Confusing Credit Score?

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Bensafc7
Bensafc7 Posts: 14 Forumite
in Credit file & ratings
I've read a few threads and heard credit score doesn't really mean anything, I used to be on Experian with a great score then all of a sudden they couldn't verify my account saying the didn't have enough information to give me a score? Anyways I sorted that out a couple of weeks ago by going onto the electoral role and I now have a score of 981 out of 999 however around 3 weeks ago I got rejected for a Balance transfer credit card with Barclays because they stated they didn't hold enough information on me at my current address (Which I believe I've sorted with the electoral roll)

I'm just wondering if I should re-apply now or wait till the new year? Also which is quite worrying Experian quote "Our records do not show any active credit accounts for you" When I do have a credit card and loan already, one of my friends who's quite financially savvy through work said don't update them because your score will only go down giving you less chance for the balance transfer card, but won't they get that information when I apply for the balance transfer card?

(P.s. I've never missed a payment or anything like that the only thing I could think that would affect my score would be moving houses and jobs a few times)

Any help would be greatly appreciated

Ben
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  • [Deleted User]
    [Deleted User] Posts: 35,242 Forumite
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    As you've correctly read, your score means nothing. Ignore your friend, as they seem to be a little confused.

    The first thing to do is to check all three of your files and make sure the data that appears on their is correct. Remember that not all lenders report to the same CRAs.
  • PRAISETHESUN
    PRAISETHESUN Posts: 3,723 Forumite
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    Not every lender reports to every CRA so you might have active accounts that aren't being reported to Experian. Check that they are being reported to the other CRAs however (Equifax and TransUnion). It might be worth talking to your CC provider and asking if they report to Experian, and if they do then ask them to make sure that they actually do - having an active credit card which you manage responsibly can increase your chances of getting some cards.

    Ignore any reference to your credit score - no-one will see this number but you. Lenders give you their own internal score when you make an application based on the contents of your credit file, so what matters most is your credit history. I would hold off in making an application for a little while, as too many searches on your file typically looks bad to lenders
  • Bensafc7
    Bensafc7 Posts: 14 Forumite
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    So I should sign up to the other 2? Equifax and TransUnion Correct?
  • Willing2Learn
    Willing2Learn Posts: 6,294 Forumite
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    Bensafc7 wrote: »
    So I should sign up to the other 2? Equifax and TransUnion Correct?
    Yes, definitely. Equifax you can see via ClearScore and TransUnion you can see by Noddle :)

    https://www.noddle.co.uk/

    https://www.clearscore.com/
    I work within the voluntary sector, supporting vulnerable people to rebuild their lives.

    I love my job

    :smiley:
  • Bensafc7
    Bensafc7 Posts: 14 Forumite
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    Thank you, can you not sign up direct with them? Does it cost too?
  • Willing2Learn
    Willing2Learn Posts: 6,294 Forumite
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    Yes, if you want to cut out the middle-man, you can get free online Statutory reports from both TransUnion and Equifax. :)
    I work within the voluntary sector, supporting vulnerable people to rebuild their lives.

    I love my job

    :smiley:
  • Bensafc7
    Bensafc7 Posts: 14 Forumite
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    Better to go through there and get more info though yeah?

    Thanks for this by the way
  • [Deleted User]
    [Deleted User] Posts: 0 Newbie
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    Signing up directly with them or via ClearScore etc. will yield the same results. But will be free via Clearscore and the like
  • PRAISETHESUN
    PRAISETHESUN Posts: 3,723 Forumite
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    You can request your statutory reports from all three CRAs (Experian, Equifax and TransUnion) for free, but I personally prefer using MSE Credit Club, ClearScore and Noddle as these update automatically every month and have all the information in one place rather than having to request the information manually every month. There is no difference in the data provided by these services when compared to going direct to the CRAs
  • Ben8282
    Ben8282 Posts: 4,821 Forumite
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    I don't think that Barclaycard search Experian. I think they use Equifax.
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