Chip Wealth Score now in app

jameseonline

jimjames said:

pecunianonolet said:

I would welcome a switch off button so they don't use their million of data points they claim to have to put an artificial, meaningless fantasy score together. 

I wish there would be an option to dispute the use of my data for this. 

I gave exactly the same feedback when they added a survey after adding it. Seems entirely pointless and meaningless.  Unless you have everything with Chip the number is not going to have any validity but maybe that's their idea to get people moving more to them.

Probably, it's their metrics for their system, score whatever, they are keen to point out it's not linked to credit score

flaneurs_lobster

jimjames said:

Seems entirely pointless and meaningless.  Unless you have everything with Chip the number is not going to have any validity but maybe that's their idea to get people moving more to them.

Nah, nobody's daft enough to move their cash to an institution just to get a made-up number to increase by a made-up amount for no particular reason or gain.

Are they?

gravel_2

The number will also go up if you open an additional type of account with them, if you set up automatic/regular saving etc. They want existing customers to do regular deposits if they don't already and to open and use the ChipX investment product if they don't already have it.

cloud_dog

flaneurs_lobster said:

jimjames said:

Seems entirely pointless and meaningless.  Unless you have everything with Chip the number is not going to have any validity but maybe that's their idea to get people moving more to them.

Nah, nobody's daft enough to move their cash to an institution just to get a made-up number to increase by a made-up amount for no particular reason or gain.

Are they?

Perhaps / perhaps not, but it works with the credit reference agencies selling the value of their scores, and people are becoming obsessed with credit scores, credit utilisation, yada yada yada.

DiamondLil

flaneurs_lobster said:

jimjames said:

Seems entirely pointless and meaningless.  Unless you have everything with Chip the number is not going to have any validity but maybe that's their idea to get people moving more to them.

Nah, nobody's daft enough to move their cash to an institution just to get a made-up number to increase by a made-up amount for no particular reason or gain.

Are they?