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Experian Credit Score

Discussion in 'General Discussion' started by dave1983, 15 Mar 2010.

  1. dave1983

    Mobster

    Joined: 9 Dec 2009

    Posts: 2,593

    Location: Andover

    Hey guys

    I currently receive all 3 credit agency scores.

    I just applied for a loan to see whether i would be accepted, this was actually with my own building society who use experian, it came back declined, however checking my score online it's 662 with experian is that good or bad.

    i beleive the scoring is as follows

    400-590 = Low
    600-700 = Good
    700 -900 = Excelent

    it was a quoation more than anything just to see whether i would accepted, luckly it doesn't affect my score in anyway unless i make multiple applications.
     
  2. PMKeates

    Capodecina

    Joined: 16 Jul 2004

    Posts: 14,051

    Your score is good as it's between 600 and 700. However, the score is a bit of a general estimate based on your credit report excluding other important factors that lenders will look at, such as income. I have a 999 Experian score, but this doesn't automatically guarantee that I'll get accepted for a £25,000 loan. It's just an indication.
     
  3. dave1983

    Mobster

    Joined: 9 Dec 2009

    Posts: 2,593

    Location: Andover

    yeah i think it's also because iv'e not been getting credit, like everyone i went through a bad moment between 2005- 2007 with credit cards and loans which has put a dent in my score, now im almost clean no store cards, credit cards, but i see from a bank point of view that with no credit cards im not showing that im reliable with credit.
     
  4. antijoke

    Caporegime

    Joined: 28 Jan 2003

    Posts: 38,596

    Location: England

    You're also showing up a history with bad debt.

    Credit score, in reality means very little. Lenders will check a whole host of other factors not just the numbers on your credit score.
     
  5. Coxyis

    Hitman

    Joined: 4 Oct 2008

    Posts: 506

    Location: Doncaster

    This really... Important things to look at are previous missed payments and defaults etc. A default/ccj will stay on their for six years.
     
  6. dave1983

    Mobster

    Joined: 9 Dec 2009

    Posts: 2,593

    Location: Andover

    i have no defaults or CCJ , just stupid missed payments over 3 years ago.

    i guess different companies use different criteria's

    if i was going to try and get a car on finance from a dealer, would the same rule apply or would they be alot more relaxed, i.e. missed payment = repossesion of car.
     
  7. platypus

    Caporegime

    Joined: 25 Jul 2003

    Posts: 39,128

    Location: Rhône-Alpes+Cambridge

    Which are also recorded (for 6 years). If you can explain to the creditor reasonably why you missed it though you can ask them to remove it from your credit history.
     
  8. philstanbridge

    Man of Honour

    Joined: 18 Oct 2002

    Posts: 8,267

    Location: West Coast of Scotland

    I'm afraid it's likely to be the missed payments - or if you have had a lot of credit that goes against you too. Nothing you can do really, as applying for more loans will result in more declines. I think you have to wait up to 6 years from the date of the missed payments before they are automatically removed.
     
  9. dave1983

    Mobster

    Joined: 9 Dec 2009

    Posts: 2,593

    Location: Andover

    Luckly this is the first loan iv'e applied for in the last year, and nationwide confirmed that it wouldn't affect my score as i didn't meet their criteria.
     
  10. philstanbridge

    Man of Honour

    Joined: 18 Oct 2002

    Posts: 8,267

    Location: West Coast of Scotland

    That's helpful, I didn't realise you could do this.
     
  11. Rotty

    Don

    Joined: 18 Oct 2002

    Posts: 40,962

    Location: Notts

    Mine was 999 last time I checked ( wonder what you need to do to 1000 )
     
  12. dave1983

    Mobster

    Joined: 9 Dec 2009

    Posts: 2,593

    Location: Andover

    yeah i might give that a go, cause most of the payments are to loans which have been settled, and long gone. 6 years is abit harsh though, and everyone in some point of their lives go through impulse buying and spending way above what they can afford
     
  13. philstanbridge

    Man of Honour

    Joined: 18 Oct 2002

    Posts: 8,267

    Location: West Coast of Scotland

    Mine was also 999, but this was years ago before the failed business and loads of personal debt. I dare not even look at it now.
     
  14. lakitu

    Man of Honour

    Joined: 14 Apr 2006

    Posts: 2,110

    Location: Manchester

    999 is the max
     
  15. tntcoder

    Mobster

    Joined: 7 Apr 2004

    Posts: 4,213

    OT but related question: Are credit checks and credit information tied to an address?

    Just wondering as my recent phone contract failed the check due to them messing up the postal address, and all my current history is tied to parents house. Is there any issues when moving house with these kind of checks?
     
  16. PMKeates

    Capodecina

    Joined: 16 Jul 2004

    Posts: 14,051

    Sexual favours.
     
  17. platypus

    Caporegime

    Joined: 25 Jul 2003

    Posts: 39,128

    Location: Rhône-Alpes+Cambridge

    Any adverse credit history on an address (yours or otherwise) can affect the credit score you get when you apply for credit.
     
  18. Bennah

    Soldato

    Joined: 1 Jul 2004

    Posts: 7,232

    Location: Sunny Manchester

    What does your score start on? How do they work it out?

    I currently don't have any loans, overdraft's or anything on credit. Never had.

    I've had a contract mobile phone though for the last 5 years or so. Paid every bill on time.

    I do remember getting rejected for a simple credit card a couple of years ago due to my score which I couldn't understand. The plan was to use the credit card in emergencies. Ended up not needing at the time but I could do with one now for the same reason.
     
  19. Strife212

    Capodecina

    Joined: 15 Dec 2007

    Posts: 16,574

    Having no credit is really bad for credit ratings.

    "How do I get credit rating in the first place then?"

    Get a credit card as soon as possible and build one up.
     
  20. helpimcrap

    Capodecina

    Joined: 13 Jan 2004

    Posts: 12,551

    Location: Leicestershire

    as an aside to the OP - its kinda related.

    how can you reverse bad credit if you have a reason?

    i.e. you spend a long time in hospital and cannot physically go to the bank and lots of stuff goes unpaid but is then paid off.:confused: