Credit Club score different to Experian site!?

gionnetto

MisterBaxter wrote: »

One thing I did notice was that Transunion and Equifax seem to look at utilisation differently to Experian, the former seems to look at utilisation on a card by card basis whereas the latter seems to look at utilisation across the total available credit so that could explain it. I recently paid for a holiday on one card that took it to around 60% utilisation and my scores dropped on TU & Efx whereas Exp wasn't affected. This was one of those unexplained/unexpected score drops that had me checking the reports in more detail. The scores went back to the previous level the following month as the bill had been paid and utilisation doesn't seem to have a memory.

Same thing happened to me... Exp seems more concerned with the overall credit usage, whereas TU and Eq are more concerned with utilization on a card by card basis!

Experian also seems to be more responsive to recent changes (it decreases/increases right away after a new search or account opening), whereas TU and Eq take more time to change.

Alanapone

Wow, thanks, everyone!!

Okay, so my credit utilisation is rather high due to paying down an old credit card. Maybe its time I focused on clearing it down to under 50% and see what that does?

I've never really had much luck with credit... Typical kid spending tooo much and not paying back properly but since having two kids and getting my life in order... and turning 40! I have tried to be a lot more sensible with credit.

I only really want a decent credit score for when I get a mortgage in the next year. After that, I couldn't care less... I just don't want to get penalised and pay way more interest if I can do a few simple things to make sure a lender will look at me more kindly.

I'll get there... Just need to do some research I guess. Anyway, thanks for all the advice, I will double check my reports but everything does seem to be in order, maybe I just need to try and reduce my utilisation with a 0% transfer card or similar?

[Deleted User]

You don’t need a good credit score for a mortgage.

You need a good credit history.

Use a credit card (or multiple) and pay them off each month after the statement.

Make sure you’re on the Electoral Roll.

Get a SIM-Only phone contract.

System

Alanapone wrote: »

Wow, thanks, everyone!!

Okay, so my credit utilisation is rather high due to paying down an old credit card. Maybe its time I focused on clearing it down to under 50% and see what that does?

focus on clearing it down. period.
Try and never carry an interest bearing balance. In other words, never buy what you cant pay off in full on that months statement. And yes, try and keep your credit utilisation under 10% on any given month.

kingstreet

Credit "scores" in the UK are indicative at best and misleading at worst.

Not once in 35 years in financial services have I taken any notice of the score. I summarise the credit issues such as the registration dates, amounts and satisfaction dates of lates, missed, defaults, CCJs, IVA, bankruptcy etc and then match to lender criteria.

Utilisation? Never once had a mortgage lender mention it as an issue. But if I can see all the cards are at/over limit I would be concerned at over-commitment.

jee

I'm now more than ever convinced of the worthlessness of credit scores. I applied for a remortgage and new mortgage- 2 different mortgages- at the same time with a bad "credit score" of 311. I've received 2 offers at no problem at all. Mortgage credit worthiness increases dramatically with the size of your deposit.