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How to use credit cards to boost credit score

2

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  • MattMattMattUK
    MattMattMattUK Posts: 9,658 Forumite
    1,000 Posts Fourth Anniversary Name Dropper
    Well maybe this is where some of the confusion comes from?  I access my credit score for free using the TransUnion service which is given FOC to Lloyds Bank customers.  I don't pay to see it and they don't have product links for me to buy products they would get commission on.  I completely understand that potential creditors cannot see my 'magic number' and only look at this history - what I don't get is why people are trying to make the case that the 'magic number' is not a representation of good or bad credit rating given that I have seen it vary by fixing real problems on my credit file. 
    Because it is not!
  • cymruchris
    cymruchris Posts: 5,512 Forumite
    Eighth Anniversary 1,000 Posts Name Dropper Photogenic
    Because it is often wrong. 

    Because people obsess with the number not the history. 

    Because people are being conditioned that the magic number is important when it’s not. 

    If you want to follow your magic number - please do. 

    There have been sufficient responses and comments explaining why it’s the history that’s key / not the magic number. 

    As said several times now - sometimes
    the magic number can be vaguely accurate - sometimes it can be a little bit out - sometimes
    it can be wildly wrong. If you’re watching every movement and trying to second guess why it’s gone down by 50 points, then you’re trapped in the marketing gimmick. 

    I’ll say it once more - focus on the history - don’t focus on the magically moving number that’s your pretend score. (If you want to follow the score you can - but don’t take it as an accurate reflection of your creditworthiness) 
  • Desmond_Hume
    Desmond_Hume Posts: 161 Forumite
    100 Posts First Anniversary Name Dropper
    If it helps get over the grief, I have had numerous IFAs and Mortgage Brokers confirm it’s BS. 

    👍
  • lr1277
    lr1277 Posts: 1,848 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Combo Breaker
    edited 20 April at 10:41AM
    As I stated above I get my credit file detail from MSE credit club. Even though I am unemployed, because I use my credit card, I had a score of 990+ out of 999.
    Now that the Credit club use Transunion, with essentially the same data, I think my score is something like 580 out of 712. Not sure about those figures, just an indication.
    Which score is correct? I don't know, do you? I am not fussed as I am not looking for credit in the near future. I only look at Credit club to ensure no accounts have been opened in my name.

    Edited to add I know the scores are irrelevant. But if you place emphasis on the scores, which one is correct?
  • Phoenix72
    Phoenix72 Posts: 425 Forumite
    100 Posts Name Dropper
    As an example of how unreliable they are, I have recently applied for 2 current accounts, RBS for switching bonus and virgin to access their ISA. No overdraft was requestedon these accounts so no new credit was taken but my 'score' goes down. Other months it goes up or down for no particular reason so take it with a large pinch of salt.
  • Phoenix72
    Phoenix72 Posts: 425 Forumite
    100 Posts Name Dropper
    lr1277 said:
    As I stated above I get my credit file detail from MSE credit club. Even though I am unemployed, because I use my credit card, I had a score of 990+ out of 999.
    Now that the Credit club use Transunion, with essentially the same data, I think my score is something like 580 out of 712. Not sure about those figures, just an indication.
    Which score is correct? I don't know, do you? I am not fussed as I am not looking for credit in the near future. I only look at Credit club to ensure no accounts have been opened in my name.

    Edited to add I know the scores are irrelevant. But if you place emphasis on the scores, which one is correct?
    Have you actually read the responses?

    Neither is correct and the disparity in the scores just proves how ridiculous they are. Pretty much using the same data and totally different results.
  • cymruchris
    cymruchris Posts: 5,512 Forumite
    Eighth Anniversary 1,000 Posts Name Dropper Photogenic
    edited 20 April at 11:18AM
    Last month I took a second credit card from Halifax as it was a cashback card. 

    No other changes to my history. 

    When each CRA started to report the new account: 

    My Experian score went down 35 points. 
    My ClearScore score went up 43 points.
    My transunion score went down 7 points.

    Which one is accurate? The answer? None of them.

  • lr1277
    lr1277 Posts: 1,848 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Combo Breaker
    Phoenix72 said:
    lr1277 said:
    As I stated above I get my credit file detail from MSE credit club. Even though I am unemployed, because I use my credit card, I had a score of 990+ out of 999.
    Now that the Credit club use Transunion, with essentially the same data, I think my score is something like 580 out of 712. Not sure about those figures, just an indication.
    Which score is correct? I don't know, do you? I am not fussed as I am not looking for credit in the near future. I only look at Credit club to ensure no accounts have been opened in my name.

    Edited to add I know the scores are irrelevant. But if you place emphasis on the scores, which one is correct?
    Have you actually read the responses?

    Neither is correct and the disparity in the scores just proves how ridiculous they are. Pretty much using the same data and totally different results.

    Yes I am well aware of the uselessness of cedit scores.
    I was trying to make the point very clumsily that scores are made up. That may not have come across.
    Apologies.
  • fatbelly
    fatbelly Posts: 21,587 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Cashback Cashier
    The other thing you need to do is make sure you're on the electoral roll
  • born_again
    born_again Posts: 16,897 Forumite
    10,000 Posts Fifth Anniversary Name Dropper
    If you ever want proof that the score is a meaningless figure promoted by CRA. 

    Just look at Experian Boost...

    Simply boost your score by allowing them access to your account via open banking. 

    "And remember, connecting to Boost won't make your score go down."
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