Tesco Bank - What is the Point of Having an Excellent Credit Rating

MinuteNoodles

Woofiedog said:

I realise that no one owes me credit. I never said they did. What I am saying is that I should qualify for a card because I have an excellent credit rating and that refusing me a card means that having a excellent CR is proving to be redundant.

But the people giving you that credit rating are the credit reference agencies who don't lend money or operate credit cards. Lenders have their own software which they use to generate their own internal score for an applicant based on the contents of the credit file the CRAs have, not the mickey mouse number the CRAs generate to try to sell you stuff.

The number the CRAs generate exist for just one purpose, to persuade you to get a loan or a credit card from their website so they can get commission. Don't believe me? Here's today's email I got from Clearscore:

"The offers you see on ClearScore are tailored to your credit score and financial circumstances, to help you find the right product for you. Your unique list of offers are refreshed regularly - browse your top deals below. "

It then goes on to list balance transfer and purchase credit cards, loans, car finance and mortgages I could get with my credit score...."just click here to check your eligibility and apply".

The CRA scores are a marketing gimmick. They're so worthless that a bankrupt can have a perfect 999 Experian score even before they've been discharged.

bradders1983

Discrimination? Under which of the protected characteristics?

bradders1983

I went to the same school as Professor Brian Cox. Suppose this means I should be an expert on astrophysics by now.

Shakin_Steve

Being freelance may make no difference to your ability to pay.....in your opinion. To a lender, freelance means the same as self employed, unstable income, dependent on whether you have work or not. Can you honestly not understand that what you have earned in the past means nothing going forwards in the current climate? 

No one on here will agree with your stance, because we all know that a 'no' is a 'no', and no reasons have to be given. Good luck with your 'discrimination' accusations but, in my opinion, you're just p!$$ing into the wind.