Credit score question

Houndog6105

How come my credit score on Experian says 311 (very poor) next update available in 3 days but my MSE credit club score says 878 (good) next update available on 2/3/19 :huh::

[Deleted User]

Because neither use consistent or reliable algorithms.

Ignore both or just choose your favourite.

Houndog6105

I thought they are both linked . I thought whatever I see on my free mse report is what I'd see on a paid subscription of Experian account

I think I'll choose the mse score as my preferred choice :beer:

[Deleted User]

The data should be the same.

But for some reason, they prefer to create separate pretend scores, rather than just one

Houndog6105

Lots of people on here say ignore your credit score and it's just a made up score but at the end of the day that score plays a part in what products are available to you. So if I have a very poor score I'll be eligible for nothing but if my score is good it opens the door for more products and slightly better rates. So why do people on here say ignore your score

[Deleted User]

It doesn't play any role in what products you get. It's just a gimmick that only you see.

Lenders only ever look at the data on your files.

That's why people say to ignore it.

jimbo26

If it helps, I have generated you a score of 999.

Ebe_Scrooge

Houndog6105 wrote: »

Lots of people on here say ignore your credit score and it's just a made up score but at the end of the day that score plays a part in what products are available to you. So if I have a very poor score I'll be eligible for nothing but if my score is good it opens the door for more products and slightly better rates. So why do people on here say ignore your score

As above, the score plays no part whatsoever in determining what products are available to you. Quite apart from anything else, lenders cannot even see the score generated by the CRAs. What they will look at is the data and history contained within your file, and will use that to generate their own internal score - which no-one else (not even you) can see.

The scores given by the CRAs tend to increase with a stable period of activity, but decrease with any change in your credit circumstances. So, open up a new card - score goes down. Win the lottery and pay off all your debts and your mortgage - score goes down. Been bankrupt for a year, so there have been no accounts opened or closed for a while ? Congratulations, welcome to the elite club of those who have a perfect 999 score.

Oh, and as an aside, there's no need to pay a subscription to Experian, all of your credit reports are freely available to you.

Nasqueron

While the scores are a pointless gimmick, there is occasionally a glimmer of basis for them (e.g. if you hold debt such as a loan you aren't as attractive to some lenders to get further credit) hence why my ClearScore and Noddle ones aren't 100% as I have a balance on a BT card. Obviously 600/700 or 500/750 or whatever doesn't mean that I could or couldn't get credit, on that basis they can be ignored.



MSE Credit club has scored me 999 since I registered despite having the balance, yet says I am only about 90% likely to get a sub-prime credit card despite having 2 prime ones and never having had any bad credit problems

Houndog6105

Thanks everyone