Credit Scroe NEVER Changes...

DigitalDevil

Hey,

At the end of 2016 I cleared all my debts and and everything was complete as of early 2017, it’s now 2018 and my credit score is the EXACT SAME as it has been since some time in mid 2014... does this thing ever improve or does one slip-up mean a lifetime stuck with a poor credit score?

[Deleted User]

The scores are fictional.

Simply ignore them and focus on managing your credit well.

DigitalDevil

If the score is fictional why does it exist? What is it for? If it’s not used for anything then what is checked when I apply for credit.... sooooooo many questions.....

[Deleted User]

It's to keep you interested in checking it and buying wonderful credit building alerts and services.

Lenders will check the history of your accounts and other data in your files.

System

DigitalDevil wrote: »

If the score is fictional why does it exist? What is it for? If it’s not used for anything then what is checked when I apply for credit.... sooooooo many questions.....

When you log onto Clearscore what is the very first thing you see? "Congratulations your score is XXX, here are some offers we have for you. "

They use them to try to sell you credit that they get commission for doing.

cjmillsnun

DigitalDevil wrote: »

If the score is fictional why does it exist? What is it for? If it’s not used for anything then what is checked when I apply for credit.... sooooooo many questions.....

As others have said it's a marketing ploy.

Lenders use something with a subtly different name. They use "credit scoring"

This is where they consider a number of factors from 3 sources to compare you against their lending criteria (every lender has different criteria).

1. The information in your credit report

2. The information you gave when you made your application.

3. Any dealings with you that this company (or any company in the parent group - for example Halifax would look at previous history from the Lloyds Banking Group) has had with you in the past.

Each factor is then "scored" and the scores totted up. If you're at or over the magic number set by that lender, then you get accepted...

RG2015

DigitalDevil wrote: »

Hey,

At the end of 2016 I cleared all my debts and and everything was complete as of early 2017, it’s now 2018 and my credit score is the EXACT SAME as it has been since some time in mid 2014... does this thing ever improve or does one slip-up mean a lifetime stuck with a poor credit score?

Have you checked your credit report with all three credit reporting agencies (CRAs)? Lenders may not report or search with all three CRAs.

You can check these free of charge as follows:

MSE Credit Club for Experian
Clearscore for Equifax
Noddle for Callcredit

z1a

It does, it changes to "score".

keiran

I have often heard that the scores are meaningless and created by CRAs to simply upwell their other products, etc

I am not sure, however, by the blankets assertions that no lender uses the scores at all. If not presently, I can easily see how in future lenders may use such scores to, at least, weed out complete no-hopers, etc

[Deleted User]

They absolutely don't use them now and certainly won't in the future.

The score tells them nothing of the details of someone's history and how it fits with their criteria.

DigitalDevil

So how do I move myself from the

“Sorry, you’ve been unsuccessful in obtaining credit.....”

To

“Congratulations, your application has been approved”

I don’t use any of the credit checking services to “look for deals” so I guess I don’t fall into the standard type user, I was using it as a means to gauge when I would have improved my file enough to apply for credit again, but going by what everyone has said this is not the purpose of the credit checking services at all..... so I’ve been using them wrong for almost 5 years