Credit scoring... lottery perhaps??

HarryPainful · 26 Jul 2010 at 19:07

Ok, the situation is I applied for 0% finance for £909.

This was for a cross trainer that I have had my eye on.

Now I usually don't go for finance deals unless its 0% as this one is.

I just applied and got refused!!

I just checked my credit score and its 987 :rolleyes:

Guess I just put it on a credit card

LiE · 26 Jul 2010 at 19:08

Depends on who they go to for your score. I assume the 987 is with credit expert aka experian?

There's really no luck involved with getting credit, it's all based on risk from what I understand which is where your score comes from.

gord · 26 Jul 2010 at 19:11

I got refused credit and my score is higher than yours, turns out their system didnt actually link up to my credit rating, so it wasnt finding a credit score for me. I know this because the site tells you each check against your name, so if youve had no checks then their checker didnt actually run over your profile.

Disco Boy · 26 Jul 2010 at 19:13

Maybe the credit company were doing you a favour? The money would be better spent on gym membership instead.

HarryPainful · 26 Jul 2010 at 19:17

LiE said:
Depends on who they go to for your score. I assume the 987 is with credit expert aka experian?

There's really no luck involved with getting credit, it's all based on risk from what I understand which is where your score comes from.

Yeah Credit Expert.

I do have a Gym, at home.

MrRoper · 26 Jul 2010 at 19:19

IIRC the experian / equifax scores are pretty pointless as each lender will use different scoring algorithm`s.

Do you have the full report? if so are there any late payments etc? are you on the electoral register?

HarryPainful · 26 Jul 2010 at 19:31

Yeah I have the full report, no late payments at all and I am on the register.

The lenders all user equfax/experian to get the data from.

Strange system.

decmatt · 26 Jul 2010 at 19:37

Maybe they can't make money on you if you are up to dates on all your payments? Chances are you'd pay then and there, which is what you did.

Edrof · 26 Jul 2010 at 20:28

Is that credit expert site free trial any good? do they bug you forever after it expires?

franco_22 · 26 Jul 2010 at 20:32

The worse part is I heard that every time you apply for something, if you get refused it lowers your credit score. I don't know if that's true but that seems really dumb lol

LiE · 26 Jul 2010 at 21:05

Having a few recent credit searches can reduce your score yes. As far as I know, if you are declined this doesn't show on your record.

brummie · 26 Jul 2010 at 21:13

HarryPainful said:
Ok, the situation is I applied for 0% finance for £909.

This was for a cross trainer that I have had my eye on.

Now I usually don't go for finance deals unless its 0% as this one is.

I just applied and got refused!!

I just checked my credit score and its 987

Guess I just put it on a credit card

Lots of things affect your ability to get credit from different companies not just your credit score. I do lots of finance agreements and you'd be surprised at some of the people who pass and fail. They should have given you some information on who to contact about their decision. Write to them.

HarryPainful · 26 Jul 2010 at 21:14

Forde said:
Is that credit expert site free trial any good? do they bug you forever after it expires?

Its very good imo, I have been a member of it for a few years now.

To follow on from the OP, I just arranged another 0% deal with a different provider and it went straight through!

Oh well...

HarryPainful · 26 Jul 2010 at 21:15

brummie said:
Lots of things affect your ability to get credit from different companies not just your credit score. I do lots of finance agreements and you'd be surprised at some of the people who pass and fail. They should have given you some information on who to contact about their decision. Write to them.

Nahh, see the above post.

Their loss, not mine.