Experian Credit Score - Complete Load of Rubbish

SoFedUpOfBeingRippedOff

I've always had an excellent credit score - usually between 987 and 999.  I've never NOT been able to repay a loan or any financial obligation.  Perhaps on 2 occasions in my life I have forgotten to pay a bill but then I'm not so young now so that averages out about once every 20 odd years.  I own property but have no mortgage on my own home.  I've never been wealthier.  We have an excellent surplus income every month.  And yet since joining Martin Lewis credit club within a couple of months of declaring my income (I have a small pension and small income from a part-time job), I'm now hardly in the "good" category, let alone "excellent".  I've always noticed that when we take out a new BTL mortgage, our credit scores go down even though we have paid off a mortgage on exactly the same day with the funds borrowed.  I already have 2 credit cards (which I have had for many years) so I don't need another and I don't need to borrow to buy - I have plenty of money coming in thank you very much and plenty of savings.  I am completely amazed by what a load of rubbish this system is.  We were previously accessing Experian through a Lloyds Bank benefits account - but between the bank and Experian they were not able to provide the service which is why I joined Martin Lewis credit club - more of a fraud check really.  Thank goodness I don't need to borrow.  Financially I can hold my head up high and say that this scoring is a complete load of rubbish.

DCFC79

Which is why theres a thread titled what your credit score actually means.

The score/rating is just a number, not really a definitive guide if you are able to get a loan.

D3xt3r5L4b

Congrats.
You’re one of the few who have realised it means diddly. 

Jrchmn

You have my sympathies on the mortgage renewal. Mine renewed in May but it took 2 months to affect the credit ratings. Very frustrating and for me unexpected as it’s my first renewal. Originally I started checking my credit file to prevent fraud. It’s good for credit card fraud as you’ll see the searches. If you check using a mobile phone you might want to consider clear score as it has an app. The credit scoring etc is no better I just find it quicker to check than the credit club. 

sourcrates

 I should make your post a sticky, save a lot of keyboard hours i can tell you.

JonVarnas

The scores are a joke. Clearscore have just increased my score this month because a default was added

Thrugelmir

Credit data is for use by others. Nothing to do with rating an individual at a particular point in time.