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  • FIRST POST
    • MSE Helen Saxon
    • By MSE Helen Saxon 19th May 14, 5:51 PM
    • 75Posts
    • 44Thanks
    MSE Helen Saxon
    What your credit score really means
    • #1
    • 19th May 14, 5:51 PM
    What your credit score really means 19th May 14 at 5:51 PM
    Hi!

    This is the discussion thread for the



    Click reply below to discuss. If you havenít already, join the forum to reply. If you arenít sure how it all works, read our New to Forum? Intro Guide.


    Thanks folks,
Page 10
    • LF1903
    • By LF1903 15th Aug 17, 4:47 PM
    • 1 Posts
    • 0 Thanks
    LF1903
    Old Accounts on Credit File
    Hi, is it better to leave an account dormant on your file (catalogue account) with a £2400 limit (of which the balance is £0) or should I close it, which looks better to most companies please? Thanks
    • DCFC79
    • By DCFC79 15th Aug 17, 5:11 PM
    • 31,937 Posts
    • 20,116 Thanks
    DCFC79
    Hi, is it better to leave an account dormant on your file (catalogue account) with a £2400 limit (of which the balance is £0) or should I close it, which looks better to most companies please? Thanks
    Originally posted by LF1903
    No 1 on here will know specifically if it would look better, people will give opinions though.

    Id say if your not using it then close it.
  • jamesd
    The ages of your oldest account or two are a factor, with long relationships improving score. If it's one of your oldest couple and you don't have others that are say six or more years old I suggest keeping it until you have a couple which are older than that.

    The limit will count towards your current available credit and reduce your score a little. How big this effect is depends on your income and total credit, with the income part only being used if you apply or seek a quotation. You can reduce this effect by asking for your credit limit to be reduced to say £1200 or whatever you might use but £2400 isn't a high limit anyway so unless your income is quite low the benefit is likely to be small.
    • jimboo1212
    • By jimboo1212 21st Aug 17, 10:05 PM
    • 34 Posts
    • 4 Thanks
    jimboo1212
    hope this helps
    Interesting thread , my credit score , good with equifax/ clearscore , awful with mse credit club. All had me not on the electoral role ( i have always been on it ).
    Felt the scores were / are BS.

    I applied for a card i might get with my rating from Capital , got it , they found me on the electoral roll.

    6 months later score keeps going down , i think i am doing well with my money.
    What the hell , Capital apr is too high (over 30%)

    Apply for lower Vanquis card with zero chance of success at 24%apr
    I was accepted , found on electoral roll and offered a limit of a thousand pounds.

    Car blows up , only loan i would get for two grand was at an apr of 55.9% according to the credit experts.

    Applied to my bank Clydesdale for a loan , approved and they found me on the electoral roll.

    In short , they say i am not on the roll , all the lenders etc know i am and can find me , not one agency could , one even mixed me up with my son as we have a similar name ?

    The whole credit rating game is just that , total rubbish. Please don't sweat over your ratings , it means nothing.
    • Giffer
    • By Giffer 14th Sep 17, 10:17 AM
    • 6 Posts
    • 0 Thanks
    Giffer
    Applied for an Amazon credit card to get a money off offer fine no problem but credit limit was £5000 way to much for me. Asked to reduce limit to £250 was shuffled around various people and told ok but we will call every six months to increase limit I cancelled in a fit of pique. Will this affect my credit rating
  • jamesd
    Cancelling will eventually improve it. Applying will have created a search that will reduce your rating for about three to twelve months, depending on the place you're applying to.

    If you cancelled within the first month or so there might not even be a record of anything other than an application search on your credit record. If that's the case it would have no more effect than any other application search that results in no card. A check of your credit reports a couple of months after closing should be long enough for you to know if this happened.

    Not something you need to worry about, just a bit of a waste and not something you should really have done. No big deal at all.
    • DCFC79
    • By DCFC79 14th Sep 17, 1:28 PM
    • 31,937 Posts
    • 20,116 Thanks
    DCFC79
    Applied for an Amazon credit card to get a money off offer fine no problem but credit limit was £5000 way to much for me. Asked to reduce limit to £250 was shuffled around various people and told ok but we will call every six months to increase limit I cancelled in a fit of pique. Will this affect my credit rating
    Originally posted by Giffer
    As the previous poster to you said don't sweat over over it, only you can see the rating so why bother about it.
    • moatmeister
    • By moatmeister 28th Oct 17, 2:20 AM
    • 283 Posts
    • 49 Thanks
    moatmeister
    Exactly what info gets updated to CRAs by Barclaycard???
    As the title, does anyone know what info gets sent by Barclaycard to the CRAs for their "monthly" update and when? Is it the closing statement balance showing on the statement date or the balance owing at the end of the calender month or something more random??
    • DCFC79
    • By DCFC79 28th Oct 17, 7:48 AM
    • 31,937 Posts
    • 20,116 Thanks
    DCFC79
    As the title, does anyone know what info gets sent by Barclaycard to the CRAs for their "monthly" update and when? Is it the closing statement balance showing on the statement date or the balance owing at the end of the calender month or something more random??
    Originally posted by moatmeister
    Have you asked Barclaycard ?

    Do the amounts match up to the balance owed at end of cal month/closing statement balance shown on statement date ?
    • GM1880
    • By GM1880 10th Dec 17, 8:35 PM
    • 153 Posts
    • 57 Thanks
    GM1880
    Since a year ago when I discovered I had a CCJ and 3 defaults Iíve become very diligent with my credit report. Arguably taking it too far.

    Anyhow, itís been interesting to see how scores from the CRAs fluctuate.

    At the moment Iím fair/good with Equifax, at c.400. But very poor with Experian (c475) with identical data. I was up at c. 700 with Experian last month, but since transferred my current account to Barclays and opened a Barclaycard.

    In short, Experian have scored me down as much for opening two new credit accounts as they did for having an additional 2 defaults 12 months ago.

    The scoring system means jack. The content tells a far more accurate story. My score may be lower now than 12 months ago, but unless youíre a clinical idiot, youíd see the content of my credit file is a world a part from 12 months ago.
    • Spunk master
    • By Spunk master 16th Dec 17, 10:37 AM
    • 5 Posts
    • 4 Thanks
    Spunk master
    Credit scores are pointless essentially. So Experian, Equifax, etc.. give their own unique scores and are only visible to you. They base this score on their own internal criteria and is a score only you can see as this makes it easier for you to understand. This score in no way is reviewed (or visible) by a lender as the people who are looking at your credit file know what they are looking at so this score is only for you. In short, pay your bills on time and you wonít have any problems. If you canít afford it then donít get it. Simples...
    • taurustime
    • By taurustime 27th Jan 18, 2:23 PM
    • 4 Posts
    • 3 Thanks
    taurustime
    I've checked my credit scores on the 3 main UK sites. My ratings are 464/700 : 581/700 and 960/999. There appears to be no reason for these wide disparencies. Also, Martin commented that credit scoring agencies don't take salary into account. Neither do they take savings into account in their assessments. I was given a relatively small credit card limit despite having over 100x the limit in readily available cash savings.
    • DCFC79
    • By DCFC79 27th Jan 18, 2:27 PM
    • 31,937 Posts
    • 20,116 Thanks
    DCFC79
    I've checked my credit scores on the 3 main UK sites. My ratings are 464/700 : 581/700 and 960/999. There appears to be no reason for these wide disparencies. Also, Martin commented that credit scoring agencies don't take salary into account. Neither do they take savings into account in their assessments. I was given a relatively small credit card limit despite having over 100x the limit in readily available cash savings.
    Originally posted by taurustime
    Its not the 3 main sites but theres 3 agencies who lenders etc report too. Well for a start the agencies can rate you how they like, all that matters is your data is correct.
  • jamesd
    credit scoring agencies don't take salary into account. Neither do they take savings into account in their assessments. I was given a relatively small credit card limit despite having over 100x the limit in readily available cash savings.
    Originally posted by taurustime
    The credit reference agencies just use the details supplied to them about amounts borrowed and payment record to calculate those scores. That's useful for identifying bad payers but not so good for distinguishing between degrees of good.

    When it comes to actual lending the lender will add in your income. Sometimes savings might be a factor but I don't remember being asked and they won't know about savings if they don't ask.

    A low initial limit will often be increased once a year if you use the existing limit and never pay late.

    You can also write to the firm with more information and ask for whatever higher limit you'd like. As policy some will always say no until you've been a customer for a while but others consider such requests.
    • bammy52
    • By bammy52 2nd Feb 18, 12:32 PM
    • 1 Posts
    • 0 Thanks
    bammy52
    I think this is a big con, i get a request to join Experian direct, not via credit club it tells me my score is 757 which is poor/fair. I access my credit club which is also an Experian credit report where it tells me i have a very healthy 950 good. Two different scores by the same company. So i understand the different ratings from different companies, but from the same company? It is there purely to coerce consumers into getting credit cards. The whole thing is an absolute nonsense. By the way I don't need credit and have no personal axe to grind
    Last edited by bammy52; 02-02-2018 at 12:33 PM. Reason: left a previous quote in
    • DCFC79
    • By DCFC79 2nd Feb 18, 1:27 PM
    • 31,937 Posts
    • 20,116 Thanks
    DCFC79
    I think this is a big con, i get a request to join Experian direct, not via credit club it tells me my score is 757 which is poor/fair. I access my credit club which is also an Experian credit report where it tells me i have a very healthy 950 good. Two different scores by the same company. So i understand the different ratings from different companies, but from the same company? It is there purely to coerce consumers into getting credit cards. The whole thing is an absolute nonsense. By the way I don't need credit and have no personal axe to grind
    Originally posted by bammy52
    Ignore the scores they are of no use, they aren't seen by lenders. All that matters is the data is correct that's all.
    • GM1880
    • By GM1880 15th Feb 18, 9:48 PM
    • 153 Posts
    • 57 Thanks
    GM1880
    Another great example of why scores are a load of rubbish.

    Experian and Equifax have identical data on me.

    Barclaycard seem to randomly update the report, not with the statement balance, but the random balance at various points.

    Anyhow, latest update has by usage at 75% for that card. That equated to a 66 point drop on Experian, but a 24 point increase on Equifax. ???
    • Gary_Dexter
    • By Gary_Dexter 18th Feb 18, 10:11 AM
    • 1,329 Posts
    • 773 Thanks
    Gary_Dexter
    Correct - they won't update with the statement balance.

    They'll update with whatever you balance is on the date they submit the data they hold on you to the CRA'S.
    • Starlight7
    • By Starlight7 21st Feb 18, 10:23 AM
    • 2 Posts
    • 0 Thanks
    Starlight7
    I have recently subscribed to Experian and paying £15 for the privilege. I want to boost my credit rating after a period last year where I was unable to pay my credit card payments for 6months. At the end of this period I was fortunate to come into some money and I was able to pay the debt off in full. During this process I was under advice from a debt agency (I do not wish to disclose their name). I feel they ill advised me and did not help me at all. Experian, say my rating is poor, and before I had a very good rating (I had never missed a single payment in my life, believe me that is a long time).
    Is there any way I am able to have this shortfall removed from my credit rating? The credit card & overdraft debt was with my old bank. I would be extremely grateful for your help. Thank you.
    • Ebe Scrooge
    • By Ebe Scrooge 21st Feb 18, 10:30 AM
    • 4,127 Posts
    • 3,569 Thanks
    Ebe Scrooge
    I have recently subscribed to Experian and paying £15 for the privilege.


    I want to boost my credit rating after a period last year where I was unable to pay my credit card payments for 6months.

    Is there any way I am able to have this shortfall removed from my credit rating?
    Originally posted by Starlight7

    There's no need to pay to view your credit file, it's available for free.


    If you failed to pay your credit card for 6 months then your credit history will obviously reflect this.


    You cannot remove this information from your file - it's factually correct. All you can do is work towards rebuilding your history - the simplest way is making sure you use credit responsibly, always making payment on time.


    What advice did the debt agency give you that you feel was inappropriate ?
    I may not know much about art, but I know what I like.
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