Don't think much of credit ratings!

P.Pea wrote: »

6 months ago I went with the free credit checker Experian. Mine then was 860/1000 my wife's was 930/1000 after a few months of leaving it alone, since then I have applied for nothing. My wife applied for another bank account for transferring on the advice of MSE. Since then my credit rating went down from 860 to 664/1000 my wife's is roughly the same. Being a man who really cannot be bothered because of ill health, I just closed the account and thought "If they can't keep a good account of my details why should I care". Really I don't! But, I am pretty sure that credit agencies have a cross-eyed view of most peoples credit ratings.
My point is if they are susceptible to infiltration and downright !!!!-ups what is the point. Every time I have asked for credit since 1993 it's always been ridiculous amounts of interest. Somehow I've got by without it. But, still these agencies seem to make a mockery of what is in fact reality.

OK, to try and reply to your comments. Firstly, the CRAs do provide a valuable service to lenders - they provide a history of your borrowing patterns. So, to a prospective lender, they're going to favour someone who shows a history of responsible borrowing, being able to afford to repay their debts, always paying their dues on time, not over-stretching themselves, not borrowing massive amounts in relation to their salary, not missing payments, not currently owing massive amounts to various lenders ... and a whole host of other things.

Now, the bone of contention is the "score". This is an arbitrary figure calculated by the CRAs, and in fact cannot be seen by lenders - they can only see the factual content of your history. Anecdotally, the "score" goes down in response to any change in credit status - you win the lottery and pay off your mortgage, your score will decrease. So, ignore your score. But your history is important. Make sure it's factually correct, and raise a dispute with the CRA is it's wrong.

Aside from that - when used wisely, credit is useful. There are not many folk who can buy a house without a mortgage. Many people take out a personal loan or some sort of finance for a car. A credit card gives you loads of protection when buying goods from Amazon, Joe Bloggs, Kneecap & Son Motor Traders, Monarch Airlines and suchlike. I stress again - used sensibly - a credit card can be a real boon.

So, don't knock the CRAs ( although, I do detest the adverts I've seen on TV recently that extol you to improve your non-existent "credit score" - time to contact the ASA perhaps ??? ). If you've no need for credit then fine. But if you want credit, and you want to get decent offers, then you do need to build up a solid credit history.

P.Pea wrote: »

I find all your answers sheepish. Should have a better credit scoring as I have not burdened myself for years with unecessary credit. Just because a person lives within their means makes them a better bet in my eyes. They know how to handle money. Your comments are abusive and unthoughtful. You have no idea who or what I am or represent. You all assume to much, or are just trolls. Simple as that.

I find your reply goatish - i.e. the four-legged mammal which fulfills the dietry requirements of mythical bridge-dwelling Scandinavian creatures.


You obviously fail to grasp the method by which credit-referencing operates, you also seem to have an aversion to receiving advice and information in relation to the questions you pose.


I suggest that if you dislike the answers given by knowledgeable people, you simply refrain from asking any further questions. I believe there are a number of search engines available on the internet which will provide definitive answers, should you require any further information.