How does Barclays Partner Finance effect my credit score?

The_Fat_Fish

Hi all,

I am looking to use Barclays Partner Finance (0% APR) to purchase something online but want to know:

1) When I apply for the finance, how much will my credit score be impacted (hard search)?

2) If I choose to pay back the finance early, will this have a positive or negative effect on my credit score?

Thank you in advance for your help.

Willing2Learn

Hi Fat Fish and welcome to the forum.

A lender neither see nor uses your credit score. A lender will score you against their own independent criteria and policies, using the data in your credit file added to the data you submit in your application.

DCFC79

Your score will drastically reduce to 777 but wake up the following morning and your score will be fine.

The_Fat_Fish

DCFC79 wrote: »

Your score will drastically reduce to 777 but wake up the following morning and your score will be fine.

Why would the score be okay the next day? Is the process that quick?

TadleyBaggie

it was a joke.

The_Fat_Fish

TadleyBaggie wrote: »

it was a joke.

So is there no impact on credit score? I'd always assumed as it is credit, my credit score would be impacted.

TadleyBaggie

Read post #2 again, you don't have a credit score that any one can see.

Pixie5740

https://www.moneysavingexpert.com/loans/credit-rating-credit-score/

sourcrates

The CRA`s propaganda campaign is very good.


In the small print at the bottom of their respective websites, you will find what there real modus operandi is, this is from Experian :

"Experian comparison services are provided free however we will receive commission payments from lenders or brokers we introduce you to".

They are essentially a credit broker, or a "lead generator" who use a scoring system, based on information from your report, among other things, to give you a "credit score", this is the number you see.

The lender then matches you against there own internal scoring system, to generate a number you don`t see, they will either accept, or refuse you, based on how well you meet there lending model.

This makes the CRA credit score pretty much meaningless, as its only purpose is to identify financial products you may be eligible for.