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  • FIRST POST
    • MSE Steve
    • By MSE Steve 8th Sep 16, 6:40 PM
    • 78Posts
    • 29Thanks
    MSE Steve
    MSE News: MSE launches free Credit Club
    • #1
    • 8th Sep 16, 6:40 PM
    MSE News: MSE launches free Credit Club 8th Sep 16 at 6:40 PM
    MoneySavingExpert.com has today launched its brand-new Credit Club - a totally free way to check your credit score, whether you're likely to be accepted for credit in the real world and how to boost your chances....
    Read the full story:
    'MSE launches free Credit Club'

    Click reply below to discuss. If you havenít already, join the forum to reply. If you arenít sure how it all works, read our New to Forum? Intro Guide.
Page 1
    • mprd
    • By mprd 8th Sep 16, 8:07 PM
    • 6 Posts
    • 1 Thanks
    mprd
    • #2
    • 8th Sep 16, 8:07 PM
    • #2
    • 8th Sep 16, 8:07 PM
    Couple of things:
    1. I input inaccurate income information into my Credit Club profile. How can I change it? I can't find any way except to delete my account and create a new account.
    2. In common with many providers you ask for details of pre-tax income. How is the tax on that income then calculated? I suspect that I am discriminated against because I am retired, and thanks to careful investment planning, now virtually all of my income is tax-free but I have no way of indicating this. Wouldn't it be better to ask for details of net income after tax?
    • MABLE
    • By MABLE 8th Sep 16, 8:14 PM
    • 3,915 Posts
    • 2,059 Thanks
    MABLE
    • #3
    • 8th Sep 16, 8:14 PM
    • #3
    • 8th Sep 16, 8:14 PM
    Does not make pleasant reading for me. 737 and fair. Stoozing certainly has taken its toll on my credit report. However it has not stopped BC wanting to increase one of my cards with them by another £2k.

    All these statistics all very well but I take all this with a pinch of sea salt.
    • GingerFurball
    • By GingerFurball 8th Sep 16, 8:16 PM
    • 950 Posts
    • 894 Thanks
    GingerFurball
    • #4
    • 8th Sep 16, 8:16 PM
    • #4
    • 8th Sep 16, 8:16 PM
    Had to have a chuckle at the slightly concerned face regarding account length. Have opened a few accounts in the last couple of years - mainly to benefit from rewards, interest rates and cheaper mobile contracts!

    Had this been around 2 and a half years ago I'd have had 1 bank account which has been open since 2003, a credit card that has been open since 2008 and my O2 contract was from 2003 until 2015 haha.
    DEBT FREE!

    Debt free by Xmas 2014: £3555.67/£4805.67 (73.99%)
    Debt free by Xmas 2015: £1250/£1250 (100.00%)
    • takman
    • By takman 8th Sep 16, 9:37 PM
    • 3,785 Posts
    • 3,470 Thanks
    takman
    • #5
    • 8th Sep 16, 9:37 PM
    • #5
    • 8th Sep 16, 9:37 PM
    This will be very valuable when they offer full access to experian reports for free!. That will then mean that you can get credit reports from all three credit agencies for free!
    • SuperHan
    • By SuperHan 8th Sep 16, 10:00 PM
    • 2,173 Posts
    • 1,312 Thanks
    SuperHan
    • #6
    • 8th Sep 16, 10:00 PM
    • #6
    • 8th Sep 16, 10:00 PM
    Does not make pleasant reading for me. 737 and fair. Stoozing certainly has taken its toll on my credit report. However it has not stopped BC wanting to increase one of my cards with them by another £2k.

    All these statistics all very well but I take all this with a pinch of sea salt.
    Originally posted by MABLE
    Similar here - 830 with a "credit hit rate" of 25%. It's so low because of my utilisation (£3k of £20k, paid off every month) and debt to income (< 10%, excluding my mortgage). I'm not entirely sure what it is telling me to do to improve... I've never had trouble getting 0% cards or credit whenever I've wanted though, so it's an interesting analysis.
    • GingerFurball
    • By GingerFurball 8th Sep 16, 10:34 PM
    • 950 Posts
    • 894 Thanks
    GingerFurball
    • #7
    • 8th Sep 16, 10:34 PM
    • #7
    • 8th Sep 16, 10:34 PM
    When a score of 860ish out of 999 is 'fair' then you know the scaling is utter crap.
    DEBT FREE!

    Debt free by Xmas 2014: £3555.67/£4805.67 (73.99%)
    Debt free by Xmas 2015: £1250/£1250 (100.00%)
    • Kendall80
    • By Kendall80 8th Sep 16, 10:58 PM
    • 860 Posts
    • 573 Thanks
    Kendall80
    • #8
    • 8th Sep 16, 10:58 PM
    • #8
    • 8th Sep 16, 10:58 PM
    Isn't this just MSE emulating ClearScore/Equifax?
    • Bike369
    • By Bike369 9th Sep 16, 7:47 AM
    • 21 Posts
    • 5 Thanks
    Bike369
    • #9
    • 9th Sep 16, 7:47 AM
    Experian Score mismatch
    • #9
    • 9th Sep 16, 7:47 AM
    I have an 'excellent' score of 975 with the Credit Club

    but

    720 'crap' when viewing my Experian credit score through Barclaycard..!

    so no idea!!

    I did however get accepted for a Tesco 0% fee 24 month credit card a few days with £4750 credit limit though so I'm not looking for any additional cards etc. but it is interesting.

    These scores are still a dark art and a money spinner if you sign up to these companies direct. So don't.

    Use Clearscore for Equifax, Noddle for Callcredit and Barclaycard/Credit Club for Experian(ish)
    • jamesd
    • By jamesd 9th Sep 16, 7:58 AM
    • 23,524 Posts
    • 15,844 Thanks
    jamesd
    Will income information for quotes rather than applications be passed to National Hunter and used in application consistency checks?

    This is important because it seems that MSE does not use a person's total income in its searches, instead it splits it into pay and other income and attributes the other income to a spouse rather than the individual. That can very substantially understate a person's total income. It seems to make the comparison service here useless for those like me with substantial non-pay income, since it's not representative of the income that would be disclosed in a real application.

    The rent is also a little puzzling. The site says I have poor affordability but rent is around 400 a month. Perhaps the site is using the London practice of weekly rents and assuming that the rent is a bit over four times as high as it really is? later, it's specified as monthly on the site Maybe it's also pretending that it has to be paid out of only the pay part of the income?

    The possible combined result of these things is way lower projected acceptance than other quotation-based card searches.
    Last edited by jamesd; 16-09-2016 at 6:19 PM.
    • jamesd
    • By jamesd 9th Sep 16, 8:18 AM
    • 23,524 Posts
    • 15,844 Thanks
    jamesd
    Does not make pleasant reading for me. 737 and fair. Stoozing certainly has taken its toll on my credit report. However it has not stopped BC wanting to increase one of my cards with them by another £2k.
    Originally posted by MABLE
    I'm even lower, below 700 and in the poor range, but still getting regular limit increases from a range of providers. Though last application was for a higher than standard interest rate and lower limit. That provider just increased my limit by 40% and offered me an 18 month 0% 3% fee BT around nine months after account opening. Utilisation is about 75%, down from over 80% a few months ago. Used is about 74% of total gross income or about 90% of the pay only income that this place seems to use.

    Not really something to worry too much about when stoozing. The credit record is there to be used, after all, and a high score is just money not being made that could be made.

    For anyone not familiar with stoozing, these numbers aren't anything to worry about. The money largely isn't spent, just invested, and I have three times the borrowed amount in non-pension savings and investments.
    Last edited by jamesd; 09-09-2016 at 8:21 AM.
    • redux
    • By redux 9th Sep 16, 10:05 AM
    • 19,986 Posts
    • 27,944 Thanks
    redux
    I seem to be somewhat anomalous, rather more likely to get a loan than a modest credit card.

    For example, if you have a credit card with a £1,000 credit limit that you've only spent £100 of, then the credit utilisation of that card is 10%.

    Of course though, this looks at ALL your credit and debt. As a rough rule of thumb, a credit utilisation of below 60% is positive.
    The credit utilisation shown for me is just plain wrong, saying 60%. In the last 12 months it has fluctuated between 8 and 30%, never above 20% in 6 months, and is currently about 15%

    If MSE hope to cover their costs of this by later earning money from referrals of new applications, some algorithms need tightening up. I've been previously rated by MSE's online checker as 0 and 90% likely to get a certain credit card, even with both those results on the same day. One would encourage and one would discourage. (90% probably the correct one as I already have an account there.)
    Last edited by redux; 09-09-2016 at 10:10 AM.
    • Kingsd316
    • By Kingsd316 9th Sep 16, 10:18 AM
    • 1,362 Posts
    • 614 Thanks
    Kingsd316
    I pay monthly for my credit report, is it worth signing up to this and cancelling my experian subscription?
    • jaydeeuk1
    • By jaydeeuk1 9th Sep 16, 10:24 AM
    • 7,454 Posts
    • 4,942 Thanks
    jaydeeuk1
    I pay monthly for my credit report, is it worth signing up to this and cancelling my experian subscription?
    Originally posted by Kingsd316
    Yes. Might as well get Noddle (call credit), clearscore (equifax) too.
    • MSE Dan L
    • By MSE Dan L 9th Sep 16, 11:45 AM
    • 654 Posts
    • 404 Thanks
    MSE Dan L
    Couple of things:
    1. I input inaccurate income information into my Credit Club profile. How can I change it? I can't find any way except to delete my account and create a new account.
    2. In common with many providers you ask for details of pre-tax income. How is the tax on that income then calculated? I suspect that I am discriminated against because I am retired, and thanks to careful investment planning, now virtually all of my income is tax-free but I have no way of indicating this. Wouldn't it be better to ask for details of net income after tax?
    Originally posted by mprd
    Hi there

    1) We've not yet released the edit functionality, but it'll be coming soon via the settings menu (top right) on the dashboard page.
    2) The disposable income is calculated by HD Decisions (part of Experian) based on the figure you enter at registration. It uses this to model your net income based on HMRC calculations, but you're right it is making assumptions around tax relief. However, this is in line with how potential lenders are likely to calculate your affordability also.

    I hope that helps.
    • MSE Dan L
    • By MSE Dan L 9th Sep 16, 11:46 AM
    • 654 Posts
    • 404 Thanks
    MSE Dan L
    Does not make pleasant reading for me. 737 and fair. Stoozing certainly has taken its toll on my credit report. However it has not stopped BC wanting to increase one of my cards with them by another £2k.

    All these statistics all very well but I take all this with a pinch of sea salt.
    Originally posted by MABLE
    Hi Mable

    In terms of your ability to get credit, it might be worth looking more at your MSE Credit Hit Rate rather than your Experian Credit score (as that only tells part of the picture).

    Thanks
    • MSE Dan L
    • By MSE Dan L 9th Sep 16, 11:50 AM
    • 654 Posts
    • 404 Thanks
    MSE Dan L
    I have an 'excellent' score of 975 with the Credit Club

    but

    720 'crap' when viewing my Experian credit score through Barclaycard..!

    so no idea!!

    I did however get accepted for a Tesco 0% fee 24 month credit card a few days with £4750 credit limit though so I'm not looking for any additional cards etc. but it is interesting.

    These scores are still a dark art and a money spinner if you sign up to these companies direct. So don't.

    Use Clearscore for Equifax, Noddle for Callcredit and Barclaycard/Credit Club for Experian(ish)
    Originally posted by Bike369
    Hi Bike369

    The first thing to highlight is there isnít a single universal credit score. Your score will differ across the various agencies and even at a single agency, depending on the information you provide to it. Experian has a number of different services in place which allow you to view a credit score. However each work independently of each other asking for slightly different information when you sign-up, so it is entirely possible for your credit score on Credit Club to differ from the score provided to you by Experian elsewhere.

    There isnít the concept of a single score per individual that is returned each time your data is matched at Experian.

    Some common reasons for differences in the Experian Credit Score include:
    - Timing - your Credit Club information updates every 30 days, so the timing may differ from a difference service (I think Barclaycard might be 60 day updates).
    - Information - differences in personal information provided at registration results in a different match-up of information on the credit file. For example the amount of address history provided can have a negative or positive impact, depending on the information which this matches to.
    - Formatting - Also, the format of your current address must be correct in order to ensure that all of your information is being pulled onto your report. For example if your flat number is being inputted as your house / building number on some of your accounts and then the other way on your membership then this may cause the information to differ.

    - You may also wish to ensure that your name has been inputted in the same way on your membership as on your accounts and financial information so that the system can match this. For example if your name is hyphenated on an account but shows as a first name then middle name on your membership then this account may not appear on your report.

    For more information on what your credit score really means, take a look at our full guide: http://www.moneysavingexpert.com/loans/what-credit-scores-mean

    I hope this is helpful.
    • MSE Dan L
    • By MSE Dan L 9th Sep 16, 12:08 PM
    • 654 Posts
    • 404 Thanks
    MSE Dan L

    The credit utilisation shown for me is just plain wrong, saying 60%. In the last 12 months it has fluctuated between 8 and 30%, never above 20% in 6 months, and is currently about 15%
    Originally posted by redux
    Hi Redux

    I wonder if you've misread this section? The 60% figure is not dynamic it is part of the editorial explanation. Or have I got the wrong end of the stick and you were highlighting that your Utilisation figure was showing as Poor / Very Poor?

    I've been previously rated by MSE's online checker as 0 and 90% likely to get a certain credit card, even with both those results on the same day. One would encourage and one would discourage. (90% probably the correct one as I already have an account there.)
    Originally posted by redux
    It sounds like here that the details you entered on the eligibility tools were different. The way the tools work is that they only contact the bureau per individual once every 30 days. So if you login again later that day, you score should show the same (as its based on the same bureau information).

    Thanks
    Last edited by MSE Dan L; 09-09-2016 at 12:11 PM.
    • molerat
    • By molerat 9th Sep 16, 12:13 PM
    • 21,652 Posts
    • 15,879 Thanks
    molerat
    MSE/Experian
    non smiley face
    Account stability
    The average length of your financial relationships is less than six years. Remember, this isn’t just bank accounts, mortgages, loans and credit cards, it can include utilities, mobile phone contracts, broadband and more.
    Clearscore/Equifax
    Positive
    You have held at least one of your accounts for several years
    So what really counts ? My main current account was opened in 1995 and my oldest and largest limit credit card was opened in 1998. I have (several) new current accounts and new cards, mostly opened in the past 12 months as well as being a broadband and energy tart. If you only had 2 accounts, one 30 years old and one 1 month old the average will be low so a bit of a pointless statement, Clearscore seem to have it better thought out.

    999 for me. Only 50-50 CCs but an MSE 98% chance of getting the 0% cards, every time I apply for a new card I get one. Weak for loans but that will be down to low (on paper) monthly income, I always "borrow" from myself anyway. Noddle has me 639/710 and 5/5, Clearscore this month has me as 547/700 (up from 536 all year). Noddle show me as just above national and local average of 611 and Clearscore show me well above the local and national averages of 440 & 380.

    Just goes to show what a load of twaddle most of it is
    For more information on what your credit score really means, take a look at our full guide: http://www.moneysavingexpert.com/loans/what-credit-scores-mean
    Originally posted by MSE Dan L
    I think most of us have figured that one out already
    Last edited by molerat; 14-10-2016 at 12:02 PM.
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    • jamesd
    • By jamesd 9th Sep 16, 2:19 PM
    • 23,524 Posts
    • 15,844 Thanks
    jamesd
    So what really counts ?
    Originally posted by molerat
    Average length is probably not a great choice to use. A few with longer duration are likely to matter more. MSE might be assuming a "thin file" with only a few accounts where the average would matter more vs one with quite a few accounts where the recent ones would be almost irrelevant for stability. Clearscore/Equifax is probably doing a better job on this one. Not a good match for a site like this which encourages tarting so will generate lots of recent accounts while the older ones provide the stability background.

    999 for me. Only 50/50 for CCs but an MSE 95% chance of getting the 0% cards, every time I apply for a new card I get one.
    Originally posted by molerat
    Could be worse,. This service says I will be accepted for almost no cards but the poor score set, while the previous card comparison and other places do a way better job of matching reality with more appropriate acceptance rates. I assume mostly the discounting of a significant portion of my income and probably multiplying my rent by four while perhaps also pretending that a I have a car and associated costs.
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