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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
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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.