ClearScore Credit - 490. Please help!

[Deleted User]

It's neither bad nor good. It's like saying that their credit worthiness is rated as 'unicorn'.

Completely irrelevant.

System

welly_59 wrote: »

Yes a score is subjective, not all lender use the same criteria etc, but when we the consumer cannot see the internal lending criteria it is a metric that you can compare yourself to

And it is still worthless. This board and the loans board is littered with people with perfect 999 scores being turned down for even mobile phone contracts.

elsien

Jase_ wrote: »

If I applied for a credit card and was approved...but I didn't use the card at all, would my score still go up?

There's little point getting it if you're not going to use it.
Forget the credit score. Lenders want to see that you can handle credit sensibly.
So if as already suggested you get a card, use it responsibly and pay it back in full every month (preferably by direct debit so you don't forget and get a late payment marker) it'll stand you in far better stead than any Clearscore number.

1974Stephen

Hi. I just checked mines.

Clearscore says my score is 512 out of 700. That the average score in my area is 379 and the UK average is 414.

Noddle says my score is 608 which equals 4 out of 5. They reckon the average score in my area is 616 and the average score across the UK is 615.

So it's all numbers and mumbo jumbo to me.

I would go to Quidco. Take out a Tesco foundation credit card or an Aqua credit card. You will get £45 cash back with either. Buy a bottle of wine on it once a month and pay it off.

Not sure if that helps any.

Mr_Underwriter

Deleted_User wrote: »

Just not in the real world, where it's classed as pointless.

It's indicative, along with other variables

[Deleted User]

Given the huge discrepancies compared to lender scoring, even 'indicative' is hopelessly optimistic.;)

tastyhog

I see the credit rating trolls are out in force today, "it means nothing" "it's nonsense" yada yada yada

regardless of what some nay sayers here claim, it is relevant as its a comparison against your file compared to millions of others, which is where they come up with the score from, it's a good indicator as to where you stand compared to the average man in the street.

so a low score would suggest you'd have issues obtaining credit, a higher score less so, of course there are exceptions to the rule, like those new to credit, those that have high score but have little to no actual credit products etc etc but as an indicator they tend to work quite well.

That's not to say you will or won't obtain credit as all lenders are different, and even change from day to day as to who they accept for credit, one day a mainsteam lender may push a low interest card to those that are good credit risks, another they may favour more riskier customers just depending on what side of their portfolio they wish to build up.

even the lenders algorithms themselves can throw up some surprising results, which when manually looked at are changed.

[Deleted User]

No trolling. Just truth

You’ve even admitted yourself you can have a high score and be turned down.

It’s not true and nowhere near accurate

MEM62

Jase_ wrote: »

If I applied for a credit card and was approved...but I didn't use the card at all, would my score still go up?

Did you not read all the previous replies?

You score is meaningless, it is little more than a randomly generated number that serves no purpose in the real world. Ignore it. It is only the data on your credit history that dictates how a potential lender with view you.

Willing2Learn

Jase_ wrote: »

If I applied for a credit card and was approved...but I didn't use the card at all, would my score still go up?

You need to the use the card for there to be a positive effect. Just buy stuff, like monthly groceries on your credit card, then pay off the balance in full after you get your monthly statement.

Using the card as described above, is viewed favourably by lenders when they score you against their independent criteria and policies. They don't see your ClearScore score.