Why I leave Santander after only 4 weeks

[Deleted User]

oldagetraveller1 said:

"Meanwhile, at the bank of Ant and Dec, everything is bliss !!  "

The advertisement with that pair was the last straw for me.

Time to switch again fo another "incentive"!

Agreed, I only switched to make money from them, when I get another offer for someone I haven't used I will move it. Continuing to give money to a drunk driver who endangered lives because they're a celeb is poor.

phillw

pecunianonolet said:

Maybe I am relaxed anough when back and can get it sorted and further compensation granted but if not I am leaving for sure.

I find that banks are much more willing to help, if you are relaxed.

eskbanker

phillw said:

Ebe_Scrooge said:

comeocome said:

Also, do you have a good credit score? 

What's that got to do with the price of fish?  I appreciate you're a relative newcomer to the forum, but please understand that the credit score you see from the CRAs is utterly irrelevant, it's not used - nor even seen - by any lender.

Right, because your CRA credit score being low because you're bankrupt & homeless wouldn't make any difference to lenders ;-)

Being bankrupt and homeless would indeed make a difference to lenders, but of course this status isn't relayed to them via a credit score invented by the CRAs....

phillw

eskbanker said:
Being bankrupt and homeless would indeed make a difference to lenders, but of course this status isn't relayed to them via a credit score invented by the CRAs....

I didn't say it was. CRA's rough estimate of how lenders will see you is a useful way of visualizing it to some.

You can't do any better looking at your own credit file, and the lenders don't tell you their criteria so all you can do is apply for credit. Which if you are repeatedly rejected, is going to increase your chances of being rejected.

eskbanker

phillw said:

eskbanker said:
Being bankrupt and homeless would indeed make a difference to lenders, but of course this status isn't relayed to them via a credit score invented by the CRAs....

I didn't say it was.

That's the clear implication from "your CRA credit score being low [because you're bankrupt & homeless] wouldn't make any difference to lenders" (in the context of the sarcasm inverting the literal meaning of those words).

phillw said:
CRA's rough estimate of how lenders will see you is a useful way of visualizing it to some.

You can't do any better looking at your own credit file, and the lenders don't tell you their criteria so all you can do is apply for credit. Which if you are repeatedly rejected, is going to increase your chances of being rejected.

It is true that the scores generated by CRAs can often provide some sort of indicator of credit status to the punter, but yes, they're not reliable, given the number of edge cases such as bankrupts with 999 'scores' or wealthy folk with low scores, etc.  The undue emphasis often given to looking at the score rather than the underlying data is unhelpful, in that, as you say, lenders use their own criteria based on that data, not the score.

phillw

eskbanker said:
It is true that the scores generated by CRAs can often provide some sort of indicator of credit status to the punter, but yes, they're not reliable, given the number of edge cases such as bankrupts with 999 'scores' or wealthy folk with low scores, etc.  The undue emphasis often given to looking at the score rather than the underlying data is unhelpful, in that, as you say, lenders use their own criteria based on that data, not the score.

They aren't reliable as what? The only reason to look at your credit file is to check to make sure the data is accurate, just staring blankly at it to decide whether someone might lend to you is pointless. The CRA scores are an indication you're doing something that some lenders might not be happy about, that is all.

Someone who is bankrupt, is aware they are bankrupt. Even if the whole 999 score thing isn't a lie (which I'm kinda dubious about) then it's the people who are not bankrupt and just have something sketchy on their credit file, that the score can be helpful for.

If you've applied for a load of credit cards and overdrafts, your CRA score will have dropped. Which is a good sign that you should hold off doing any more for a while. I suppose you could just keep going until it grinds to a halt, but you might want a mortgage at some point.

[Deleted User]

phillw said:

eskbanker said:
It is true that the scores generated by CRAs can often provide some sort of indicator of credit status to the punter, but yes, they're not reliable, given the number of edge cases such as bankrupts with 999 'scores' or wealthy folk with low scores, etc.  The undue emphasis often given to looking at the score rather than the underlying data is unhelpful, in that, as you say, lenders use their own criteria based on that data, not the score.

They aren't reliable as what? The only reason to look at your credit file is to check to make sure the data is accurate, just staring blankly at it to decide whether someone might lend to you is pointless. The CRA scores are an indication you're doing something that some lenders might not be happy about, that is all.

Someone who is bankrupt, is aware they are bankrupt. Even if the whole 999 score thing isn't a lie (which I'm kinda dubious about) then it's the people who are not bankrupt and just have something sketchy on their credit file, that the score can be helpful for.

If you've applied for a load of credit cards and overdrafts, your CRA score will have dropped. Which is a good sign that you should hold off doing any more for a while. I suppose you could just keep going until it grinds to a halt, but you might want a mortgage at some point.

There are examples on the CR board of this. A discharged bankrupt has a clean slate and gets a 999 score

Again, the score is NOT an indication of this, I am pretty sure I already explained this to you in another thread including direct quotes from Experian themselves who say it is how they think lenders view you and may be an indication of whether you will get credit or not. It is 100% a gimmick and service no purpose of any kind, you cannot tell ANYTHING about your chance of getting credit by the fake score.

The problem with people pushing these "scores" is that it normalises this in the minds of the population. The CRAs would love to get us onto the US style system where the score runs your life as it gives them huge amounts of power and money. This must NEVER happen here. Please do not assist them in normalising this myth of a score being anything other than a novelty

eskbanker

phillw said:

eskbanker said:
It is true that the scores generated by CRAs can often provide some sort of indicator of credit status to the punter, but yes, they're not reliable, given the number of edge cases such as bankrupts with 999 'scores' or wealthy folk with low scores, etc.  The undue emphasis often given to looking at the score rather than the underlying data is unhelpful, in that, as you say, lenders use their own criteria based on that data, not the score.

They aren't reliable as what?

They aren't reliable as in they can't be relied upon - they may usually give a rough guide to status but can't be regarded as gospel.

phillw said:
The only reason to look at your credit file is to check to make sure the data is accurate, just staring blankly at it to decide whether someone might lend to you is pointless.

Nobody is talking about staring blankly, I'm referring to actually studying credit files, not just to verify accuracy but to understand positive and negative factors, which is undoubtedly a more productive exercise than simply looking at a made-up number.  However, neither the credit file data nor the score will support a decision about whether someone might lend to you though - as agreed earlier, lenders have their own criteria, only some of which will be driven directly by credit status.

phillw said:
Someone who is bankrupt, is aware they are bankrupt. Even if the whole 999 score thing isn't a lie (which I'm kinda dubious about) then it's the people who are not bankrupt and just have something sketchy on their credit file, that the score can be helpful for.

If you've applied for a load of credit cards and overdrafts, your CRA score will have dropped. Which is a good sign that you should hold off doing any more for a while. I suppose you could just keep going until it grinds to a halt, but you might want a mortgage at some point.

I think you're agreeing with me here - as you say, someone who is bankrupt is aware they're bankrupt, and likewise someone who's applied for a load of credit cards and overdrafts will be aware of that too.  Believing in a made-up number isn't useful (hence all the posts on this forum from indignant posters declined for credit products despite having a score of nnn or 'good'), but looking at the underlying credit file data can be a constructive alternative.

Ebe_Scrooge

phillw said:

eskbanker said:
It is true that the scores generated by CRAs can often provide some sort of indicator of credit status to the punter, but yes, they're not reliable, given the number of edge cases such as bankrupts with 999 'scores' or wealthy folk with low scores, etc.  The undue emphasis often given to looking at the score rather than the underlying data is unhelpful, in that, as you say, lenders use their own criteria based on that data, not the score.

If you've applied for a load of credit cards and overdrafts, your CRA score will have dropped.

Equally, if you clear a loan or pay off your mortgage completely or close a credit card, your score will drop.  The score will drop in response to any change in your credit circumstances, whether good or bad.  Hence why it's meaningless.

Yes, absolutely, you must check the actual data that are recorded in your file to make sure they are factually correct.  But the score can and should be ignored.

phillw

Deleted_User said:
Again, the score is NOT an indication of this, I am pretty sure I already explained this to you in another thread including direct quotes from Experian themselves who say it is how they think lenders view you and may be an indication of whether you will get credit or not. It is 100% a gimmick and service no purpose of any kind, you cannot tell ANYTHING about your chance of getting credit by the fake score.

The problem with people pushing these "scores" is that it normalises this in the minds of the population. The CRAs would love to get us onto the US style system where the score runs your life as it gives them huge amounts of power and money. This must NEVER happen here. Please do not assist them in normalising this myth of a score being anything other than a novelty

Please stop trying to do whatever it is you think you are doing as it's not helping.

You clearly say that it's what they think lenders view you and may be an indication and this is helpful, telling people it's entertainment is not helpful.

I have no idea what this normalizing thing is about you're talking about. I think people can cope with the idea that it's a rough guess, give them a bit more credit.