Credit Rating

[auditt]

Hello, Just done my credit rating with EXPERIEN.

Mine was 985 out of 1000 Yippe

But what does this actually mean, Does this mean if i wanted to buy a new car some point in the year and finance it i would have no problems getting a loan?

Thanks

[auditt]

Quinny said:

I think that if it's under 986... Your screwed

quinnnnnnnnny NOOOOOOOOOOOOOOO haha

[Mojooo]

Experian hold information about you

Companies offering credit will use this information to decide whether they wnat to give you credit or not.

Every company has their own way of scoring applicants and the scoring process is private so there is no such hting as a score that applies to someone in every circumstance

Experian have probably madeup their own system to give peopel as idea of how good their credit history is - it will prob be good if you have had credit before and always paid it on time.

I recently got hold of my credit report from Experian and they have a nice little leaflet that explains everything

[RetroTed]

auditt said:

Hello, Just done my credit rating with EXPERIEN.

Mine was 985 out of 1000 Yippe

But what does this actually mean, Does this mean if i wanted to buy a new car some point in the year and finance it i would have no problems getting a loan?

Thanks

Worst I'm getting a gold card thread ever

[Mojooo]

according to some forums the finance companies are now not bothering to lend to well off people who can pay things back easily, they rather want the ones that are a bit of risk and will at least default once or ttwic eor build up interest so they at least get a return.

[bigandclever]

auditt said:

Hello, Just done my credit rating with EXPERIEN.

Mine was 985 out of 1000 Yippe

But what does this actually mean, Does this mean if i wanted to buy a new car some point in the year and finance it i would have no problems getting a loan?

Thanks

It means Experian score you as 985 out of 1000. It doesn't necessarily mean anything to anyone else, since they'll use their own credit scoring method

[auditt]

bigandclever said:

auditt said:

Hello, Just done my credit rating with EXPERIEN.

Mine was 985 out of 1000 Yippe

But what does this actually mean, Does this mean if i wanted to buy a new car some point in the year and finance it i would have no problems getting a loan?

Thanks

It means Experian score you as 985 out of 1000. It doesn't necessarily mean anything to anyone else, since they'll use their own credit scoring method

Simple but to the point. Thanks

Thanks everyone!

[al1991]

Quinny said:

All this credit score stuff is a load of crap anyway...

I recently applied for a small interest free credit agreement, through a large retailer.... £1200 quid over a year..

Own my own home outright
No other finance outstanding on cards, etc
Had loans in the past, and never had a bad mark against me
Never missed a payment
Got a few quid tied up in bonds etc (hence thinking might as well leave it there to earn a pittance, and use someone elses money)

Reasonable pension income...

Only outgoings are from normal living expenses, so compared to folk with car loans, mortgages credit cards etc.... Next to nowt...

REFUSED, due to not being in full time employment

It was a watch, wasn't it?

[Jakg]

Furthermore... when lenders have their own criteria, it depends what they are looking for.

For example - Buy Now Pay Later - while theres usually a ~£25 charge at the end, it usually costs them money overall. As such, they will make allowances for people with history of missing payments (but paying in the end), but will ideally not want a customer who is guaranteed to pay in full.

Whereas if you have a loan for a something which holds its value well, they are going to get money out of you if you repay on time. And if you don't, they can take the goods and get their money back, so they may well be more accepting.

On the other hand, if you have goods which rapidly depreciate on a loan (i.e. consumer electronics, TV's, PC's), then they are going to want someone with a high chance of always paying, or rarely missing a payment but always settling up.

Experians score is usually based on how much experience you have, subtracting any missed payments or defaults. This shows you are a good risk / safe bet... but that doesnt always mean it's a good thing.

[Lord Flathead]

Quinny said:

All this credit score stuff is a load of crap anyway...

I recently applied for a small interest free credit agreement, through a large retailer.... £1200 quid over a year..

Own my own home outright
No other finance outstanding on cards, etc
Had loans in the past, and never had a bad mark against me
Never missed a payment
Got a few quid tied up in bonds etc (hence thinking might as well leave it there to earn a pittance, and use someone elses money)

Reasonable pension income...

Only outgoings are from normal living expenses, so compared to folk with car loans, mortgages credit cards etc.... Next to nowt...

REFUSED, due to not being in full time employment

Similar story here. Not had a loan for years, never had bad credit nor beem declined. Have paid my mortgage without fault and have a good trackable history of paying mobile-phone etc with no defaults.

Applied for what was effectively a bridging loan to buy a car while I was waiting for another buyer to buy mine so I wouldn't have to break ISA's... loan refused. When I enquired they wrote to me and said that I didn't have any recent loan history or credit cards (I had an Amex about twenty years ago). So I asked how I was supposed to improve my credit rating, and the answer was...? "Get a loan or a credit card"

I've always done ok with savings and cash. Can't see myself looking to borrow for anything again after this. The worlds gone mad

[Manks]

auditt said:

Hello, Just done my credit rating with EXPERIEN.

Mine was 985 out of 1000 Yippe

But what does this actually mean, Does this mean if i wanted to buy a new car some point in the year and finance it i would have no problems getting a loan?

Thanks

Credit ratings appear to be becoming a huge scam aimed at getting you to pay to see what other people are saying about you.

FWIW I was recently rejected for credit and was told that the company uses Experian. I checked my rating and it was 999.

I called them back and they said, "it's only one of the factors we consider". I asked whether or not they had considered the possibility that they might be a bunch of f ukcwits. Eventually I got what I needed, but it was a struggle and I had to work the system in a way that should not have been necessary.

We are in danger of credit ratings getting out of hand and they are, it seems, no real measure of the credit worthiness.

[auditt]

Mank- Thanks for that.
Like people have said before if you can pay it back they might not be interested

thanks for everyones responses

[Mojooo]

finance companies WILL use other sources for information, such as your application form which will list your salary - info that experian dont keep

experian and equifax etc just hold info that lenders consult.

[al1991]

Quinny said:

al1991 said:

It was a watch, wasn't it?

Yep

No big deal, bought it anyway

Glad to hear it

[calibrax]

Manks said:

Credit ratings appear to be becoming a huge scam aimed at getting you to pay to see what other people are saying about you.

FWIW I was recently rejected for credit and was told that the company uses Experian. I checked my rating and it was 999.

Best thing is to look at your credit report and make sure it's accurate. Don't get the 'credit score', it's a waste of money. Because it doesn't matter if your score is perfect or not, because banks target their products at certain demographics.

For example, say they are targeting a particular loan offer at tenants under 30 (loan isn't advertised as that - it's an internal criteria). They will have structured the risk on that loan against the reward, with the rates and penalties in the loans adjusted to suit. Then if you come along, and you're 45 with your own home, the credit record is pretty much irrelevant. You won't get the loan.