My Credit Score is ruined by AI

Voyager2002

CreditDonDada1 said:

MorningcoffeeIV said:

I don't think I can find anything in your post which is true or accurate.

Lenders change your limits, not the CRAs.
Your credit score is a made up number than has nothing to do with anything.
Lenders work from risk, which is based on algorithms from behaviours. 'AI' is nothing to do with it - processes are simply automated from the lenders' criteria.
Your utilisation % is simply a mathematical equation, not related to falling dominoes or any other game.
Experian, Equifax and Transunion don't collect data from Clearscore, Checkmyfile, Credit Karma. They receive it from lenders. 

Improve your credit worthiness by clearing your card in full each month - not carrying 10k of debt. Demonstrate that you're not reliant on credit.

Many thanks for your comments but Im only echoing what I've been told from the Lenders, all the Lenders stated that I should speak to Experian or Equifax as they had received data from them.

That is what lenders always say... they never discuss the reasons for their lending decisions, but sometimes those decisions are based on information provided by the CRAs, so they refer you to these agencies so that you can see the information the lenders use to assess your credit-worthiness.

molerat

Your "credit score" has been ruined by the snowball effect of carrying £10K of credit card debt and presumably not paying it down in a timely manner which has spooked the lender leading to them reducing their exposure.  Once that snowball has started rolling down the hill there is only one way to slow it down.

sourcrates

I can`t be any clearer than the numerous other posters on this thread.

Your lenders are the decision makers, the CRA only report information that is reported to them, by the lenders.

It`s no more complicated than that.