Experian credit score

Krakkkers

Got turned down for a Very.co.uk credit account so thought I would sign up for an Experian credit score.
It tells me it is 999 out of 999.
First of all why would I get turned down for credit if that was true and secondly how can it be 999 out of 999 when it goes on to tell me how I can improve it?

MattMattMattUK

Krakkkers said:

Got turned down for a Very.co.uk credit account so thought I would sign up for an Experian credit score.
It tells me it is 999 out of 999.

Credit scores are entirely meaningless, the CRAs make the up for marketing purposes, they tell you do do things to improve your score so that they can sell you financial products that pay the commission. No lender ever sees your credit score/credit rating. Bankrupts can have maximum scores, billionaires can have low scores, ignore your score entirely. 

Krakkkers said:

First of all why would I get turned down for credit

You do not meet their lending criteria, that could be a multitude of things, from something they do not like on your credit report to your credit rating, not being on the electoral roll, recent new borrowing products, multiple address moves, lack of previous borrowing history, etc.. 

Krakkkers said:

if that was true and secondly how can it be 999 out of 999 when it goes on to tell me how I can improve it?

Ignore the score, do not try to improve it.

Do you already have any financial products that you use regularly, mortgage, credit cards, current account with overdraft, loans etc.? Are you on the electoral roll? Have you moved recently, or frequently? Changed your name?

oldernonethewiser

The number means nothing and is not seen or used by companies providing you with credit, or not in this case.

What is imprtant is your credit history and ability to manage money.

Krakkkers

The woman i spoke to seemed to keep coming back to the lack of landline number and asked me if i knew what it used to be.
I now have a fibre connection, no landline and just a mobile.
Been in the same house for over 20 years, no mortgage, couple of credit accounts (zero interest). No debts.

MattMattMattUK

Krakkkers said:

The woman i spoke to seemed to keep coming back to the lack of landline number and asked me if i knew what it used to be.
I now have a fibre connection, no landline and just a mobile.

I doubt that is an issue overall, fewer than half of all adults have a landline now. 

Krakkkers said:

Been in the same house for over 20 years, no mortgage, couple of credit accounts (zero interest). No debts.

On the electoral roll? Got a credit card? Income? Mobile phone? It sounds like you could have a very sparse credit record, not enough history of having debt and repaying it.

Brie

As Mattx3 says it sounds like it's the lack of credit history that is bothering them.  Do you have a mobile contract?  Sim only would do as that will track that you are paying every month that will make creditors happy to see.  Lots of your other bills won't show on your credit record unless you have a problem - so gas, electric, water will only be there if you are in massive arrears.

Another thing to do is to use a credit card regularly and pay it off in full every month.  So put your food shopping on it or similar.  

Krakkkers

I am on the electoral register, have a sim only contract, 2 credit accounts, Currys zero balance and another where I bought an expensive watch on interest free with a balance around £500.

MattMattMattUK

Krakkkers said:

I am on the electoral register, have a sim only contract, 2 credit accounts, Currys zero balance and another where I bought an expensive watch on interest free with a balance around £500.

You have too little borrowing history for them to be able to see you would be a responsible borrower. You should probably get a credit builder type credit card, use it for day to day purchases but make sure you pay it in full every month once the statement is issued. You will not pay any interest, it will get reported every month showing you are using it responsibility. 

sourcrates

Very`s credit granting criteria, although not made public, does have quite a low bar set, young single mums are their target audience, families with kids etc.

Their product range is way over priced for what it is, similar items are available for half those prices in B&M for example or other physical retailors, its the ability to pay over time that attracts the young mums, the core of their business model.

Then they offer "Buynowpaylater", and charge 49.9% APR for the privilege, a sure fire way to get into debt.

Think yourself lucky you have dodged a bullet here.