Credit Score

A lot of shoddy loan companies, especially those hiding behind multiple entities, like to "screw your score into subprime loan". What they do is perform search on your credit up to five times in a row, for three days, then they present you with "fantastic 40% APR loan with colateral of just your house, your kids and your kidneys" type of offer. You get annoyed, go and apply to different company, that company does search and it comes back with "applicant already applied for 9 loans this weekend, his file was searched over and over again in last 72 hours" and you are guaranteed to be refused by everyone else.
 
Rotty said:
it does show how you can recover things, in my early 20s my credit was dire
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Easy to see how it's possible too - I'm 22 and have 3 credit cards totalling a silly amount of money of which I don't even use a fraction. Am actually asking to get one of the cards reduced since it's mad! (And is at £0 - only use it for the discounts etc)

Edit: Also I thought 999/1000 were reserved for ridiculously rich people. But I suppose such people wouldn't need to bother with credit, or bank privately....
 
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v0n said:
A lot of shoddy loan companies, especially those hiding behind multiple entities, like to "screw your score into subprime loan". What they do is perform search on your credit up to five times in a row, for three days, then they present you with "fantastic 40% APR loan with colateral of just your house, your kids and your kidneys" type of offer. You get annoyed, go and apply to different company, that company does search and it comes back with "applicant already applied for 9 loans this weekend, his file was searched over and over again in last 72 hours" and you are guaranteed to be refused by everyone else.
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I've never heard that before. According to CheckMyFile repeated searches like that don't affect your score, it's just a myth. They can however cause companies to flag your application as possible fraud (multiple close-together applications) and therefore check you're a legitimate lender before processing your application as normal. :confused:

EDIT (to reflect missed replies above): Sonea, your score isn't "only" 950, that's a fantastic score. The average score in the UK is around 600 apparently, for a normal person with averagely healthy credit. Beansprout, you might be better closing that card account if you're not using it for credit, it can adversely affect your ability to obtain credit in future (i.e. you're on your credit 'threshold' due to the amount AVAILABLE to you even if you don't actually use it).
 
I don't understand this. Why does people looking up your credit score lower it? That's like charging people for asking how much money they have in their bank accounts. Very odd.
 
SlyReaper said:
I don't understand this. Why does people looking up your credit score lower it? That's like charging people for asking how much money they have in their bank accounts. Very odd.
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It doesn't. See my post, directly above yours but posted a good half an hour before. :o A credit score is a balance of your income, postcode, existing debt level (on a scale of what you 'should' statistically be able to manage for your overall circumstances/income etc) and existing payment history. Just searching won't lower your score; in fact it can RAISE IT.

Too few credit searches/applications in a 12 month period will be just as bad for your score as too many! If you join CheckMyFile you learn all this and more. I think Martin Lewis' site has quite a bit about this, too :)
 
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There's no such thing as a universal credit score, all banks use their own diferent methods of calculating whether or not they will give you credit, some banks will lend to you while others won't. All these sites do is use the information you give them to come up with a score based on their own criteria, it isn't much use in the real world, people with 999 ratings can still be denied. What can be useful is looking at your credit report to see what your potential problems are.
 
Credit score is irrelevant anyway, what you really want is the AMEX Black card....private jets have been bought on those with no credit check :cool: oh and Bond uses one ;)
 
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