Ways to improve credit in 5 months

Gaz83

LiamTLOU wrote: »

A lot of the articles I have read said they do take it into account. If they in fact do not in the UK, then that makes it easier for me. Thank you for educating me.

Lenders will often use their own internal scoring system, based on their own lending and acceptance / rejection criteria. But the 'public' scores available from any of the three big CRAs are not seen by any lender. They just see your data.

xlnc99

Capital one have their own credit site available now. They basically use equifax for their data and their scores. I applied to them was rejected and was told my credit score was to low and to increase it before applying. So i do believe some lenders use the actual credit score of agencies. AQUA are the same with transunion

Ben8282

xlnc99 wrote: »

Capital one have their own credit site available now. They basically use equifax for their data and their scores. I applied to them was rejected and was told my credit score was to low and to increase it before applying. So i do believe some lenders use the actual credit score of agencies. AQUA are the same with transunion

Did capital One suggest exactly how you should increase your score before applying after using the eligability checker on their site? Were any products recommended?

xlnc99

No i am signed up to their free credit report site called credit wise. Its their own credit site partnered up with equifax. So they have all the info as equifax and they use eqiufax credit scores as their own. Its always the same to what equifax have.

All they stated is i did not meet their criteria and to 'imrpove my score' before applying again. Ive never had a rejection saying improve your score before which leads me to believe that companies are now heading in the direction of partnering with the CRA agencies and using their scores aswell as their own. It could be the future. AQUA do the exact same with their own credit scoring available and they use transunion which is again the same score on their site.

The eligibility checker is automatically on their free credit site as a way to push and sell their products i guess

Ben8282

I don't think I would be tempted to even consider applying for a card from a lender who hides their products behind an eligibility checker and doesn't let you see what they offer until you enter your details in an eligibility checker. It's a bit like a shop boarding up their windows and not letting you peek until you have proven that you can afford the goods and then only being allowed to see what you have shown you can afford.
Plus they get your details which can subsequently be used to bombard you with offers for credit products to improve your score and make you eligible for you don't know exactly what.

[Deleted User]

xlnc99 wrote: »

So i do believe some lenders use the actual credit score of agencies.

I can assure you they don't.

Although some lenders have linked with CRAs to provide a score as 'added value', it's not part of the decision making process, for obvious reasons.