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Out of date credit card balances
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Ebe_Scrooge said:DBdoobydoo said:Deleted_User said:DBdoobydoo said:sourcrates said:DBdoobydoo said:molerat said:Just wait,mine show anything from 30 Apr to 1 Jun, they will update eventually and can be up to 2 months out of date due to reporting cycles. Your score is of no relevance in the real world so don't get hung up on it.
Why do you say that my score is of no relevance? My credit score for Transunion & Experian is obviously decreased by the incorrectly reported credit balances. Are you saying that if I apply to a lender who uses Experian who overstate my borrowing by 33% that this will have no effect on the likelihood of them offering me a loan? If so what is the point of lenders using credit reference agencies? They might as well just throw dice to decide on eligibility.
The score per se isn't relevant but obviously the credit score each credit reference agency gives me reflects my credit history according to their records. Equifax have my credit history recorded correctly while Transunion & Experian have my credit history recorded incorrectly to my detriment. The good credit score Equifax give me reflects the higher likelihood of me obtaining a loan or credit card from a company that uses Equifax to view my credit history. The worse scores given to me by Transunion & Experian reflect the lower chance of me obtaining a loan or credit card from a company that uses either of these CRAs.
Unfortunately you are still repeating the myth of credit score having meaning:
"The good credit score Equifax give me reflects the higher likelihood of me obtaining a loan or credit card from a company that uses Equifax to view my credit history"
No it doesn't. It doesn't reflect the likelihood of anything as the score is meaningless and is never seen by a lender.
Please can you explain why you think that Transunion & Experian having my credit history recorded incorrectly to my detriment will not affect my chances of obtaining a loan or credit card from a company that uses either of these CRAs to obtain my credit history?I'm not mixing up my score with credit history however the score they give me reflects the history they hold. If I have defaults or CCJs or am overstretched on borrowing they will give me a low score. Likewise if my credit history is prudent & impeccable they will give me a high score. In the former case my chances of credit are low while they are high in the latter.Transunion & Experian give me a low score because they have my credit history recorded incorrectly to my detriment. Equifax give me a good score because they have my credit history recorded correctly.
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DBdoobydoo said:Ebe_Scrooge said:DBdoobydoo said:Deleted_User said:DBdoobydoo said:sourcrates said:DBdoobydoo said:molerat said:Just wait,mine show anything from 30 Apr to 1 Jun, they will update eventually and can be up to 2 months out of date due to reporting cycles. Your score is of no relevance in the real world so don't get hung up on it.
Why do you say that my score is of no relevance? My credit score for Transunion & Experian is obviously decreased by the incorrectly reported credit balances. Are you saying that if I apply to a lender who uses Experian who overstate my borrowing by 33% that this will have no effect on the likelihood of them offering me a loan? If so what is the point of lenders using credit reference agencies? They might as well just throw dice to decide on eligibility.
The score per se isn't relevant but obviously the credit score each credit reference agency gives me reflects my credit history according to their records. Equifax have my credit history recorded correctly while Transunion & Experian have my credit history recorded incorrectly to my detriment. The good credit score Equifax give me reflects the higher likelihood of me obtaining a loan or credit card from a company that uses Equifax to view my credit history. The worse scores given to me by Transunion & Experian reflect the lower chance of me obtaining a loan or credit card from a company that uses either of these CRAs.
Unfortunately you are still repeating the myth of credit score having meaning:
"The good credit score Equifax give me reflects the higher likelihood of me obtaining a loan or credit card from a company that uses Equifax to view my credit history"
No it doesn't. It doesn't reflect the likelihood of anything as the score is meaningless and is never seen by a lender.
Please can you explain why you think that Transunion & Experian having my credit history recorded incorrectly to my detriment will not affect my chances of obtaining a loan or credit card from a company that uses either of these CRAs to obtain my credit history?if my credit history is prudent & impeccable they will give me a high score.They'll also give you a high score if you're bankrupt. Or if you have no credit products at all. For the umpteen-th time, your score is total hogwash, and bears no relation whatsoever to how a lender will view you.Quite apart from anything else, each lender will have very different, very complex (and confidential) lending criteria. For that reason alone, there cannot possible be a "one-size-fits-all" score.
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DBdoobydoo said:Ebe_Scrooge said:DBdoobydoo said:Deleted_User said:DBdoobydoo said:sourcrates said:DBdoobydoo said:molerat said:Just wait,mine show anything from 30 Apr to 1 Jun, they will update eventually and can be up to 2 months out of date due to reporting cycles. Your score is of no relevance in the real world so don't get hung up on it.
Why do you say that my score is of no relevance? My credit score for Transunion & Experian is obviously decreased by the incorrectly reported credit balances. Are you saying that if I apply to a lender who uses Experian who overstate my borrowing by 33% that this will have no effect on the likelihood of them offering me a loan? If so what is the point of lenders using credit reference agencies? They might as well just throw dice to decide on eligibility.
The score per se isn't relevant but obviously the credit score each credit reference agency gives me reflects my credit history according to their records. Equifax have my credit history recorded correctly while Transunion & Experian have my credit history recorded incorrectly to my detriment. The good credit score Equifax give me reflects the higher likelihood of me obtaining a loan or credit card from a company that uses Equifax to view my credit history. The worse scores given to me by Transunion & Experian reflect the lower chance of me obtaining a loan or credit card from a company that uses either of these CRAs.
Unfortunately you are still repeating the myth of credit score having meaning:
"The good credit score Equifax give me reflects the higher likelihood of me obtaining a loan or credit card from a company that uses Equifax to view my credit history"
No it doesn't. It doesn't reflect the likelihood of anything as the score is meaningless and is never seen by a lender.
Please can you explain why you think that Transunion & Experian having my credit history recorded incorrectly to my detriment will not affect my chances of obtaining a loan or credit card from a company that uses either of these CRAs to obtain my credit history?I'm not mixing up my score with credit history however the score they give me reflects the history they hold. If I have defaults or CCJs or am overstretched on borrowing they will give me a low score. Likewise if my credit history is prudent & impeccable they will give me a high score. In the former case my chances of credit are low while they are high in the latter.Transunion & Experian give me a low score because they have my credit history recorded incorrectly to my detriment. Experian give me a good score because they have my credit history recorded correctly.
The live credit report may well already be updated on Equifax and TransUnion but Experian have just updated their free one sooner (assuming you are not wasting money buying their paid for service).0 -
OP, it's just a matter of waiting unfortunately. You are right in that the double-counting of your cc debt can indeed cause issues if you're applying for a mortgage.I had the same issue on my Experian report a while ago when I was stoozing and as the vendor was breathing down my neck my broker had to use a lender that only checked Equifax which was reporting it correctly at the timeThe score by itself is pretty meaningless, though if you have a 999 score on Experian it usually means you don't have any recent missed payments, no defaults, no CCJs, are registered on the electoral roll, etc. so can be useful as a very broad indicator.In the same vein if it drops precipitously in one go, that may indicate that an adverse marker has been added though equally it could also be something more mundane like a new address or a couple of credit applications.1
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