Dodgy info suggested

shagzdan

Having been a money saver for some time and now have a decent working knowledge of consumer rights and associated matters, I thought to raise a few points which might improve general information as nobody seems to be keeping up with these things.That may in turn help website and hopefully have some sort of effect or at least nudge the content creators on the MSE site.

So under the income tab 'Boost your income/60 ways/ There are some major issues that I feel need addressing,

• The 'Free money' for switching accounts doesn't mention that you need a great credit score to be accepted.

• Music Magpie and co are a little sketchy as they will evaluate your goods of which a small percentage will be 'faulty' and so you receive no money for them, from experience this is about 1/5 items, immaculate when they leave but somehow get damaged in transit, very weird.

• Renting rooms for cash should ALWAYS be viewed carefully if there are children or vulnerable people in the house. Also, may be good to do some references.

• A big one to watch is the comping and survey information, A lot of these sites don't actually pay up until a threshold has been reached, and it can take an age to get there, you also have to reach certain criteria and can be binned off of a survey 3/4 of the way through if they don't like your profile, age etc, there is a huge amount of spam and signing up for things which may cost both privacy/information and data issues as soon as you pop your information in.

•  Mystery shopping is only available in certain geographical areas.

• Lots of competition on T-spring tee shirt selling, almost impossible to get noticed unless you work very hard.

These are just a few examples of random things that I and my family and friends have found but might be worth updating the info, especially if MSE is a 'consumer website'


Edit; Thanks for the other board suggestion but in fairness, if a mod doesn't read this then that's their problem, I have tried to highlight these things and get a generic email without response or closure , so please forgive me if I think this might get more attention if I post under the vent/warning board. This information has been the case for at least 24 months. (and don't give me that Covid-19 staff shortage waffle)

TadleyBaggie

shagzdan said:

The 'Free money' for switching accounts doesn't mention that you need a great credit score to be accepted.

Probably because you don't! If you had been reading MSE for a reasonable length you should know that credit scores are meaningless numbers that only you can see. There was someone who posted recently that they had a 999/999 score but was unable to even get a mobile contract.

Pollycat

Might be better poster on this board:
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oldagetraveller1

"The 'Free money' for switching accounts doesn't mention that you need a great credit score to be accepted."

As already mentioned, wrong!

You need a credit history that meets their requirements for account approval. I have an excellent history filed but that didn't guarantee being accepted by Starling Bank for a current account.

However, no problem with Santander for an "Everyday" account, approved online at the end of the application. Hopefully that's an acceptable £160 bonus once their criteria have been met.

Gavin83

TadleyBaggie said:

shagzdan said:

The 'Free money' for switching accounts doesn't mention that you need a great credit score to be accepted.

Probably because you don't! If you had been reading MSE for a reasonable length you should know that credit scores are meaningless numbers that only you can see. There was someone who posted recently that they had a 999/999 score but was unable to even get a mobile contract.

That has to be crap. You can say credit scores are meaningless all you want but they do at least roughly represent your credit history. You don’t get a 999/999 score unless your credit history is perfect (if it’s obtainable at all) and if your credit history is that good you won’t struggle to get a mobile contract.

sheramber

But the  point raised is about bank accounts.

I had banked with the same bank for 52 years and have a 'credit score' of 950. But I was refused a credit card for an account I had held for 40 years. I presume it was because  I had moved house and lived at my new address for only 13 months, after spending 13  years at my previous address.

powerful_Rogue

Gavin83 said:

TadleyBaggie said:

shagzdan said:

The 'Free money' for switching accounts doesn't mention that you need a great credit score to be accepted.

Probably because you don't! If you had been reading MSE for a reasonable length you should know that credit scores are meaningless numbers that only you can see. There was someone who posted recently that they had a 999/999 score but was unable to even get a mobile contract.

That has to be crap. You can say credit scores are meaningless all you want but they do at least roughly represent your credit history. You don’t get a 999/999 score unless your credit history is perfect (if it’s obtainable at all) and if your credit history is that good you won’t struggle to get a mobile contract.

Here you go.

https://forums.moneysavingexpert.com/discussion/6378393/credit-rating-999-but-refused-accounts-and-phone-contracts

shagzdan

Thank you for all of the replies, having followed the advice of this website and MAS, ruled out all other reasons and by removing the usual barriers I cannot obtain a new bank account. I cannot obtain a credit card. The only reason I can now see is that my 'credit score, tomatoe/tomato' is worse than it has been, I have defaulted on a business loan payment therefore It can only be for that reason. 
Its a shame as I have a considerable amount of money about to come in from the sale of my business so I guess.

Thanks again for the advice about credit score / history , I have used this term to cover the situation. 
Also, why would MSE suggest that you can improve your CS by making adjustments or notifying the service of any false or missing information. 

27 tips to boost your credit rating

'Credit score or credit rating (where we're not talking about a score from a credit agency): In this context it can also be used interchangeably in casual speak with credit history. But technically speaking, it is how each lender sums up your credit history with its own score or rating.'

https://www.moneysavingexpert.com/loans/credit-rating-credit-score/

molerat

shagzdan said:

Thanks again for the advice about credit score / history , I have used this term to cover the situation. 
Also, why would MSE suggest that you can improve your CS by making adjustments or notifying the service of any false or missing information. 

27 tips to boost your credit rating

'Credit score or credit rating (where we're not talking about a score from a credit agency): In this context it can also be used interchangeably in casual speak with credit history. But technically speaking, it is how each lender sums up your credit history with its own score or rating.'

https://www.moneysavingexpert.com/loans/credit-rating-credit-score/

It clearly states not the ones you get from the CRAs

where we're not talking about a score from a credit agency

All decisions are based on numbers.  A computer cannot see that you are a nice bloke that pays back their debts but instead allocates each factor on your file a number which gives you a score.  Each organisation / lender allocates its own weight to those factors and comes up with its own score so yes your credit "score" is important but it is not the one that you have access to. That is why it is important that your credit history shows the correct information.

Grumpy_chap

Gavin83 said:

That has to be crap. You can say credit scores are meaningless all you want but they do at least roughly represent your credit history. You don’t get a 999/999 score unless your credit history is perfect (if it’s obtainable at all) and if your credit history is that good you won’t struggle to get a mobile contract.

1. they do at least roughly represent your credit history
No, they do not.

2. You don’t get a 999/999 score unless your credit history is perfect (if it’s obtainable at all)
It is attainable - I have one.
It does not require your credit history to be perfect.  I understand that the 999/999 credit score is common for people in bankruptcy.

3.  if your credit history is that good you won’t struggle to get a mobile contract.
SIM-only mobile phone contract is the only time I have been refused credit

MattMattMattUK

Gavin83 said:

TadleyBaggie said:

shagzdan said:

The 'Free money' for switching accounts doesn't mention that you need a great credit score to be accepted.

Probably because you don't! If you had been reading MSE for a reasonable length you should know that credit scores are meaningless numbers that only you can see. There was someone who posted recently that they had a 999/999 score but was unable to even get a mobile contract.

That has to be crap. You can say credit scores are meaningless all you want but they do at least roughly represent your credit history. You don’t get a 999/999 score unless your credit history is perfect (if it’s obtainable at all) and if your credit history is that good you won’t struggle to get a mobile contract.

It's not, you just don't understand them. Credit scores are meaningless, as has been pointed out before there have been bankrupts with perfect scores and people with huge incomes and no other debts with low scores. Personally I have perfect on Experian and nearly perfect on the others, which means little other than a low debt loading, having lived in the same place for a few years, on the electoral role and never having missed payments. What that credit score ignores is that my income is a fraction of what it was a few years ago so whilst fully able to keep up with all my obligations I would still not be a prime borrowing candidate. 

The scores are a marketing gimmick, no lender ever sees your score.