applying for credit - means score goes down

[Deleted User]

rintyrad wrote: »

here we go. i knew we'd get one. How many times did i say i know its meaningless. i just wanted to know a score based question.

This forum is rubbish. All everyone wants to do is post how your score is meaningless everytime you post. Some of us know this already.

Spam post.

Disgruntled poster from the past I guess

Takmon

rintyrad wrote: »

Before i start i know the supposed credit score doesnt mean anything so spare me all that rubbish. However despite this when i have put irresponsible lending complaints in they have referenced my score was xxx at this time so thats why we let you have it.

Anyway i digress

My question is once you've applied for credit how long after does it take for your score to go back up? as in its gone down by 46 points. seems a large amount.

once again dont come here saying your score means nothing it is a credit ratings forum and i am asking the questions based purely from a score perspective:money:

No lender would tell you what you scored on their internal scoring system. This system is confidential and even if they did give you that number it wouldn't mean anything because you don't know any other details about their system.

But remember the lenders internal scoring system is unique to each lender and confidential and this is different again to each of the public services that offer to sell you your score.

But your post is obviously not serious because is otherwise you wouldn't have lied.

Missus_Hyde

rintyrad wrote: »

Before i start i know the supposed credit score doesnt mean anything so spare me all that rubbish. However despite this when i have put irresponsible lending complaints in they have referenced my score was xxx at this time so thats why we let you have it.

Anyway i digress

My question is once you've applied for credit how long after does it take for your score to go back up? as in its gone down by 46 points. seems a large amount.

once again dont come here saying your score means nothing it is a credit ratings forum and i am asking the questions based purely from a score perspective:money:

This forum is rubbish. All everyone wants to do is post how your score is meaningless everytime you post. Some of us know this already.

As you appear to know everything anyway and think this forum is rubbish, it begs the question as to why you waste your obviously valuable time posting queries about your credit score?:huh: :doh:

rintyrad

This is not a lie - would you like to see it - it is from mr lender

rintyrad

i was posting because i was asking a credit SCORE question not whether i could be approved for credit. Just a SCORE question and shock you have gone down the rote of mugging everyone off about their SCORE.

Yes i know its all about your history blah blah blah ive been reading up on it for months. my question was about the score only.

and yes mr lender replied to my irresponsible lending complaint with the score i had which is why they gave me the loan

Takmon

rintyrad wrote: »

i was posting because i was asking a credit SCORE question not whether i could be approved for credit. Just a SCORE question and shock you have gone down the rote of mugging everyone off about their SCORE.

Yes i know its all about your history blah blah blah ive been reading up on it for months. my question was about the score only.

If you have been reading up on this for months you would know that there are many different scores. The credit reference agencies all offer to calculate a different credit score for you (e.g. Experian), various third party companies also offer to calculate a credit score for you (e.g. clearscore) and companies that offer credit also each internally calculate a different "credit score" using confidential calculations.

Yet you refer to your credit score as being just one number which shows your months of research haven't taught you anything. :rotfl:

rintyrad wrote: »

and yes mr lender replied to my irresponsible lending complaint with the score i had which is why they gave me the loan

Ok then post a photo/screenshot showing this part of their reply (omitting any personal details).

SnowTiger

rintyrad wrote: »

i was posting because i was asking a credit SCORE question not whether i could be approved for credit. Just a SCORE question and shock you have gone down the rote of mugging everyone off about their SCORE.

IIRC credit checks stay on your Experian and Equifax reports for one year and your TransUnion report for two years.

After they drop off, the CRAs won't be able to use them when calculating their 'score'.

LoveMoney produced a list of what affect various things have on CRA's 'credit scores', but they're a bit sketchy about how it was compiled. Credit searches are not mentioned on their list. See: https://www.lovemoney.com/news/71771/credit-score-rating-what-it-means-check-uk-credit-points.

rintyrad wrote: »

and yes mr lender replied to my irresponsible lending complaint with the score i had which is why they gave me the loan

CRAs do credit scoring on behalf of lenders. It probably differs from what you see and would be based on the specific needs and requirements of the lender.

Vanquis, for example, may use different scoring methodology to American Express.

[Deleted User]

Asks question about score.
Gets told score is irrelevant.
Continues to ask about score.
Is told again score is irrelevant.
Etc.

TL;DR - the score is irrelevant and lenders do not use, see or care about it.

Ben8282

applying for credit - means score goes down

Not necessarily. The last two 0% cards I applied for and was accepted for with an interval of just over a year between applications did not result in a reduction in my score even when 0% balances appeared on them.
Of course, excessive applications for credit could well result in a reduction of the score.

I don't want to say that credit scores are completely meaningless in terms of interpreting the information contained in your credit files. I mean this in the sense that the higher the score the lower the probability that the files contain adverse information such as missed payments, defaults, ccj's etc.
However, in terms of your eligibility or suitability for a specific credit product, the scores are, in themselves, meaningless.
Attempts to increase the score for the purpose of obtaining further credit are misplaced as the effort should be put into rectifying the underlying problems.
The scores do not take into account individual lenders criteria for specific products nor do they take into account other factors such as income (and therefore affordability), length of employment and so on.

SnowTiger wrote: »

https://www.lovemoney.com/news/71771/credit-score-rating-what-it-means-check-uk-credit-points.


.

An article whose first paragraph reads 'Whenever you apply for any type of credit, whether it’s a credit card, a 0% deal on a sofa or a mortgage the lender will check your credit score.' does little to inspire confidence in it.
Having read the full article, I have even less confidence in the accuracy of what is written in it. In fact I would go as far as to say that I believe it to be mostly nonsense.

rintyrad

how do i attach an image so i can show you?

that will shut some of you score idiots