Credit Score - Good with Equifax - V. bad with Experian!

pauli

Hi,
I've recently been trying to get my finances in order and have applied for a couple of 0% credit cards and a couple of loans (to consolidate my existing loan and credit cards) all of which were declined due to my 'poor credit score'

I applied for it with Equifax and it was 459/500 and said I was above average and a good candidate for credit, however with Experian it's only 550/1000 and rated 'poor'!

They both hold exactly the same information about me and i never miss payments so why are so dramatically different? I really don't understand it.

I've written to Epxerian to complain about it, so will be interesting to hear what they say but I just wondered if anyone else has come accross this before?

I know having half a dozen searches will have lowered my score, but it must've been pretty ropy to start with hence the initial refusals.

Thanks

rokkojohn

Unless your desperate to know your credit score Dont bother with Experian free 30 day trial. If you want your credit score you have to PAY 5.95 for half an A4 report. This is not free. If you read your free account information if like mine it doesnt even cover all the banks etc. I see very little value in the service. I cancelled my 30 day "free" trial today.

welshpaula

hi pauli my BF is having same trouble i think its the general climate at the moment where companies dont want to lend to people with existing credit as its too much of a risk .his experian file is great apart from searches ,we have given up applying for 0% cards now and are snowballing his credit card debt .he earns good money and has never missed a payment but i think he would be considered high risk due to a large mortgage and level of debt .good luck paula x

pauli

Thanks rokkojohn - i did unfortunately pay the £5.95 for the full report (which with hindsight is a fiver i could have put to better use paying off a bit more debt!)

They did have all of my account details and held exactly the same info as Equifax which is why I couldn't understand why Equifax think i'm good and Experian think i'm a high risk!

Oh well, now I've calmed down a bit and got over the initial panic, maybe it's not such a bad thing being denied more credit - up to now i've been paying all my spare salary (not a lot) off my cards then using the cards again to live on, but now i'm just going to pay off the minimum payments and try and live off my salary and not use my cards - i think that's the best way, not sure?

You've also jogged my memory to cancel the free trial so thanks for that too!

pauli

Thanks Welshpaula, yes I think you're right all the credit companies seem to be clamping down now. As I just said to rokkojohn all i can do is make the best of it and plod on paying - i also give up on applying for any more credit, there's just no point, the more i apply for the lower my score is going to get. I'll maybe try again in 18 months when my loan is nearer being paid off and all the recent searches have gone then put whatever is left on my CC's onto a shorter term loan. I just really begrudge paying £65 and £42 (mint card) of it going as interest:mad:

Good luck with your BF's cards too.

welshpaula

that is our motive lol we are going to sit tight not use cards AT ALL ! overpay on them and hopefully by the end of the year we can move some around on lower interest although some are very good and worth contacting to see if they will lower interest heres ours ..... mint was on 22.9% now on 7.9% for 6 months ..... nat west was 19% now 11.9% for life of balance ....RBS was 22.9% now 7.9% for 6 months ... but the worst is lloyds on 24.9% WILL NOT HELP AT ALL NOT INTERESTED B******DS !! they are the pain in our backside and have upset our snowball lol my BF is due some compensation this year at some point so we will pay them off as soon as we can ! its worth a phone call to your lenders to lower interest rates they can only say no ! go on try it !! good luck paula x

Gemmzie

Sometimes if you clear one card and leave it empty for a few months then phone them you can get a better deal, say six or nine months at 0% or a cheaper rate at least.
If not, close it then get a new card a few months after.
Tedious waiting but so worth it.