Mortgage-Bank saying credit rating is good but Experian saying poor!!! Help!

Laurenmae

Just after some advice, my partner and I are due to complete our full mortgage application next week after being agreed an AIP with Barclays but I am really worried about my credit score, I have always paid everything on time and never had any defaults, Lloyd's who I currently bank with are saying I have an A credit rating however when I am looking on Equifax and Experian it is saying I have a poor credit score, mainly due to the fact I have 2 credit searches within 6 months and limited credit history. When applying will the just see the poor and probably instantly refuse or shall I trust what the bank is telling me???

Candyapple

The free versions to check your credit files are below:
Experian: https://www.moneysavingexpert.com/creditclub
Equifax: https://www.clearscore.com
TransUnion (formerly Call Credit): https://www.creditkarma.co.uk


Lenders do not see your credit score - it's a marketing tool created by credit reference agencies used to sell you their premium services.

What is actually on your credit files?

Do you have many other 'credit' accounts showing on your files such as bank account / mobile phone etc.?

Are you on the electoral roll (does it show on all 3 files?)

Do you have any credit cards / loans / overdraft / car finance etc?

Do you have any late payments / defaults / CCJs?

[Deleted User]

If Lloyds are rating you as good internally on their systems (read - they do not use the CRA's scores and ratings) then you have nothing to worry about.

Laurenmae

Thanks for your reply,

So on my credit file I currently have
1 car finance for 5 years, I am currently 1 year in
1 other credit agreement for electrical appliances at £27 a month for 24 months, this is 6 months in.
1 credit card with Lloyds bank with a limit of 500, however only use around 50 a month
£200 overdraft with Lloyd's
I am registered on the electoral role and have never missed payments or had CCJs or defaults etc.

[Deleted User]

Laurenmae wrote: »

Thanks for your reply,

So on my credit file I currently have
1 car finance for 5 years, I am currently 1 year in
1 other credit agreement for electrical appliances at £27 a month for 24 months, this is 6 months in.
1 credit card with Lloyds bank with a limit of 500, however only use around 50 a month
£200 overdraft with Lloyd's
I am registered on the electoral role and have never missed payments or had CCJs or defaults etc.

Nothing untoward there.

It just adds even more proof to the pot that the CRA scores are complete twaddle

Laurenmae

Thanks the things they are saying that are going against me is that:-

My credit card limit is only for £500 so this makes me seem untrustworthy due to being a fairly low amount
I have a couple of new credit accounts
Hard searches, one for the current credit card, another for a card that I didnt end up taking out but was approved for and one for my car insurance

Lots of people are saying though the credit score can be quite unreliable, especially when I login to Equifax and see that everything is green!!! Very frustrating

Candyapple

Mortgage advisor saying credit scores are meaningless:
https://forums.moneysavingexpert.com/discussion/5659874
https://forums.moneysavingexpert.com/discussion/6016238/credit-club-score-different-to-experian-site

999 scores, keep rejected:
https://forums.moneysavingexpert.com/discussion/3158508

Experian admit credit score pointless:
https://forums.moneysavingexpert.com/discussion/4858881

Bankrupt and with 999 score:
https://forums.moneysavingexpert.com/discussion/4099257

Post #10 is really good on this thread:
https://forums.moneysavingexpert.com/discussion/3158508

Post #10 onwards about how pointless credit scores are:
https://forums.moneysavingexpert.com/discussion/5663181


Lauren, you should be fine. Stop worrying and in any event even if there was something wrong with your report, it's too late to do anything about it now! Good luck with the mortgage application, let us know how it goes

Laurenmae

Thank you!! Really appreciate you taking the time to reply!

[Deleted User]

Laurenmae wrote: »

Thanks the things they are saying that are going against me is that:-

My credit card limit is only for £500 so this makes me seem untrustworthy due to being a fairly low amount
I have a couple of new credit accounts
Hard searches, one for the current credit card, another for a card that I didnt end up taking out but was approved for and one for my car insurance

Lots of people are saying though the credit score can be quite unreliable, especially when I login to Equifax and see that everything is green!!! Very frustrating

Where did you get these "negative" points from?
I'm guessing the CRA's advisory notices?

Seriously ignore the CRA's "advice" and the scores and ratings they give you.

Laurenmae

Thanks for your help! guess we will just see what happens!! Fingers crossed!