Why you might be wrong about credit scores

bigkenny1975

I made a mistake on here a few days ago. I asked where I could find my credit scores online. I wasn't given an answer. I was belittled and made to feel stupid for even entertaining the idea. The motivation of those doing it may have been to try and help but it felt like it was more to make themselves feel superior. 

The thing is they were wrong to say that the score has no value or is pointless. I want a 0% Balance Transfer card with a decent limit. I know when I apply the credit card provider will not see the score but that is not the point. 

I have been pretty bad with money all my life. Not because I am reckless but I have come to realise I am motivated differently. This is where gamification comes into play. 

I am motivated by targets and arbitrary rewards, many are which is why Pokémon Go or Animal Crossing became so huge. I am treating my credit score as a game. I want to get the score up on all 3 CRAs. As I see the numbers tick up on my scores it feels like a reward to me. The thing is that while it feels like a game it is embedding better practices into me, getting the score up will probably not lower my chances of credit and it certainly will not allow me to creep into over 75% utilisation of available credit without noticing. 

So think about what you say when you attack people for wanting to know credit scores. Maybe you think you are the next Bill Hicks when you say 'pay me every month and I'll generate a fictitious number for you' but really you are unoriginal and just plain nasty.

TadleyBaggie

The fact remains, no one else but you can see the "score".

bigkenny1975

TadleyBaggie said:

The fact remains, no one else but you can see the "score".

I did not dispute that anywhere, that does not mean the score has no use which was kinda my point.

bigkenny1975

Just to point out. Doing this has just helped me get a mortgage underwritten (pending the valuation and I am not applying for the 0% card until the mortgage money is paid out), something I would never have been able to do without 'playing' at improving my score. So anyone who says it is useless or pointless is wrong as I am the evidence.

dr_adidas01

bigkenny1975 said:

Just to point out. Doing this has just helped me get a mortgage underwritten (pending the valuation and I am not applying for the 0% card until the mortgage money is paid out), something I would never have been able to do without 'playing' at improving my score. So anyone who says it is useless or pointless is wrong as I am the evidence.

It is pointless as no lender as you have been told countless times uses the score the CRA’s give you. What you have been doing is creating positive credit history which is what lenders look at, and is what you should be focusing on. 

All lenders in the U.K. Use there own internal scoring method that they use to score you against to decide if they want to lend to you and what rate or offer they want to give you. 

If CRA’s were lending then the fictional number they give you might have a baring. 

dr_adidas01

bigkenny1975 said:

TadleyBaggie said:

The fact remains, no one else but you can see the "score".

I did not dispute that anywhere, that does not mean the score has no use which was kinda my point.

The score has no use as bankrupts can have a score of 999 which is supposed to be an excellent score, so what does that tell you about how pointless it is.  

bigkenny1975

dr_adidas01 said:

bigkenny1975 said:

TadleyBaggie said:

The fact remains, no one else but you can see the "score".

I did not dispute that anywhere, that does not mean the score has no use which was kinda my point.

The score has no use as bankrupts can have a score of 999 which is supposed to be an excellent score, so what does that tell you about how pointless it is.  

The score had a use for me, that proves that it is not useless as it had a use for at least one person. Just because it doesn't fulfill the needs of everyone it does not make it useless. For someone to suggest such is somewhat presumptuous at best.

2021BJ

bigkenny1975 said:

Just to point out. Doing this has just helped me get a mortgage underwritten (pending the valuation and I am not applying for the 0% card until the mortgage money is paid out), something I would never have been able to do without 'playing' at improving my score. So anyone who says it is useless or pointless is wrong as I am the evidence.

You'd have done just as well in getting a mortgage by playing the "improve my credit file" game instead.

And as a bonus you wouldn't have had to twist and contort yourself financially to satisfy someone who doesn't lend money.

bigkenny1975

2021BJ said:

bigkenny1975 said:

Just to point out. Doing this has just helped me get a mortgage underwritten (pending the valuation and I am not applying for the 0% card until the mortgage money is paid out), something I would never have been able to do without 'playing' at improving my score. So anyone who says it is useless or pointless is wrong as I am the evidence.

You'd have done just as well in getting a mortgage by playing the "improve my credit file" game instead.

And as a bonus you wouldn't have had to twist and contort yourself financially to satisfy someone who doesn't lend money.

That isn't true. I need an arbitrary target. A simple 'I want better credit' or 'I want a mortgage' are not as reward driven as a score to me. It is the same reason people might spend hours trying to get a better score on a computer game - to some it might feel pointless but to others it is a sufficient reward.

[Deleted User]

The problem you have is that if you chase the credit score, you'll take actions which reduce your credit worthiness. What raises a score will often lower the rating a lender gives you. And vice versa.

If you wanted the highest score, you should never use credit. But that means that no lender will assess you as anything other than the highest risk

If gamification is your thing, then play the lenders' games, not the CRA's.

2021BJ

bigkenny1975 said:

2021BJ said:

bigkenny1975 said:

Just to point out. Doing this has just helped me get a mortgage underwritten (pending the valuation and I am not applying for the 0% card until the mortgage money is paid out), something I would never have been able to do without 'playing' at improving my score. So anyone who says it is useless or pointless is wrong as I am the evidence.

You'd have done just as well in getting a mortgage by playing the "improve my credit file" game instead.

And as a bonus you wouldn't have had to twist and contort yourself financially to satisfy someone who doesn't lend money.

That isn't true. I need an arbitrary target. A simple 'I want better credit' or 'I want a mortgage' are not as reward driven as a score to me. It is the same reason people might spend hours trying to get a better score on a computer game - to some it might feel pointless but to others it is a sufficient reward.

No, it's definitely true.  You would have done better not faffing around trying to please the CRAs.  Just because you fall for the same sort of garbage that infests a lot of video games nowadays doesn't mean you're not better off without it.