all of the latest posts it seems that a lot of people think credit scores are irrelevant and don't really matter too much - since they're apparently subjective?

My question is will a low credit score affect my chances of getting a mortgage? The last time I applied for a mortgage was in 2007 but my credit score at the time was around 850. Now, my score is around 350. Will this impact my chances? If so, does this mean credit scores aren't in fact irrelevant?

Just in case you missed it, post #33 raises some good points and questions that you should answer.

Out of interest, how did not 1 of your wife's friends have a card with at least £600 available? I find that very strange.

What would they have done if your wife didn't have your cc on her?