Clearscore rating

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Ara1985
Ara1985 Posts: 61 Forumite
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edited 15 January 2018 at 10:15AM in Credit file & ratings
MoneySavingExpert Insert Jan 18:

Hi everyone, if you're looking for info on Clearscore our Check your credit score for free guide may help you.

Back to Ara1985's original post...

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I am currently applying for a mortgage and checked my Clear Score profile today which is showing 544/700

Can anyone tell me if this is good or bad? Do I stand a chance of getting approved?

I have tried searching the internet but I am getting conflicting results as to whether this is good or bad? I believe Clear Score use the Equifax scoring model is this correct?
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  • [Deleted User]
    [Deleted User] Posts: 35,242 Forumite
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    It means nothing. Simply ignore it.

    Review your credit history for a view on how you are doing.
  • sourcrates
    sourcrates Posts: 28,879 Ambassador
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    There are three credit reference agencies in the U.K. :

    Equifax

    Callcredit (Noddle)

    Experian

    They all rate you differently dependant on how they view you.

    Lenders on the other hand will look at various factors in order to determine if your a good risk or not.

    To give yourself the best chance of been accepted, pay your bills on time, don't have late payments or defaults, do make sure your on the electoral role.
    I’m a Forum Ambassador and I support the Forum Team on the Debt free wannabe, Credit file and ratings, and Bankruptcy and living with it boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.For free non-judgemental debt advice, contact either Stepchange, National Debtline, or CitizensAdviceBureaux.Link to SOA Calculator- https://www.stoozing.com/soa.php The "provit letter" is here-https://forums.moneysavingexpert.com/discussion/2607247/letter-when-you-know-nothing-about-about-the-debt-aka-prove-it-letter
  • Superscrooge
    Superscrooge Posts: 1,171 Forumite
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    From the Clearscore website.......................

    Your credit score is provided to us by Equifax and is ranged from 0-700, with 700 being the best.

    We put your score into different bands depending on how high it is:

    Score

    Band

    0-279

    Very Poor

    280-379

    Poor

    380-419

    Fair

    420-465

    Good

    466+

    Excellent

    https://help.clearscore.com/index.php?/Knowledgebase/Article/View/140/0/what_is_my_score_out_of

    So according to Clearscore you are in their 'excellent' category.

    But before you get too excited. Clearscore don't offer mortgages and lenders don't see your credit score. Lots of people have supposedly perfect credit scores and still get rejected for credit.

    Affordability is a crucial requirement. So your income and size of mortgage will be just as important in deciding whether any mortgage application is successful
  • pcman1985
    pcman1985 Posts: 181 Forumite
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    Oh No!!! Mine's poor! One more "point" and it would have been fair. It's the end of the world!

    And I thought I was using credit pretty well.


    As you can probably tell, I was being joking.

    Your "score" is meaningless.
  • Ara1985
    Ara1985 Posts: 61 Forumite
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    Thanks for replies.

    I am aware that other factors play part in the decision for the vendor but I thought the score might at least be an indicator.

    If its useless and irrelevant whats the point in having it in the first place!?
  • pcman1985
    pcman1985 Posts: 181 Forumite
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    It's more of a gimmick to have the score there. It makes people think what can I do to get the number higher.

    At least with Clearscore it is free. (Clearscore uses Equifax data but I am unsure if both would provide the same number, but it wouldn't matter anyway)

    There are some people that PAY for their score which is pointless. Just check the data on your credit files and pay for the £2 statutory reports every so often.
  • Anthorn
    Anthorn Posts: 4,362 Forumite
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    Ara1985 wrote: »
    Thanks for replies.

    I am aware that other factors play part in the decision for the vendor but I thought the score might at least be an indicator.

    If its useless and irrelevant whats the point in having it in the first place!?

    It's an example of what a lender might do if they use the same algorithm as the CRA. But when you delve into it, it might not make any sense.

    For example my Noddle score dropped from 3/5 to 1/5 and the one and only change from previously was that I got an Amex green card.

    On Clearscore they say I have "more than a few searches in the last 12 months." I've had 5 credit searches. But the same credit searches at my current address and my previous address due to moving 2 years ago. So Clearscore counts 10 searches in the last year.

    In addition, my Clearscore ... er ... score dropped 2 points in January and the one and only change between December and January was:
    What changed in
    January 2017
    • You closed or settled your TALK TALK TELECOM LIMITED (I) account

    So yes a reasonable indicator where otherwise we wouldn't have one but don't take them too seriously: They offer their service to make a profit from you either when you buy an extra service from them or they get commission on the cards and loans you get through them. And that includes MSE Credit Club!
  • [Deleted User]
    [Deleted User] Posts: 35,242 Forumite
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    Ara1985 wrote: »
    If its useless and irrelevant whats the point in having it in the first place!?

    It's a good argument and one which I have used myself, but for some reason, The Chuckle Brothers continue to this day.
  • DCFC79
    DCFC79 Posts: 40,598 Forumite
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    Ara1985 wrote: »
    I am currently applying for a mortgage and checked my Clear Score profile today which is showing 544/700

    Can anyone tell me if this is good or bad? Do I stand a chance of getting approved?

    I have tried searching the internet but I am getting conflicting results as to whether this is good or bad? I believe Clear Score use the Equifax scoring model is this correct?

    Ill trade you 2 digestives and 2 custard creams.
  • Ara1985
    Ara1985 Posts: 61 Forumite
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    Anthorn wrote: »
    It's an example of what a lender might do if they use the same algorithm as the CRA. But when you delve into it, it might not make any sense.

    For example my Noddle score dropped from 3/5 to 1/5 and the one and only change from previously was that I got an Amex green card.

    On Clearscore they say I have "more than a few searches in the last 12 months." I've had 5 credit searches. But the same credit searches at my current address and my previous address due to moving 2 years ago. So Clearscore counts 10 searches in the last year.

    In addition, my Clearscore ... er ... score dropped 2 points in January and the one and only change between December and January was:


    So yes a reasonable indicator where otherwise we wouldn't have one but don't take them too seriously: They offer their service to make a profit from you either when you buy an extra service from them or they get commission on the cards and loans you get through them. And that includes MSE Credit Club!

    2 points haha. Mine had gone down 7 apparently not sure why though or since when.

    I am not really worried about my credit history, I have had some issues in the past when I was young (nothing major missed a few payments here there) but nothing to note in the past 8 years or so, always pay any credits cards off in full and on time.

    I guess I will know when I get the answer back from my lender but you always like to know what your chances are.
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