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  • FIRST POST
    • Mjfender26
    • By Mjfender26 15th Apr 19, 10:07 AM
    • 172Posts
    • 18Thanks
    Mjfender26
    Credit expert - affordability
    • #1
    • 15th Apr 19, 10:07 AM
    Credit expert - affordability 15th Apr 19 at 10:07 AM
    Hey! Iíve just checked my credit file on credit club.

    My affordability shows as poor, and my disposable income low.

    Now, each month, my disposable income is around 80% of my wage, 20% goes on bills etc, and 80% is disposable... surely that should be higher? As itís not accurate at all.

    My affordability is also a lot higher than shown there too..
    Debt Free wanna-be in a year.
    £15000 debt in October 2017
    £0 in October 2018
Page 1
    • zx81
    • By zx81 15th Apr 19, 10:18 AM
    • 21,742 Posts
    • 23,658 Thanks
    zx81
    • #2
    • 15th Apr 19, 10:18 AM
    • #2
    • 15th Apr 19, 10:18 AM
    Don't worry. At best, the ratings are a wild stab in the dark and not of any use.

    They tend to vary dramatically from lender assessments.
    • Mjfender26
    • By Mjfender26 15th Apr 19, 10:20 AM
    • 172 Posts
    • 18 Thanks
    Mjfender26
    • #3
    • 15th Apr 19, 10:20 AM
    • #3
    • 15th Apr 19, 10:20 AM
    Thatís okay then, was wondering how it was rated,
    Would mean Iíd need a disposable of over £2500 fornit to be in green if that was the case
    Debt Free wanna-be in a year.
    £15000 debt in October 2017
    £0 in October 2018
    • Mjfender26
    • By Mjfender26 15th Apr 19, 10:21 AM
    • 172 Posts
    • 18 Thanks
    Mjfender26
    • #4
    • 15th Apr 19, 10:21 AM
    • #4
    • 15th Apr 19, 10:21 AM
    For it* mistake
    Debt Free wanna-be in a year.
    £15000 debt in October 2017
    £0 in October 2018
    • sourcrates
    • By sourcrates 15th Apr 19, 11:42 AM
    • 17,006 Posts
    • 16,023 Thanks
    sourcrates
    • #5
    • 15th Apr 19, 11:42 AM
    • #5
    • 15th Apr 19, 11:42 AM
    That’s okay then, was wondering how it was rated,
    Would mean I’d need a disposable of over £2500 fornit to be in green if that was the case
    Originally posted by Mjfender26
    For it* mistake
    Originally posted by Mjfender26

    There is an edit button to edit your posts, just to make you aware.


    I'm a Board Guide on the Debt-Free Wannabe, Credit File And Ratings, and
    Bankruptcy And Living With It, boards. "I volunteer to help get your forum questions answered and keep the forum running smoothly".

    Board guides are not moderators and don't read every post. If you spot an abusive or illegal post then please report it to forumteam@moneysavingexpert.com. Any views are mine and not the official line of MoneySavingExpert.com.

    For free debt advice, contact either : Stepchange, National Debtline, or, CAB.
    • Tarambor
    • By Tarambor 15th Apr 19, 11:51 AM
    • 4,876 Posts
    • 3,806 Thanks
    Tarambor
    • #6
    • 15th Apr 19, 11:51 AM
    • #6
    • 15th Apr 19, 11:51 AM
    Unfortunately one of the downsides of things like the affordability tests is that not only the MSE credit club but lenders as well use is that they don't know what your actual outgoings are and have a list of assumptions they make which will be way off what the money savvy spend.
    • Mjfender26
    • By Mjfender26 15th Apr 19, 6:49 PM
    • 172 Posts
    • 18 Thanks
    Mjfender26
    • #7
    • 15th Apr 19, 6:49 PM
    • #7
    • 15th Apr 19, 6:49 PM
    I do know, it just wouldnít allow me to edit for some reason haha, the selections as greyed out
    Debt Free wanna-be in a year.
    £15000 debt in October 2017
    £0 in October 2018
    • Mjfender26
    • By Mjfender26 15th Apr 19, 6:51 PM
    • 172 Posts
    • 18 Thanks
    Mjfender26
    • #8
    • 15th Apr 19, 6:51 PM
    • #8
    • 15th Apr 19, 6:51 PM
    Update, applied yesterday for a PCP agreement, black horse declined me, due to ‘affordability’, I then forwarded my bank statements to them, to prove my disposable income is accumulating rather than decreasing, and they said that it’s odd they declined me in that case.

    Motonovo accepted me and when I asked, they said that my affordability was fine.

    Strange
    Debt Free wanna-be in a year.
    £15000 debt in October 2017
    £0 in October 2018
    • Gary_Dexter
    • By Gary_Dexter 15th Apr 19, 8:24 PM
    • 4,129 Posts
    • 2,608 Thanks
    Gary_Dexter
    • #9
    • 15th Apr 19, 8:24 PM
    • #9
    • 15th Apr 19, 8:24 PM
    Each lender will have their own criteria.

    Which is why the affordability ratings (along with the scores etc) are pretty safe to just ignore
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