Why I leave Santander after only 4 weeks

phillw

Ebe_Scrooge said:
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.

Mine didn't drop when I cleared my mortgage, it's only ever dropped appreciably because I opened a load of accounts. Do you have any data you can share?

phillw

eskbanker said:
I think you're agreeing with me here

Only if you're saying that the CRA credit scores can be a rough indication of the health of your credit file. Otherwise it would appear you are trying to twist what I'm saying.

It clearly can't tell you whether a particular lender will lend to you & I'm not saying that it does. But there is a wide difference between what I'm saying and "It's all just for entertainment". Can you see the nuance?

pecunianonolet

phillw said:

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.

I have been fairly "relaxed" meaning that I expressed my situation and shared that I am frustrated but never been shouting, swearing, or raised my voice.

eskbanker

phillw said:

eskbanker said:
I think you're agreeing with me here

Only if you're saying that the CRA credit scores can be a rough indication of the health of your credit file. Otherwise it would appear you are trying to twist what I'm saying.

Since the context of that selective quote clearly wasn't what you're claiming it to be, it's fairly obvious who's twisting things here!  However, yes, I do agree that CRA credit scores can be a rough indication of the health of your credit file, which is why I posted earlier that "It is true that the scores generated by CRAs can often provide some sort of indicator of credit status to the punter", so there was no need to paraphrase.

phillw said:
It clearly can't tell you whether a particular lender will lend to you & I'm not saying that it does. But there is a wide difference between what I'm saying and "It's all just for entertainment". Can you see the nuance?

There's also a difference between what I'm saying and "it's all just for entertainment", i.e. I didn't say that!


Anyway, I suspect that OP is probably heartily sick of all this digression from the central topic (the subject of credit scores was introduced by another poster), so would suggest that there's unlikely to be much justification for continuing down this particular cul de sac....

pecunianonolet

I'd like to give an update that as of this morning account block has been removed and my cc is now fnally showing in my online account so I might rethink my original approach. However, it will take time to regain my trust so we will see. 

In regards to the credit score discussion, the app shows excelent and I do not give a toss about the number displayed and only use it for tracking of my details and to see how frequent banks update their data. Having 5 cc with almost 50k limit, never a missed payment, etc. should be enough quality data. On the other side some soft elegibiity checkers still pre approve me for more cc so I think there is still room and banks seem to like what they see when they check. 

adindas

Santander customer along with other major high street bank here. I found them they are decent comparable to other high street banks. Also when they believe they have made a mistake they normally acknowledge it and compensate for it.

Regarding Credit Score, although the credit score is not looked at by the lenders but it is still useful for some people in my personal opinion.

This is especially true if people try to understand the limitation of credit score, due to the nature of information they could possibly collect (e,g mainly the credit site).

The algorithm is designed to be linked to some important information used by lenders.. Although still inaccurate, as unlike lender, they could only collect limited amount of information. But at least could be used as a snapshot, rough barometer without going into too much detail  every single month if you do not really need it.

Unless you need to apply fro a major credits people normally do not need to look their detail into too much detail every single months. Imagine if if you have a lengthy report, because you have too many accounts, credit cards, etc. Also there are three major CRAs that you need to look at.

For some people that score will work as barometer, fraud activities of mistake in recording your data. if they suddenly drop you might want to scrutinise what could possibly went wrong that need your attention or need correction.

I have a few dozens of credit cards, Bank accounts. At least that is the way I am using that credit score.