Multiple applications......the results
Comments
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This is a trick question isnt it !?
The one i have access to, the one i can see......Experian
The other score is arrived at from internal and external info........so the info Experian gives them that relates to me is important, i monitor this in the form of a simple (!) scoring system that, if you understand what affects it, gives me a pretty good reflection of how my financial standing looks to lenders
Get with the programme people0 -
Ficofuture wrote: »This is a trick question isnt it !?
The one i have access to, the one i can see......Experian
The other score is arrived at from internal and external info........so the info Experian gives them that relates to me is important, i monitor this in the form of a simple (!) scoring system that, if you understand what affects it, gives me a pretty good reflection of how my financial standing looks to lenders
Get with the programme people
If I took heed of my credit score I wouldn't have been able to buy my house0 -
I tend to err on the side of saying your score doesn't matter, but what I guess would be more accurate would be to say your score alone doesn't matter.
I think this sums it up quite well:Ficofuture wrote: »Your score is a reflection of your history, in easy to understand terms
Your score gives a general indication of your credit history, but lenders are interested in far more than just your score alone. There are many people who have a 'perfect' credit score but may be bankrupt, unemployed, low income. These may be less likely to get credit than someone who has a less than perfect score but, for example, has a good income, stable job, homeowner, etc. Also lenders can look at other things, such as geographical location, employment status, job title, residential status, marital status - all of these factors could have an impact depending on a lender's underwriting criteria, which your credit score won't reflect.
The main thing a credit score does is gives you an idea of how your credit has been looked after previously - however I would think most people would have an idea of if they have never missed a payment or, on the other extreme, racked up several defaults and CCJs. This is why I think a lot of people say credit scores are pointless and meaningless - they only tell a very small part of the story and, for the majority of people, won't really tell them anything they don't already know.0 -
Indeed, which is why people saying on here, "just worry about your history" is so vapid, if you build a good history, your score will improve !!!!!!
Experian is American , and the software model used there is way more advanced , i guess they have to water it down for the uk due to the general public simply not being so accepting of being bracketed in such a way
I still say a lot on here have something to hide, they say it too quickly and too often...........which leads me to suspect their scores are LOW ?........would you take advice from anyone who wont declare their situation , experience and financial standing ?............. i hope not0 -
Ficofuture wrote: »I still say a lot on here have something to hide....would you take advice from anyone who wont declare their situation
OK, I don't often get annoyed at posters on this site - my aim is to help people. But I take exception at this.
Not that it's any of your business ... but here's my story. I've struggled, I've had gambling and drinking problems in the past, I've been divorced, I've come oh so close to having my house repossessed in the past. I've worked my gonads off, I've retrained, I've come out the other side. I've worked in a senior position at a multinational bank, then when I was made redundant I took a job stacking shelves at Lidl - anything rather than claim the dole ( or whatever they call it these days ). I now have a steady, well-paid job, albeit it means working away from home. I'm now in what most folk would call "a pretty comfortable" situation, financially at least. No, I don't drive a Jag, no I don't holiday in the Bahamas - but I ain't worried when the next bill comes in.
So yes, I know what it's like to worry about losing the roof over your head. Yes, I know what it's like to to be driven to drink, feeling a failure for not being able to provide for your family. Yes, I know what it's like, thinking that slitting your wrists would actually be a pretty easy way out of it all.
So no, I have nothing to hide. And perhaps you ought to take a moment to think, before you dismiss out of hand the well-meant advice offered by the the folk on this forum - which more often than not is learned from bitter personal experience.0 -
Ficofuture wrote: »Indeed, which is why people saying on here, "just worry about your history" is so vapid, if you build a good history, your score will improve !!!!!!
Experian is American , and the software model used there is way more advanced , i guess they have to water it down for the uk due to the general public simply not being so accepting of being bracketed in such a way
I still say a lot on here have something to hide, they say it too quickly and too often...........which leads me to suspect their scores are LOW ?........would you take advice from anyone who wont declare their situation , experience and financial standing ?............. i hope not
You keep mentioning America, America uses credit scores, U.K. Lenders don't see your Experian score0 -
Lenders are out to make money from their products, so they interpret your credit history against their commercial strategy.
Can't post links, but see section three on "credit-rating-credit-score" page of the main site.
It's no coincidence, I think, that the best card deals I have are with banks that I also have a current account and/or savings account and/or other product with.
Of course, there's a fixation with credit scores because certain "events" (aka mistakes, errors by banks etc.) will definitely stop you being accepted, so it's worth keeping an eye on things.
But "the bank" is more like a partner who is constantly lending you money and then demanding a tenner from you with the threat of asking for the whole lot back instead.
The trick is to be able to call the bank's bluff and repay the lot
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Ebe_Scrooge wrote: »OK, I don't often get annoyed at posters on this site - my aim is to help people. But I take exception at this.
Not that it's any of your business ... but here's my story. I've struggled, I've had gambling and drinking problems in the past, I've been divorced, I've come oh so close to having my house repossessed in the past. I've worked my gonads off, I've retrained, I've come out the other side. I've worked in a senior position at a multinational bank, then when I was made redundant I took a job stacking shelves at Lidl - anything rather than claim the dole ( or whatever they call it these days ). I now have a steady, well-paid job, albeit it means working away from home. I'm now in what most folk would call "a pretty comfortable" situation, financially at least. No, I don't drive a Jag, no I don't holiday in the Bahamas - but I ain't worried when the next bill comes in.
So yes, I know what it's like to worry about losing the roof over your head. Yes, I know what it's like to to be driven to drink, feeling a failure for not being able to provide for your family. Yes, I know what it's like, thinking that slitting your wrists would actually be a pretty easy way out of it all.
So no, I have nothing to hide. And perhaps you ought to take a moment to think, before you dismiss out of hand the well-meant advice offered by the the folk on this forum - which more often than not is learned from bitter personal experience.
Glad i have your attention.....
Then you are perfectly placed to advise anyone on the above, which is helpful
I can tell a similar tale, and looking back, it was for the best, it made me a better person, as im sure it has you.........i know the value of money and what it can and cannot do
So when you say to a new member, "Ignore the score, its made up", how helpful do you think that is ?
How likely are they to ask another question ?
Equifax, Experian and Call Credit use scores.........for a reason, they know more about credit scoring than anyone here
Far better to explain that the conduct and history is what matters, improve these and your score will improve
You can even say, dont worry too much about the score, its an indication, and will improve as you clear up your act, but telling them to ignore it is simply poor advice and helps nobody0 -
glentoran99 wrote: »You keep mentioning America, America uses credit scores, U.K. Lenders don't see your Experian score
Ive seen the future......guess whats coming to a town near you soon ?0 -
Lenders are out to make money from their products, so they interpret your credit history against their commercial strategy.
Can't post links, but see section three on "credit-rating-credit-score" page of the main site.
It's no coincidence, I think, that the best card deals I have are with banks that I also have a current account and/or savings account and/or other product with.
Of course, there's a fixation with credit scores because certain "events" (aka mistakes, errors by banks etc.) will definitely stop you being accepted, so it's worth keeping an eye on things.
But "the bank" is more like a partner who is constantly lending you money and then demanding a tenner from you with the threat of asking for the whole lot back instead.
The trick is to be able to call the bank's bluff and repay the lot
Banks want applications in the same way Asda wants you in their store..........
Every time you pay into your bank, you are lending them money
You and your wages/income are a revenue stream to a bank
If you owe a bank £1000........its your problem
If you owe a bank £100000........its the banks problem0
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