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10 Jun 19, 01:13 PM |
#21
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Thread Starter
Imagineer
Join Date: Jan 18
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10 Jun 19, 02:12 PM |
#22
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Imagineer
Join Date: Mar 12
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Whilst they don't factor savings, they do income vs debt ratio. So you can have zero debt and a perfect score.However, this does not guarantee acceptance for loans / cards as there is a lack of history to show you would be reliable in paying these off (not necessarily about affordability).
You also have to look at some of these sites like Clearscore who are renowned for dropping some peoples score in an attempt to upsell products to them. Money saving expert credit club is one of the better ones to use for an accurate picture. |
10 Jun 19, 03:41 PM |
#23
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Imagineer
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Mine is lower than my DH and DS (23) but like you apart from Mortgage no debts, no mobile phone contract and secondary card holder. I've recently applied for a M & S Credit card in my name not to improve my credit score although it may help but just so I have access to a credit card if anything should happen to my DH. (My father-in-law recently passed away and my mother-in-law was the secondary card holder but the account has had to be closed).
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10 Jun 19, 03:46 PM |
#24
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Imagineer
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Clearscore - it's a nice easy website and you don't have to pay.
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10 Jun 19, 04:17 PM |
#25
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Imagineer
Join Date: Mar 12
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Just been back and looked at Clearscore. First time in about 2 years.
Wow, talk about out of date. It still references things like a mortgage which was paid in full months ago. Every other credit score reference agency, including direct with Equifax (who they reference) I have a perfect score. Clearscore is is 150 points down with nothing in the negative column at all. Basically avoid it, its a load of rubbish. |
10 Jun 19, 04:19 PM |
#26
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Thread Starter
Imagineer
Join Date: Jan 18
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Just noticed on my report it has a address on it that I've never lived at. It's dh dads house.
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10 Jun 19, 05:21 PM |
#27
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Guest
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Just to throw a spanner in the works slightly guys - but it is worth knowing that lenders NEVER see these "credit scores" that you will get from the Credit Reference Agencies so don't get too hung up on having a great/average/poor score or anywhere in between.
What the lenders do get is the DATA in your report - such as are you on the voters roll, do you have CCJ's ,what debt do you have and do you make the monthly repayments. So focus on making sure the data is correct and don't worry about the score. The reason lenders don't use the scores from the agencies are various but the big one is that CRA's don't know how much you earn - so they cannot do any affordability checking etc. Each lender will have their own scoring mechanism that they will use - they will combine the information you give them when you apply, they will check their internal records if you have been a customers in the past and they will also use the data from a credit reference agency to decide whether to give credit or not. They will never share what their criteria is (because then fraudsters would know exactly how to cheat the system). Because us consumers will never know what each bank wants to see just follow the general guidelines of being on the voters roll, checking your data is correct on your credit file and ensuring you don't miss any payments and you won't go far wrong. Regarding the argument of "you need credit to get credit" - this is because lenders want to be reassured that you have a history of paying debt back. If you look at it from the banks point of view they want to see a good track record because it helps prove you are a good risk. But this doesn't mean you need to go and get yourself in loads of debt. You can apply for a credit card from the bank who has your current account (because they already know your track record with them) and just put some everyday spending on it each month. Stuff you would have purchased anyway - like food shop, coffees etc and then pay it off in full each month (that is the important bit) - that way you won't pay any interest, but as the months go on your credit report will show a credit card that gets paid on time each month - and builds up that all important history. Sorry for rambling there! Hope it helps. Edited at 05:23 PM. |
10 Jun 19, 05:26 PM |
#28
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Thread Starter
Imagineer
Join Date: Jan 18
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Thanks Stubbs86 thats really informative.
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10 Jun 19, 05:55 PM |
#29
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Imagineer
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Because if you don't take out credit then a potential lender has no idea what type of customer you are. They need to see you pay back and on time so they know you are a good customer.
Sounds like with aqua you paid before the statement so you were making a payment to the previous month. Set up a direct debit and you will never be late Edited at 05:57 PM. |
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10 Jun 19, 06:24 PM |
#30
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Thread Starter
Imagineer
Join Date: Jan 18
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