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  • FIRST POST
    • scaredofdebt
    • By scaredofdebt 16th Sep 19, 9:19 AM
    • 1,386Posts
    • 685Thanks
    scaredofdebt
    Conflicting Info
    • #1
    • 16th Sep 19, 9:19 AM
    Conflicting Info 16th Sep 19 at 9:19 AM
    Hi,


    I've signed up for a few credit checking services, the free ones and Experian say my score is "excellent" at 967 whilst Money Saving Expert Credit Club, say it's "poor" at 678.



    I can't find any adverse information anywhere, one of my credit cards is nearly maxed out, that's about it. Limit is £2,750 and balance is £2,600 so it's not a huge amount, I am paying this off at above the minimum repayment amount but will still take a few months to pay it off.



    Clear Score say my rating is just above average.


    So, who's right?


    I am looking at leasing a car soon so need it to be OK for that, never been turned down for credit before but there's always a first time!
    Make £2018 in 2018 Challenge - Total to date £2,108
Page 1
    • zx81
    • By zx81 16th Sep 19, 9:24 AM
    • 23,829 Posts
    • 26,493 Thanks
    zx81
    • #2
    • 16th Sep 19, 9:24 AM
    • #2
    • 16th Sep 19, 9:24 AM
    None of them are right as they're all just numbers they've made up. Ignore all of them.

    From an objective view, you're demonstrating high risk behaviour by having maxed out your card and only making small repayments towards it.

    You need to get that cleared and demonstrate that you're no longer reliant on credit, assuming the debt isn't at 0%.
    • jimbo26
    • By jimbo26 16th Sep 19, 2:29 PM
    • 709 Posts
    • 525 Thanks
    jimbo26
    • #3
    • 16th Sep 19, 2:29 PM
    • #3
    • 16th Sep 19, 2:29 PM
    The scores are generated by the CRAs as marketing tools, using their own algorithms. They are not seen by lenders and so play no part in any credit application decison making process. You can therefore safely ignore the score.

    Just make sure you are on the Electoral Roll, and never miss a payment on current credit agreements.
    • DCFC79
    • By DCFC79 16th Sep 19, 2:34 PM
    • 35,059 Posts
    • 22,159 Thanks
    DCFC79
    • #4
    • 16th Sep 19, 2:34 PM
    • #4
    • 16th Sep 19, 2:34 PM
    They are all right, in that they mean squat.


    As long as your history is correct then that's all that matters.
    • Kevin75
    • By Kevin75 17th Sep 19, 4:06 AM
    • 1 Posts
    • 0 Thanks
    Kevin75
    • #5
    • 17th Sep 19, 4:06 AM
    • #5
    • 17th Sep 19, 4:06 AM
    Agreed..It all depends on your history.All depends on that..So no worries i guess
    • LordSmug
    • By LordSmug 17th Sep 19, 10:41 AM
    • 9 Posts
    • 7 Thanks
    LordSmug
    • #6
    • 17th Sep 19, 10:41 AM
    • #6
    • 17th Sep 19, 10:41 AM
    Hi,


    I've signed up for a few credit checking services, the free ones and Experian say my score is "excellent" at 967 whilst Money Saving Expert Credit Club, say it's "poor" at 678.



    I can't find any adverse information anywhere, one of my credit cards is nearly maxed out, that's about it. Limit is £2,750 and balance is £2,600 so it's not a huge amount, I am paying this off at above the minimum repayment amount but will still take a few months to pay it off.



    Clear Score say my rating is just above average.


    So, who's right?


    I am looking at leasing a car soon so need it to be OK for that, never been turned down for credit before but there's always a first time!
    Originally posted by scaredofdebt
    It's explained on the front page of the credit club.

    Experian give you a credit score - A benchmark for how well you’re doing, based on your past credit behaviour.

    MSE give you a credit hit rate - An overview of what really counts – your chances of getting the market’s top products.
    • Gary_Dexter
    • By Gary_Dexter 17th Sep 19, 11:12 AM
    • 6,555 Posts
    • 4,351 Thanks
    Gary_Dexter
    • #7
    • 17th Sep 19, 11:12 AM
    • #7
    • 17th Sep 19, 11:12 AM
    It's explained on the front page of the credit club.

    Experian give you a credit score - A benchmark for how well you’re doing, based on your past credit behaviour.

    MSE give you a credit hit rate - An overview of what really counts – your chances of getting the market’s top products.
    Originally posted by LordSmug
    Though the "score" and "hit-rate" are not gospel, nor are they anywhere near the truth.
    • MosesRoses
    • By MosesRoses 23rd Sep 19, 10:01 AM
    • 31 Posts
    • 3 Thanks
    MosesRoses
    • #8
    • 23rd Sep 19, 10:01 AM
    • #8
    • 23rd Sep 19, 10:01 AM
    I have exactly the same issue - two distinct credit ratings depending on how I access Experian. However, until reading these pages I had no idea how arbitrary credit scores are, but it makes sense - I am banded differently by every agency! It is such a relief to be able to refer to people who know this stuff better than I do. That’s one concern off my mind. Thanks, MSEers!
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