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Credit expert - affordability

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Hey! I’ve just checked my credit file on credit club.

My affordability shows as poor, and my disposable income low.

Now, each month, my disposable income is around 80% of my wage, 20% goes on bills etc, and 80% is disposable... surely that should be higher? As it’s not accurate at all.

My affordability is also a lot higher than shown there too..

Comments

  • [Deleted User]
    [Deleted User] Posts: 35,242 Forumite
    Part of the Furniture 10,000 Posts Photogenic Name Dropper
    Don't worry. At best, the ratings are a wild stab in the dark and not of any use.

    They tend to vary dramatically from lender assessments.
  • That’s okay then, was wondering how it was rated,
    Would mean I’d need a disposable of over £2500 fornit to be in green if that was the case :rotfl:
  • For it* mistake
  • sourcrates
    sourcrates Posts: 31,520 Ambassador
    Part of the Furniture 10,000 Posts I've been Money Tipped! Name Dropper
    edited 17 July 2024 at 8:33AM
    That’s okay then, was wondering how it was rated,
    Would mean I’d need a disposable of over £2500 fornit to be in green if that was the case :rotfl:
    For it* mistake


    There is an edit button to edit your posts, just to make you aware.


    edit.gif
    I’m a Forum Ambassador and I support the Forum Team on the Debt free wannabe, Credit file and ratings, and Bankruptcy and living with it boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.For free non-judgemental debt advice, contact either Stepchange, National Debtline, or CitizensAdviceBureaux.Link to SOA Calculator- https://www.stoozing.com/soa.php The "provit letter" is here-https://forums.moneysavingexpert.com/discussion/2607247/letter-when-you-know-nothing-about-about-the-debt-aka-prove-it-letter
  • System
    System Posts: 178,346 Community Admin
    10,000 Posts Photogenic Name Dropper
    Unfortunately one of the downsides of things like the affordability tests is that not only the MSE credit club but lenders as well use is that they don't know what your actual outgoings are and have a list of assumptions they make which will be way off what the money savvy spend.
    This is a system account and does not represent a real person. To contact the Forum Team email forumteam@moneysavingexpert.com
  • I do know, it just wouldn’t allow me to edit for some reason haha, the selections as greyed out
  • Update, applied yesterday for a PCP agreement, black horse declined me, due to ‘affordability’, I then forwarded my bank statements to them, to prove my disposable income is accumulating rather than decreasing, and they said that it’s odd they declined me in that case.

    Motonovo accepted me and when I asked, they said that my affordability was fine.

    Strange
  • Each lender will have their own criteria.

    Which is why the affordability ratings (along with the scores etc) are pretty safe to just ignore
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