Credit score plummeted with no reason?

Hasbeen

pecuniam_hominem said:

Hasbeen said:

Your credit score in numbers is utterly meaningless. It is not used or seen by anyone apart from you, as a marketing gimmick.

Nonsense. The score is an estimate based on your payment history, and indicates how likely you are to be accepted for credit.

Sure, it doesn't match the algorithm the lenders use, but it does do essentially the same thing, looks at payment history and other factors.

I agree some people treat it as gospel, but you have other people on here like you, suggesting credit scores have no use. They do.

LOL OK what ever misguided opinions you have, then fine by me.

But the CRAs use the fictional scores to sell financial products to the people that do treat their score as gospel

I have other people like me on here? I thought I was unique?   

MaryNB

pecuniam_hominem said:

Hasbeen said:

Your credit score in numbers is utterly meaningless. It is not used or seen by anyone apart from you, as a marketing gimmick.

Nonsense. The score is an estimate based on your payment history, and indicates how likely you are to be accepted for credit.

Sure, it doesn't match the algorithm the lenders use, but it does do essentially the same thing, looks at payment history and other factors.

I agree some people treat it as gospel, but you have other people on here like you, suggesting credit scores have no use. They do.

My friend got rejected for a loan he was well able to afford even though his score was "excellent" across the three CRAs. His lender didn't see his score and didn't care. The looked at his file, saw he had just remortgaged and refused him to approve another credit application so soon after he remortgaged. 

When I got my Equifax file updated to show I was on the electoral roll my score went from "fair" to "excellent". Unfortunately, as a result of this update, Equifax incorrectly applied a Notice of Correction. I contacted two high street lenders for advice just before I applied for a mortgage and both said the notice of correction would be an issue and it would require my application to be reviewed in detailed (contrary to Equifax insisting it would have no impact). Didn't matter than my score had just gone to "excellent", both lenders strongly advised me to get the NOC removed before applying for a mortgage because it could be problematic. 

sonofmerton

i am signed up with all the different credit scoring places. all have different scores. i use it purely to see what if any amounts are left on any cards i have and to make sure no one is taking out loans etc in my name. the scores are nonsense. lots of emails each week telling me my score has gone up (no change) or companies are chomping at the bit to give out cash.  

companies do indeed go by what credit you have based on what your income is. in my business dealings, one had an internal scoring upto 150. another just did an algorithm based on debt v income. computer says yes or no.

someone once told me their company looked at how many debtors they had within a particular area. too many and you wouldn't get anything no matter what your credit record is. it seems unfair, but if it were your money you would be hesitant.

ultimately no one is entitled to any form of credit no matter who you are or what you earn. if you get it look at it as a 'bonus'.

femalemonarchfemalecanine

my experian score dropped by about 90. No reason, though they are pushing a new product; coincidence? what do you think?