Does my credit affect the house

Emmia

pecuniam_hominem said:

Emmia said:

- the number scores they'll show you are meaningless,

Just stop with this absolute trash.

The scores are *not* meaningless. They give you an indicated, based on your history, how likely you are to be accepted for credit.  No, it isn't guaranteed, but the idea that the scores is *meainginless* is absolute nonsense.

Wow! You don't pull your punches do you?  

Lenders can't see them (so they are meaningless for the purposes of applying for financial products) but I agree they're in some ways just a "summary" of your report and the factors within it, as judged by the relevant reference agency - since they all have different score minima and maxima.

I've got no idea why you felt the need for the tone of your comment though.

Tini1212

Thanks everyone, only just been told theres comments here, not getting notifications.
You have kind of helped although I'm bit annoyed previous threads are being quoted, they are not relevant.

vacheron

Tini1212 said:

Thanks everyone, only just been told theres comments here, not getting notifications.
You have kind of helped although I'm bit annoyed previous threads are being quoted, they are not relevant.

That's the joys of the MSE forum software update they did a while back.

Now I don't get notifications either when someone responds to a post I made 20 minutes ago, but I keep getting 30 e-mails a day about threads I haven't contributed to for 3 months!   

pecuniam_hominem

Tell me, if you take a pool of people (say 100), 50 of them have low credit scores, the other 50 have high credit scores.

Do you think those with high credit scores are going to have a higher acceptance rate?

Yes, they will. Therefore, the scores do indeed having meaning.

2021BJ

pecuniam_hominem said:

Tell me, if you take a pool of people (say 100), 50 of them have low credit scores, the other 50 have high credit scores.

Do you think those with high credit scores are going to have a higher acceptance rate?

Yes, they will. Therefore, the scores do indeed having meaning.

But I'm not 100 people, I'm one person.  If I can't trust that MY score is accurate, the whole thing is meaningless.  I don't have the statistical benefit of averaging it out over 100, 1000 or 1,000,000 people.

[Deleted User]

pecuniam_hominem said:

Tell me, if you take a pool of people (say 100), 50 of them have low credit scores, the other 50 have high credit scores.

Do you think those with high credit scores are going to have a higher acceptance rate?

Yes, they will. Therefore, the scores do indeed having meaning.

That is a false argument, the people who could get finance are the ones with a good credit history. CRAs do not know your salary so the score cannot reflect your chance of getting a loan. A newly discharged bankrupt will get a 999 score on Experian yet they are far less likely than someone with a history of managing debts well who is scored at say 700. The scores are a gimmick, even the CRAs admit this on their sites. You are not providing some new insight, you are just repeating myths

2021BJ

I'd add to the above.  You say they're not meaningless, OK so what DO they mean then?  Other than the Fair/Good/Excellent tripe, what does a score of 800 mean?  Does it tell me who I can borrow from?  Do you know?  Does Experian?  Does anyone?

What about a 999 score?  I do know I'm not guaranteed to be accepted by every lender so what does it mean?  Who will lend to me?  How much will they lend me?

This isn't the US with their FICO scoring system where lenders will say "If your score is below x we won't lend to you, if it's above x we will."

The only thing you can say is maybe lenders will be more likely to lend to you the higher your "score" is but I have no idea if any particular lender will or won't.  I don't know what their criteria are. Maybe they've filled their quota of "perfect" customers for the month and want to balance it out with a few who carry a balance, maybe it's the other way around.  As I don't know their criteria, how can that score be meaningful in any way?

Emmia

Whilst this is a great discussion I'm not sure it is really answering the questions of the OP!

@Tini1212 - are you able to provide any more information on your situation? Or has your question been answered?

Tini1212

The question has been answered. I'm not sure how to close the thread.

DCFC79

Tini1212 said:

The question has been answered. I'm not sure how to close the thread.

Why would you want it closed ?
Just let it slowly drop off the page.
You need to contact a boardguide, generally the thread will stay open.