MSE News: MSE launches free Credit Club
Comments
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Your data is already out there, the Credit Club just allows you to see some of that data yourself. The only problem you could have is that if you are a serial debtor in hiding you could be poking a hornets nest.I would like to join the Credit Club, but I am concerned about who my data will be shared with? Does this include marketing companies?0 -
I'm confused by the disposable income result. After my mortgage, CC bills/HP agreements, utilities and living costs I am able to save just over £1000/month. The Affordability score marks my disposable income as weak, do I need to stop moving this cash out of my current account for them to "see" it?0
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The "score" is pretty meaningless but also Experian use 999 as their top score and Equifax use 700.wiseonesomeofthetime wrote: »I have joined up, like many.
I notice that the Credit Score offered by Experian via MSE Credit Club is a lot higher than that quoted by Clearscore on behalf of Equifax.
Shows, I assume, that both are just subjective and lenders will impose their own criteria regardless.0 -
Your data is already out there, the Credit Club just allows you to see some of that data yourself. The only problem you could have is that if you are a serial debtor in hiding you could be poking a hornets nest.
I realise that it is out there, however, by agreeing to the T&C's, are we agreeing to companies contacting us for marketing purposes? The ICO have recently fined companies for unsolicited calls, however, does agreeing to the T&C's mean that we are agreeing to marketing companies contacting us? I just don't want to be bugged by nuisance calls. Perhaps MSE can confirm?0 -
Hi. I'm wondering if someone can help. I've logged in and I have a 25% HIT rate but when I log into credit card eligibility I have 80% with Tesco and M&S.
What does this mean? There is a 25% chance I'll get one of the 80%
??
I'm confused!
Can anyone enlighten me!
I'm currently repairing my credit file. I've just completed my mortgage application 3 'moths ago and that's all done and in place.
Hi,
The Credit Hit Rate is calculated gives you an indication of the number of credit products you're likely to be eligible for, so in this instance, you score highly with 25% of the products in the market (including Tesco and M&S).0 -
I would like to join the Credit Club, but I am concerned about who my data will be shared with? Does this include marketing companies?
Hi,
As with all MSE services, we don't sell your data on to 3rd parties. When you register, all we ask is that you accept our T&C's and if you wish, sign up to the weekly tips email (optional). Unlike other services who use T&C's as a consent to sell data on, our T&C's do not include this but do include the following point about services you enquire with outside of MSE:
"5.2 - When you use other websites, any personal information you give them will be dealt with in line with their privacy policies, not ours, so please read the privacy policies of each and every such website before using them!"
Please also check out Experian's own terms and conditions about how they use your data:
https://termsandconditions.hdd2.co.uk/creditclub/
I hope that helps!0 -
The amount that you have in current accounts and savings or investments is invisible to the tool and makes no difference.I'm confused by the disposable income result. After my mortgage, CC bills/HP agreements, utilities and living costs I am able to save just over £1000/month. The Affordability score marks my disposable income as weak, do I need to stop moving this cash out of my current account for them to "see" it?
As the description on the site says, it ignores real spending and just uses averages for the area you're in.
That may also mean that you're getting unrealistic acceptance levels for cards and might be better off using a different place that also uses quotation searches, particularly if a possible cause is the site not using all of your income because some is investment rather than pay or pension.
It scores me as v.weak on affordability while I'm making more than £30k a year in new savings and investments. That's with a gross annual income that is 1.3 times all unsecured debt and a mortgage balance that is 75% of the annual income, with annual rent and mortgage costs of 7% and 2% of gross annual income (yes, both mortgage and rent at the moment). The results can at times appear to be a ridiculously bad joke.
In my case it may be assuming that the fairly high unsecured debt has some significant level of interest and needs to be repaid out of income when it's stoozed and the capital is available. Not that I'd have any trouble at all repaying out of income. It's also presumably assuming that I own a car and its costs while making poor assumptions about my general living spending. And may be ignoring the investment income that it has as about 18% of my total income. It'll also be ignoring the very low actual amount of income tax that I pay compared to my gross income.
A potential remedy is after a decline decision, reply with an appeal that tells the lender the reality of your situation and ask them to reconsider based on the actual numbers.
The tool is likely to do considerably better if you're a spendthrift young person with minimal investments, a car, and with all borrowing actual spending not stoozing. Not so great for those of us who are well on the way to being able to retire with relatively frugal lifestyles.0 -
Hi,
As with all MSE services, we don't sell your data on to 3rd parties. When you register, all we ask is that you accept our T&C's and if you wish, sign up to the weekly tips email (optional). Unlike other services who use T&C's as a consent to sell data on, our T&C's do not include this but do include the following point about services you enquire with outside of MSE:
"5.2 - When you use other websites, any personal information you give them will be dealt with in line with their privacy policies, not ours, so please read the privacy policies of each and every such website before using them!"
Please also check out Experian's own terms and conditions about how they use your data:
https://termsandconditions.hdd2.co.uk/creditclub/
I hope that helps!
Thanks!
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Is there any real need to join the Credit Club?
I have no real need to know my credit reference score. It may be good or it may be bad. Suffice to say I have never been rejected for a credit card.
It just sounds like a money making scheme for MSE.0 -
baldeagle09 wrote: »Is there any real need to join the Credit Club?
I have no real need to know my credit reference score. It may be good or it may be bad. Suffice to say I have never been rejected for a credit card.
It just sounds like a money making scheme for MSE.
If that's true then it's a very poor scheme considering its costing them money to run and they won't be making a profit for a long time, if ever.
The real value in joining the club is when they will soon be offering full access to your experian credit report for free. This means you can access all three for free and regularly check them.0
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