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  • FIRST POST
    • chrisinnes
    • By chrisinnes 16th Apr 18, 8:57 AM
    • 8Posts
    • 1Thanks
    chrisinnes
    I behave well but my credit scores are poor
    • #1
    • 16th Apr 18, 8:57 AM
    I behave well but my credit scores are poor 16th Apr 18 at 8:57 AM
    Experian (credit club) credit score 654 (poor)
    Cleascore score 302
    Noddle score 2/5

    I feel as though I know a fair bit about credit files etc. After all, in just over a decade I have gone from being chased for debt, to owning my own home. I achieved this by learning a lot about credit, and being really well behaved.

    6/8 green smiley faces on credit club (8 things you need to know...)
    2 yellow faces (not smiles or frowns), which are credit utilisation (maxed out CCs - but always paid on time) / and account stability - average account under six years.

    I have had a mortgage for three years - always paid on time. i have paid a couple off loans early in the past.i have ben on the voter's register for years at my various addresses (three addresses in past six years).

    I know that credit scores are less important than credit reports, but surely they are also a function, or general assessment, of credit reports. If so, they give a basic overview?

    I would understand fair or good (as opposed to poor) ratings,
    Last edited by chrisinnes; 16-04-2018 at 8:59 AM.
Page 1
    • bigisi
    • By bigisi 16th Apr 18, 9:08 AM
    • 299 Posts
    • 520 Thanks
    bigisi
    • #2
    • 16th Apr 18, 9:08 AM
    • #2
    • 16th Apr 18, 9:08 AM
    I know that credit scores are less important than credit reports, but surely they are also a function, or general assessment, of credit reports. If so, they give a basic overview?
    Originally posted by chrisinnes
    Well you obviously don't because you're still paying attention to them. Someone who's been bankrupt can have a 999 score on Experian, do you think that's a good indication of how they manage their money? Of course it's not so that shows not that the scores are "less important" but that they are, in fact, pointless.
    • chrisinnes
    • By chrisinnes 16th Apr 18, 9:15 AM
    • 8 Posts
    • 1 Thanks
    chrisinnes
    • #3
    • 16th Apr 18, 9:15 AM
    • #3
    • 16th Apr 18, 9:15 AM
    Er, I do understand that scores are less important than reports. That is why I explained it. Why the attitude?

    It is quite possible that I don't hold a huge value in something whilst still being curious as to its nature and explanation.

    You tell me that a bankrupt can have a perfect credit score in a tone which suggests I should already know this. I did not know this as I have never been bankrupt. You seem rather arrogant to me.

    Can someone with more manners explain why this is happening, rather than trying to be condescending please?

    Just to reiterate - as i explained in my first post - I KNOW THAT SCORES ARE NOT SEEN AS IMPORTANT. I am curious as to the mechanics.
    Last edited by chrisinnes; 16-04-2018 at 9:18 AM.
    • MallyGirl
    • By MallyGirl 16th Apr 18, 9:17 AM
    • 2,875 Posts
    • 7,879 Thanks
    MallyGirl
    • #4
    • 16th Apr 18, 9:17 AM
    • #4
    • 16th Apr 18, 9:17 AM
    2 yellow faces (not smiles or frowns), which are credit utilisation (maxed out CCs - but always paid on time) / and account stability - average account under six years.
    Originally posted by chrisinnes
    This gives you a couple of things to bear in mind in order to be seen as more credit worthy in the future (ignoring the actual score). I have kept one bank account and one credit card consistent even though I switch others around for deals. Maxed out credit cards - unless on a promo rate - are not a great sign. I would try and get below 50% utilisation.
    • zx81
    • By zx81 16th Apr 18, 9:21 AM
    • 18,047 Posts
    • 19,257 Thanks
    zx81
    • #5
    • 16th Apr 18, 9:21 AM
    • #5
    • 16th Apr 18, 9:21 AM
    The scores are largely fictional and entirely irrelevant.

    They're not 'less important' than the scores. They're completely pointless.
    • chrisinnes
    • By chrisinnes 16th Apr 18, 9:23 AM
    • 8 Posts
    • 1 Thanks
    chrisinnes
    • #6
    • 16th Apr 18, 9:23 AM
    • #6
    • 16th Apr 18, 9:23 AM
    Thanks for this. I actually have three bank accounts: bills & wages / daily / spare. They are all at least five years old and my spare account is over a decade old.

    I have been using CCs as 'free loans' (as i can normally get 0% promos), and in fact, these will all be fully paid off in a couple of weeks as I am about to sell my home and will be debt-free other than mortgage on next home. So future is looking great. I leaned that maxing them out is not good for credit reports after starting to use them in this way but took the hit on my credit reports as preferable to paying interest - swings and roundabouts, eh?

    I am just baffled as to how I would class myself as a really good bet for a lender (as I never miss payments and I have had a perfectly managed mortgage for three years), on the voter's, etc, yet maxing out CCs seems to have such a disproportionate effect on my credit score.
    Last edited by chrisinnes; 16-04-2018 at 9:26 AM.
    • chrisinnes
    • By chrisinnes 16th Apr 18, 9:25 AM
    • 8 Posts
    • 1 Thanks
    chrisinnes
    • #7
    • 16th Apr 18, 9:25 AM
    • #7
    • 16th Apr 18, 9:25 AM
    It's strange to be constantly told by really legit bodes such as MSE (and others) that scores are completely irrelevant, yet MSE has credit scores as part of some of its perks...
    • chrisinnes
    • By chrisinnes 16th Apr 18, 9:29 AM
    • 8 Posts
    • 1 Thanks
    chrisinnes
    • #8
    • 16th Apr 18, 9:29 AM
    • #8
    • 16th Apr 18, 9:29 AM
    The scores are largely fictional and entirely irrelevant.

    They're not 'less important' than the scores. They're completely pointless.
    Originally posted by zx81
    I get the irrelevant and pointless bit..... fictional?? Surely they must be generated by an algorithm and therefore based on facts, regardless of how useful or useless???
    • zx81
    • By zx81 16th Apr 18, 9:41 AM
    • 18,047 Posts
    • 19,257 Thanks
    zx81
    • #9
    • 16th Apr 18, 9:41 AM
    • #9
    • 16th Apr 18, 9:41 AM
    They're not based on the facts that lenders look at.

    It would be like Tesco giving you a credit score, based on your baked beans consumption.
    • Gary_Dexter
    • By Gary_Dexter 16th Apr 18, 9:47 AM
    • 1,742 Posts
    • 1,009 Thanks
    Gary_Dexter
    It's strange to be constantly told by really legit bodes such as MSE (and others) that scores are completely irrelevant, yet MSE has credit scores as part of some of its perks...
    Originally posted by chrisinnes
    MSE gives you access to your credit report and credit history as a perk
    • nic_c
    • By nic_c 16th Apr 18, 10:23 AM
    • 1,615 Posts
    • 878 Thanks
    nic_c
    I get the irrelevant and pointless bit..... fictional?? Surely they must be generated by an algorithm and therefore based on facts, regardless of how useful or useless???
    Originally posted by chrisinnes
    Pointless but not fictional, imo, and the creditors also have their own internal scoring system they use when giving credit. Because you can be in lots of debt, declare bankruptcy, and have a score as 999 "excellent" or use debt in a good way - maximise 0% promotions, never late, never default - but be given a "poor" score shows how irrelevant they are especially as the former person would get turned down for new credit when the latter may be given it.

    If it was that a better score gave you more likelihood a better chance getting credit, then credence would be given, but I would assume that the short shrift reply given, e.g. fictional, is because of how often the question is posed.

    There is no point in trying to analyse why a particular score is given as most creditors have their own internal scoring mechanism and the CRA's is more to get punters to part with their cash to undertake so called "score improvement" schemes or so they can monitor the "score" daily rather than it having any impact on whether they will get future credit.

    People are perfectionists, its why you get people trying to improve their score or announcing their 999 score with pride expecting the world is now their oyster.
    • Pixie5740
    • By Pixie5740 16th Apr 18, 10:36 AM
    • 12,676 Posts
    • 18,086 Thanks
    Pixie5740
    Are you wanting to borrow money from Experian, Equifax or Call Credit?
    • chrisinnes
    • By chrisinnes 16th Apr 18, 10:45 AM
    • 8 Posts
    • 1 Thanks
    chrisinnes

    There is no point in trying to analyse why a particular score is given as most creditors have their own internal scoring mechanism and the CRA's is more to get punters to part with their cash to undertake so called "score improvement" schemes or so they can monitor the "score" daily rather than it having any impact on whether they will get future credit.
    .
    Originally posted by nic_c
    yes, i agree, and now that you don't need to pay for your credit reports, i can tell that this is where the agencies see their incomes now. I never purchase these as i can predict that they will tell me virtually nothing i don't already know - and that they will not answer my first question above.
    • chrisinnes
    • By chrisinnes 16th Apr 18, 10:46 AM
    • 8 Posts
    • 1 Thanks
    chrisinnes
    Are you wanting to borrow money from Experian, Equifax or Call Credit?
    Originally posted by Pixie5740
    No, as they are not lenders! Also I don't need to borrow money. I will be debt free (apart from mortgage) in about two weeks. and I plan to stay like that for ever.
    • chrisinnes
    • By chrisinnes 16th Apr 18, 10:48 AM
    • 8 Posts
    • 1 Thanks
    chrisinnes

    There is no point in trying to analyse why a particular score is given as most creditors have their own internal scoring mechanism and the CRA's is more to get punters to part with their cash to undertake so called "score improvement" schemes or so they can monitor the "score" daily rather than it having any impact on whether they will get future credit.

    People are perfectionists, its why you get people trying to improve their score or announcing their 999 score with pride expecting the world is now their oyster.
    Originally posted by nic_c
    i generally get 0% CCs when I need them, but another result (I think) of my low score is that that I have a 5% chance of getting decent CCs according to the MSE eligibility checker in credit club. RIght now I have an average income and a few outgoings showing on my credit file but 5% seems a bit drastic.
    • Gary_Dexter
    • By Gary_Dexter 16th Apr 18, 10:51 AM
    • 1,742 Posts
    • 1,009 Thanks
    Gary_Dexter
    No, as they are not lenders! Also I don't need to borrow money. I will be debt free (apart from mortgage) in about two weeks. and I plan to stay like that for ever.
    Originally posted by chrisinnes
    ... hence the reason that the scores that the the CRA's provide are irrelevant
    • shortcrust
    • By shortcrust 16th Apr 18, 10:59 AM
    • 2,072 Posts
    • 3,099 Thanks
    shortcrust
    i generally get 0% CCs when I need them, but another result (I think) of my low score is that that I have a 5% chance of getting decent CCs according to the MSE eligibility checker in credit club. RIght now I have an average income and a few outgoings showing on my credit file but 5% seems a bit drastic.
    Originally posted by chrisinnes
    So why worry? I honestly don't get it. Your own experiences show how pointless the scores are.
    • shortcrust
    • By shortcrust 16th Apr 18, 11:12 AM
    • 2,072 Posts
    • 3,099 Thanks
    shortcrust
    I've said similar before, but I can only think that for some people the score itself is a thing of value. A high score is a badge or an accolade. I find that strange.
    • bigisi
    • By bigisi 16th Apr 18, 11:12 AM
    • 299 Posts
    • 520 Thanks
    bigisi
    So why worry? I honestly don't get it. Your own experiences show how pointless the scores are.
    Originally posted by shortcrust
    Just goes to show the extent the CRA's have hook, line and sinkered some people. They know it's pointless but still get worried about the numbers going up or down.
    • Gary_Dexter
    • By Gary_Dexter 16th Apr 18, 11:33 AM
    • 1,742 Posts
    • 1,009 Thanks
    Gary_Dexter
    I've said similar before, but I can only think that for some people the score itself is a thing of value. A high score is a badge or an accolade. I find that strange.
    Originally posted by shortcrust
    Exactly.

    YAY I'm bankrupt and my score is 999 - I'm so good with money and my credit worthiness is amazing (....despite being bankrupt for thousands or hundreds of thousands of pounds of debt.....)
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