A friend has had a ccj for the last 6 years and it's due to come off by the end of this month. He's got no other issues with his credit score apart from this, does his score then go up when the ccj falls off? If so by how many points does the score increase please or it does not go up?
Does credit score go up when a ccj is removed?
- Thread starter tsobo
- Start date
His credit score with lenders will rocket up. Don't worry about the points seen on Experian or credit karma. They don't lend money and credit scores are very overrated. Though to answer your question directly, the score will indeed go up considerably.
He will go from being extremely unlikely to get any prominent credit to being well placed to get prime credit offers.
He will go from being extremely unlikely to get any prominent credit to being well placed to get prime credit offers.
Soldato
And then there is people like me who have no credit score at all because, according to every credit checking website, I simply do not exist. Despite being native English as far back as I'm able to research, living in this country, being educated in this country, working and paying tax/NI in this country, getting and paying off a mortgage in this country, having bank accounts and holding credit cards in this country and being on the electoral roll since I was old enough to vote I still don't exist according to these sites.
You're a ghost.
Many thanks. Credit history is underrated until you need something on credit
Don't read too much into the "points" part of the topic though. As mentioned above, the Credit scorers are not lenders. Lenders may do totally different things with the facts presented.
It is a reasonable indication but can be totally misleading.
If by this you actually mean a core element of all banking application processes that will have a direct impact on a lenders decision to lend or not, sure credit scores are overated..............
Soldato
A month's free membership of check my file is well worth getting, so so you can view everything.
Soldato
Your credit history is that core element of the banking process. The credit score he's talking about is just an arbitrary number by a third-party company as a way of helping to show positive or negative changes to your history - lenders are not using that score in their application process.
A number that is use by the lenders. Its not just an arbitrary number, it is processed through score cards that all lenders use. It is an element of things, not just the credit history.
Soldato
As pointed out, I may have worded it incorrectly but this score is just an indicator of credit as seen by the credit reference agency, that score is NOT what is used by lenders.
I have worked on application and behavioural score cards, they very much DO use the score.
Am I meant to know what those terms mean?
If you wish to point out someone is sharing the wrong information, being sarcastic and mentioning jargon doesn't help any one at all.
I don't know why you are starting an argument with me, your attitude stinks frankly and I won't be responding any further.
Incorrect. This chap explains it rather well (and has significantly higher pedigree within the lending industry than you I assume):
Now i could have taken this and run with it, my attitude clearly doesnt stink, I was correcting information that was given incorrectly to the OP. I may have been a little sarcastic in my first reply, but its pretty clear i was informing you that lenders DO use the score.
You said the scores are overrated, implying as well that just because the credit agencies dont lend money that the score doesnt mean much. You then followed up by saying that the score is NOT used by lenders.
Application and behavioural score cards are sets of rules and characteristics that are compiled together that applications are scored against by lenders to determine credit worthiness and to underpin the decision to lend.
Hopefully this clears up that scores are use and do mean something.
No its not incorrect. The scores are an element used by lenders in their score cards. AN ELEMENT, not the only element.
Soldato
That sounds like the lenders do their own internal scoring of applications rather than relying on a score created by a credit reference company?
Which of the credit scores did you use? I've used ClearScore and Experian before and they both had very different numbers. Do you average them out?