Credit Card Limit

Lebene

Nasqueron wrote: »

You're confusing 2 things:

1) Your credit record which IS looked at
2) Your credit score which is made up and not seen by anyone

When you apply to a bank for finance they use their own scoring system. Even the credit agencies admit their score is made up. You can either listen to people who know what they are talking about or take your own line. Either way I don't care but having a 999 Experian rating does not guarantee good credit. A lower "score" with a good record will get better offers than a high score with a bad record

Are those not variables? In order to maintain a good score, you need to avoid repeatedly getting bad reviews on your report.

The person who was rejected was never late on anything, they simply did not have a credit record because the only way to get it at their age was by using a credit card. I assume it was 'pay as you go' on their mobile or not on a high stake £30+ over 20 months type of contract. And his student rent records which were only 3 years worth. Either way, they didn't have a record despite being self-employed and were initially rejected. They sorted it out in the end but almost didn't get their first home due to it.

I will continue to keep my credit scoring/report as a part of my variables when I consider my finances.

Have a good weekend.

Dobbibill

The CRAs collect data from Credit Card, bank accounts, loan, utility bills, mobile phone contracts etc. It will also record if you are registered on the ER. There are many ways to build a record.

The score is only the perception of the CRAs - they think you are worth a 999 or 789 score but no-one sees it. If it's significantly low then look at the data to see why this is their perception (there may be defaults, CCJ or late payments etc lurking in the background). In reality they don't lend money, lenders have their own scoring system so their score is redundant and nothing more than their opinion.

chattychappy

Lebene wrote: »

Are those not variables? In order to maintain a good score, you need to avoid repeatedly getting bad reviews on your report.

After 42 posts, you are still talking about "maintaining a score". There is no such thing. No such thing as "bad reviews on your report". CRAs simply log data provided to them. If you do a DPA request, you will not get a history of your previous scores - because nobody is maintaining a score. People like Experian will calculate a score on request (eg if you subscribe to their service).

Dobbibill wrote: »

lenders have their own scoring system so their score is redundant and nothing more than their opinion.

Precisely. They will score based on what they get from the CRAs, but also other stuff, eg: what you put on the application, other evidence you might give them, any previous history they've had with you.

Nasqueron

Lebene wrote: »

Are those not variables? In order to maintain a good score, you need to avoid repeatedly getting bad reviews on your report.

The person who was rejected was never late on anything, they simply did not have a credit record because the only way to get it at their age was by using a credit card. I assume it was 'pay as you go' on their mobile or not on a high stake £30+ over 20 months type of contract. And his student rent records which were only 3 years worth. Either way, they didn't have a record despite being self-employed and were initially rejected. They sorted it out in the end but almost didn't get their first home due to it.

I will continue to keep my credit scoring/report as a part of my variables when I consider my finances.

Have a good weekend.

You're still mixing up report and score. I don't know why I keep posting this


The credit agencies themselves freely admit the SCORE does not mean anything, it's a reflection of credit rating yes but they don't let you money so if you think 999 on Experian means anything, ask them for a loan and see where it gets you.


My "score" on Equifax has been static for over 3 years as I have cleared a BT card, taken on PCP, added a new balance to the BT card. During this time I have paid all the bills on time and in full. I have been on the electoral roll at my place for 15 years, I have never had a single missed or late payment for any credit. Whatever my scores are (and they are not maximum "score" except with Experian) has not stopped me getting any finance product I wanted. I got a new car on PCP 0% finance within minutes of the application. A bankrupt can get 999 despite the fact their bankruptcy is on the register indicating they clearly aren't perfect!

Lebene

Nasqueron wrote: »

You're still mixing up report and score. I don't know why I keep posting this


The credit agencies themselves freely admit the SCORE does not mean anything, it's a reflection of credit rating yes but they don't let you money so if you think 999 on Experian means anything, ask them for a loan and see where it gets you.


My "score" on Equifax has been static for over 3 years as I have cleared a BT card, taken on PCP, added a new balance to the BT card. During this time I have paid all the bills on time and in full. I have been on the electoral roll at my place for 15 years, I have never had a single missed or late payment for any credit. Whatever my scores are (and they are not maximum "score" except with Experian) has not stopped me getting any finance product I wanted. I got a new car on PCP 0% finance within minutes of the application. A bankrupt can get 999 despite the fact their bankruptcy is on the register indicating they clearly aren't perfect!

I don't have 999 on Experian though...

Like I said, my friend only had 3 years worth of a credit report before they tried to buy a home, the only sources were from 3 years university renting/2 years utility and it almost cost them their mortgage, of course, they just supplied further extensive evidence in the end to counteract the initial rejection.

If I want to keep the credit scoring a variable to my finances, I don't know why that's a problem. It's just a loose guide to how my choices could have risks or positives in terms of my finances. And there are negative reports on a credit scoring, they tell you what could potentially affect your finance offers, but it doesn't mean it will. The more I want to keep a good score, the more vigilant I will be in general, it's a motivational factor.

I live debt free and I aim to remain that way, I have done it by applying different motivational factors along with living with my mum/abroad - most of my friends live with their parents, family or abroad. It has worked so far. Unfortunately, these two over limits are a blight on my personal record after 11 years of being a bank account owner. But this will be the last time.

I do thank you for being sincere in informing me, I just want to keep it as a variable.

Also, thank you to those who suggested the Aqua card, the services they offer actually remind me a lot of China in terms of convenience and options available. Their customer services are really efficient too.

I find this forum interesting: https://forums.moneysavingexpert.com/discussion/4045523/aqua-credit-cards-avoid

[Deleted User]

It’s not a loose guide at all.

Ignore reviews/rants on forums and websites - people only ever post complaints in order to get it off their chest.

Nasqueron

It's not a loose guide, it's how a company that doesn't lend you money rates your chances of borrowing money. The firm that might lend you money has nothing to do with the Experian score and have their own rating which you may never see. You could have 999 on Experian and a lender still rejects you for not meeting whatever lending criteria they have. The score is as useful as a chocolate teapot but you clearly know better than everyone else so...