Credit scores on credit reports.

MalMonroe

Hello everyone.  

I have just been discussing my 'soft search' application for a 0% balance transfer credit card with someone at my very own bank, Nationwide. I fit all the specified criteria, so was very hopeful. However, the soft search revealed that I would probably not get such a credit card. So I phoned to find out why. My bank account is healthy, so I really didn't think I'd fail, particularly as I only wanted to shift £1500.

BUT - the consultant said I needed to check my credit score and report, they use Experian (and so does this forum). He told me quite categorically that they DO look at credit score numbers when considering applications for credit and if the numbers are too low, it's a big fat no. Those numbers, he emphasised, are NOT simply made up numbers for the benefit of customers. Lenders can see them and they use them.

He told me my own credit score was probably 'middle of the road' when my report was checked. I had stupidly told him that I'd had financial troubles in the past and he tended to jump on that and focus on it and said that's probably all on my credit report and why I won't get a card if I go ahead with the application. Oh and also that I probably look 'credit hungry' to lenders. BUT there's no indication anywhere on my report that I've had any financial troubles, nor that I'm credit hungry because I've not applied for anything for over two years. I'm on the electoral roll and everything is up to date and I've not defaulted on any payments - there just isn't anything bad on there.  And when I just checked my Experian credit score (which he stressed to me is so very important), it's 'excellent', 961/999.

So perhaps it's not such a good idea for MSE forum members to keep reassuring forum users that lenders don't even look at credit scores (I can't count the number of times I've seen that on here - hundreds, maybe?) because I've just been told quite categorically by an 'expert' that, even though all lenders make decisions based on different criteria, they certainly DO look at - and consider - credit scores, which they ARE able to see on everyone's report. And if yours is low, you won't be considered.

So naturally I'm absolutely gutted as my own bank won't let me have one of their cards(!) And still stinging from being told my Experian score is 'probably just middle of the road'.  How very dare he!!! I'm also seriously considering switching bank accounts - even though it's a terrible time right now. 

So now you know. A superior Nationwide consultant has stated that lenders DO look at credit scores and they DO use those scores when making decisions about customers' creditworthiness. According to him, it's the most important thing.

Please don't shoot me for I am only the messenger.  And I'll be writing a letter to Nationwide in the morning. 

MalMonroe

P.S. It's only just occurred to me that he could have been lying! (Could he?) 

dr_adidas01

MalMonroe said:

Hello everyone.  

I have just been discussing my 'soft search' application for a 0% balance transfer credit card with someone at my very own bank, Nationwide. I fit all the specified criteria, so was very hopeful. However, the soft search revealed that I would probably not get such a credit card. So I phoned to find out why. My bank account is healthy, so I really didn't think I'd fail, particularly as I only wanted to shift £1500.

BUT - the consultant said I needed to check my credit score and report, they use Experian (and so does this forum). He told me quite categorically that they DO look at credit score numbers when considering applications for credit and if the numbers are too low, it's a big fat no. Those numbers, he emphasised, are NOT simply made up numbers for the benefit of customers. Lenders can see them and they use them.

He told me my own credit score was probably 'middle of the road' when my report was checked. I had stupidly told him that I'd had financial troubles in the past and he tended to jump on that and focus on it and said that's probably all on my credit report and why I won't get a card if I go ahead with the application. Oh and also that I probably look 'credit hungry' to lenders. BUT there's no indication anywhere on my report that I've had any financial troubles, nor that I'm credit hungry because I've not applied for anything for over two years. I'm on the electoral roll and everything is up to date and I've not defaulted on any payments - there just isn't anything bad on there.  And when I just checked my Experian credit score (which he stressed to me is so very important), it's 'excellent', 961/999.

So perhaps it's not such a good idea for MSE forum members to keep reassuring forum users that lenders don't even look at credit scores (I can't count the number of times I've seen that on here - hundreds, maybe?) because I've just been told quite categorically by an 'expert' that, even though all lenders make decisions based on different criteria, they certainly DO look at - and consider - credit scores, which they ARE able to see on everyone's report. And if yours is low, you won't be considered.

So naturally I'm absolutely gutted as my own bank won't let me have one of their cards(!) And still stinging from being told my Experian score is 'probably just middle of the road'.  How very dare he!!! I'm also seriously considering switching bank accounts - even though it's a terrible time right now. 

So now you know. A superior Nationwide consultant has stated that lenders DO look at credit scores and they DO use those scores when making decisions about customers' creditworthiness. According to him, it's the most important thing.

Please don't shoot me for I am only the messenger.  And I'll be writing a letter to Nationwide in the morning. 

I think the person you were talking to was talking rubbish as they don’t see the score the lender gives.

They were probably referring to the score Nationwide used to score you against there lending criteria, which to them may mean that you are a middle of the road type of customer.  You did the eligibility checker which also told you that you weren’t eligible for a card. Credit isn’t a right and you simply might not fit the type of customer that Nationwide want to lend too. 

Your Excellent score as you have discovered means absolutely nothing at all. The reply you will get to your complaint will simply say something along the lines of “You don’t meet the criteria of our internal lending policy” You won’t know what that is as it’s unique to Nationwide and they won’t tell you what it is either. 

Also lending is becoming more strict at the moment, your previous financial problems may have be a contributing factor depending on how long ago they were. 

andyslk1967

I've never signed the electoral register nad get more credit than is good for me!

born_again

MalMonroe said:

So perhaps it's not such a good idea for MSE forum members to keep reassuring forum users that lenders don't even look at credit scores (I can't count the number of times I've seen that on here - hundreds, maybe?) because I've just been told quite categorically by an 'expert' that, even though all lenders make decisions based on different criteria, they certainly DO look at - and consider - credit scores, which they ARE able to see on everyone's report. And if yours is low, you won't be considered.
Please don't shoot me for I am only the messenger.  And I'll be writing a letter to Nationwide in the morning. 

Well as someone working in banking and have many friends who work in our credit team. They have no access to any "Number" nor do they need to.
Any scoring is all internal and based on risk factors & lending appetite at any given time.
Maybe the person has been confused by a training package or was just winging it, based on the fact that Credit Agency's are used, but for other reasons. Or it could be that Nationwide actually do.

I would always take any info provided by branch staff with a large pinch of salt. Having seen the training they get. Which is fully tailored to "Meeting customer needs" read SALES.. Anything else they have to rely on procedures from the systems. Which from my experience are written by people that have never & have not any intention of doing the job, given how hard they are to understand..

Don't worry no intention of Shooting you

Rufus_Dufus

MalMonroe said:

P.S. It's only just occurred to me that he could have been lying! (Could he?) 

yes

[Deleted User]

MalMonroe said:

P.S. It's only just occurred to me that he could have been lying! (Could he?) 

No, just confused by bank scoring and the mythical CRA score. They will have been told to tell customers to check their credit record and probably been fooled by the TV adverts pushing this nonsense

Remember also, CRAs don't see your earnings, what other income you have, home arrangements if it's not a mortgage etc all of which the bank will use to assess you so how could any CRA score be used by the bank?

CRISPIANNE3

MalMonroe said:

Hello everyone.  

I have just been discussing my 'soft search' application for a 0% balance transfer credit card with someone at my very own bank, Nationwide. I fit all the specified criteria, so was very hopeful. However, the soft search revealed that I would probably not get such a credit card. So I phoned to find out why. My bank account is healthy, so I really didn't think I'd fail, particularly as I only wanted to shift £1500.

BUT - the consultant said I needed to check my credit score and report, they use Experian (and so does this forum). He told me quite categorically that they DO look at credit score numbers when considering applications for credit and if the numbers are too low, it's a big fat no. Those numbers, he emphasised, are NOT simply made up numbers for the benefit of customers. Lenders can see them and they use them.

He told me my own credit score was probably 'middle of the road' when my report was checked. I had stupidly told him that I'd had financial troubles in the past and he tended to jump on that and focus on it and said that's probably all on my credit report and why I won't get a card if I go ahead with the application. Oh and also that I probably look 'credit hungry' to lenders. BUT there's no indication anywhere on my report that I've had any financial troubles, nor that I'm credit hungry because I've not applied for anything for over two years. I'm on the electoral roll and everything is up to date and I've not defaulted on any payments - there just isn't anything bad on there.  And when I just checked my Experian credit score (which he stressed to me is so very important), it's 'excellent', 961/999.

So perhaps it's not such a good idea for MSE forum members to keep reassuring forum users that lenders don't even look at credit scores (I can't count the number of times I've seen that on here - hundreds, maybe?) because I've just been told quite categorically by an 'expert' that, even though all lenders make decisions based on different criteria, they certainly DO look at - and consider - credit scores, which they ARE able to see on everyone's report. And if yours is low, you won't be considered.

So naturally I'm absolutely gutted as my own bank won't let me have one of their cards(!) And still stinging from being told my Experian score is 'probably just middle of the road'.  How very dare he!!! I'm also seriously considering switching bank accounts - even though it's a terrible time right now. 

So now you know. A superior Nationwide consultant has stated that lenders DO look at credit scores and they DO use those scores when making decisions about customers' creditworthiness. According to him, it's the most important thing.

Please don't shoot me for I am only the messenger.  And I'll be writing a letter to Nationwide in the morning. 

I have often been confused with Nationwides lending criteria. I have been with them for about 25 years and have had various credit facilities with them. In particular on one of the accounts I had a overdraft facility and wanted to increase it. However it was declined the increase. I then decided to open up another account with them with an overdraft facility and requested an amount of about £4k and was approved immediately. Made no sense to me at all. 

MEM62

MalMonroe said:

He told me quite categorically that they DO look at credit score numbers when considering applications for credit and if the numbers are too low, it's a big fat no. Those numbers, he emphasised, are NOT simply made up numbers for the benefit of customers. Lenders can see them and they use them.  

Complete tosh.  The only scoring or criterion that he will have access to is the one based on their internal lending criterion.  

MalMonroe

MEM62 said:

MalMonroe said:

He told me quite categorically that they DO look at credit score numbers when considering applications for credit and if the numbers are too low, it's a big fat no. Those numbers, he emphasised, are NOT simply made up numbers for the benefit of customers. Lenders can see them and they use them.  

Complete tosh.  The only scoring or criterion that he will have access to is the one based on their internal lending criterion.  

Exactly, that's what I thought. And I told him that too but he pooh-poohed what I said. In fact he spoke to me in a very superior way altogether.

MalMonroe

CRISPIANNE3 said:

MalMonroe said:

Hello everyone.  

I have just been discussing my 'soft search' application for a 0% balance transfer credit card with someone at my very own bank, Nationwide. I fit all the specified criteria, so was very hopeful. However, the soft search revealed that I would probably not get such a credit card. So I phoned to find out why. My bank account is healthy, so I really didn't think I'd fail, particularly as I only wanted to shift £1500.

BUT - the consultant said I needed to check my credit score and report, they use Experian (and so does this forum). He told me quite categorically that they DO look at credit score numbers when considering applications for credit and if the numbers are too low, it's a big fat no. Those numbers, he emphasised, are NOT simply made up numbers for the benefit of customers. Lenders can see them and they use them.

He told me my own credit score was probably 'middle of the road' when my report was checked. I had stupidly told him that I'd had financial troubles in the past and he tended to jump on that and focus on it and said that's probably all on my credit report and why I won't get a card if I go ahead with the application. Oh and also that I probably look 'credit hungry' to lenders. BUT there's no indication anywhere on my report that I've had any financial troubles, nor that I'm credit hungry because I've not applied for anything for over two years. I'm on the electoral roll and everything is up to date and I've not defaulted on any payments - there just isn't anything bad on there.  And when I just checked my Experian credit score (which he stressed to me is so very important), it's 'excellent', 961/999.

So perhaps it's not such a good idea for MSE forum members to keep reassuring forum users that lenders don't even look at credit scores (I can't count the number of times I've seen that on here - hundreds, maybe?) because I've just been told quite categorically by an 'expert' that, even though all lenders make decisions based on different criteria, they certainly DO look at - and consider - credit scores, which they ARE able to see on everyone's report. And if yours is low, you won't be considered.

So naturally I'm absolutely gutted as my own bank won't let me have one of their cards(!) And still stinging from being told my Experian score is 'probably just middle of the road'.  How very dare he!!! I'm also seriously considering switching bank accounts - even though it's a terrible time right now. 

So now you know. A superior Nationwide consultant has stated that lenders DO look at credit scores and they DO use those scores when making decisions about customers' creditworthiness. According to him, it's the most important thing.

Please don't shoot me for I am only the messenger.  And I'll be writing a letter to Nationwide in the morning. 

I have often been confused with Nationwides lending criteria. I have been with them for about 25 years and have had various credit facilities with them. In particular on one of the accounts I had a overdraft facility and wanted to increase it. However it was declined the increase. I then decided to open up another account with them with an overdraft facility and requested an amount of about £4k and was approved immediately. Made no sense to me at all. 

I have thought of just phoning again in the hope of speaking to someone with some brain activity. But I've also just been approved for another card with very similar conditions to Nationwide's. Still miffed though at having a very healthy current account with them and being snubbed.