Credit Club "Credit Insights" wrong

markbloke

As in the title, MSE Credit Club reports:

Credit Report Insights:
You have 3 things to work on:
*You’re using over 50% of the credit limit on at least one of your accounts
-----------No I'm not. Nothing in the Transunion, Equifax or Experian reports suggest this.
*You busted your credit limit on at least one account recently
-----------I haven't "busted" anything, anywhere in any of the reports. They go back a few years too.
*You’ve opened a few new accounts recently
-----------This is true.


So where are these coming from? Anybody have anything similar in their reports? TIA.

prettyandfluffy

Mine is also laughably wrong, apparently I'm not using the credit available to me.  Er, no! I have several well-managed and utilised credit cards and a car loan.  Good thing these numbers count for nothing!

molerat

prettyandfluffy said:

Mine is also laughably wrong, apparently I'm not using the credit available to me.

Same here - so what is the £K balance showing across my credit cards on the other page ?  There is only 1 of my 6 cards showing a £0 balance.

Nasqueron

markbloke said:

As in the title, MSE Credit Club reports:

Credit Report Insights:
You have 3 things to work on:
*You’re using over 50% of the credit limit on at least one of your accounts
-----------No I'm not. Nothing in the Transunion, Equifax or Experian reports suggest this.
*You busted your credit limit on at least one account recently
-----------I haven't "busted" anything, anywhere in any of the reports. They go back a few years too.
*You’ve opened a few new accounts recently
-----------This is true.


So where are these coming from? Anybody have anything similar in their reports? TIA.

It's all marketing junk, the fake score and utilisation stuff is common to all of the CRAs, just ignore it and keep the file in good shape by paying bills on time

markbloke

OK thanks everyone, good to know. I honestly doubted "You busted your credit limit" was legitimate terminology. I expect to be addressed as "Bro" next time I log in......

BryDav2

I came here to make a similar comment, and found I'm not the only one!
Apparently, It's simultaneously a positive and negative thing that I'm not using all of the credit that's available to me. Schrödinger's Credit Score, if you will!
Useless!

CliveOfIndia

Which just goes to prove - as is repeated on here ad nauseam - that neither the score nor the CRA's opinion of you counts for anything.  As long as you've got no negative marks, and you always repay the contractual amount** on time, that's all you need to focus on.

** Contractual amount - for a loan, that means paying your monthly premium (or more, if you can do so without penalty).  For a credit card, it means paying at least the minimum, but it's better to pay more than the minimum, and better still to clear in full every month.  Paying only the minimum for an extended period of time (unless you're on a 0% promotional rate) can be interpreted as a sign of financial distress.