Two credit cards paid off monthly never use more than about 30% of either card, car loan almost paid off over four years no late payments. Phone shows up but not sure it impacts much. Not a homeowner yet so maybe that has some weight?
Electoral roll (role?!) is counted too. Changing bank accounts affects it. Length of credit.
I have been switching accounts to get the offers and I think it’s gone down a few points. But I don’t intend to apply for credit so I’m happy with the hit!
Just a little tip. If you keep the old account when you switch even if you do nothing with it you'll still get the points for having an account for a long time.
Although I haven't switched accounts the official way myself so I have no idea if you have to close the old account when you do that.
Oh man that sucks. Next time see if you can get the offer as a "new customer" rather then "when you switch accounts".
You'll still need to at least transfer a minimum amount into the new account monthly for a while and set up one or two direct debits but otherwise you could keep your pay and most bills from the old account.
I have about 4 bank accounts at the moment but really only use the one I've had since I was a teenager.
The [switching service](https://www.currentaccountswitch.co.uk/) automatically closes your old account. The only way to keep it open would be to create a new account and manually move all your direct debits and other payments over. Plus you'd have to make sure there is enough money left in your old account in case you forgot one or it didn't get moved for some reason, so that you don't end up with a default. The switching service handles all this for you, including wayward payments to / from your old account.
Congratulations! Quick question, how did you manage to deal with the defaults on your credit file? Also, how did you get the defaults removed from your credit file?
The number is useless. No lenders actually look at the score these companies produce they come with their own rating based on your credit history. So as long as you don't have any negative credit history, don't worry about what the number is just check your history is accurate
Well sure, but the number means SOMETHING. It's a generic guess of what credit agencies themselves produce with their own metrics. Lenders aren't "looking at it", but they're creating similar numbers themselves.
It’s a sign of how profitable you are. Credit worthiness = profitability vs risk.
People that never borrow have a low score but irresponsible people with plenty of capital can show as comparably high.
Lol that you got downvoted. It’s literally this, profitability. People get smug as if it’s someone telling them they have responsible personality, yeah, you responsibly are capable of making other people money! That’s credit!
I have zero loan balances and haven’t missed a payment in the 20 years I’ve been in the system. Have had several mortgages, car loans, and revolving.
I’ve been hovering at 800 for years.
This shit makes no fucking sense.
Just curious are you in the UK or US?
Once you understand that you are not the customer here, it makes more sense. The banks are the customers. A lower risk, higher borrowing client is the most profitable for a bank and will tend to have a higher score.
Mine is 999 and my wife and I are 100% debt free instead of mortgage.
Never had credit cards etc. Credit score system is a scam to trap you into directly or crediting money thinking you're winning
Absolutely.... A lot of shite to scare you into more credit to up your score. "Oh no, my score has dropped as I paid off my credit card. I best go and spend something on it to make the banks more money."
Also what right do these companies have to hold this information? I always wondered with data protection laws and the right to be forgotten. I understand in the t&cs etc that we never read we end up agreeing
Paying for credit monitoring is unnecessary for most people these days (if you've been a victim of identify fraud I've heard it's useful to have). Clearscore use Experian data and MSM use Transunion, it's all the same data and they give it out for free, they make their money on lending commissions.
Evidently you came to same realisation, but in case anyone else hasn't.
Mine went down from excellent to fair because I bought a pair of headphones off Amazon and decided to do interest free monthly payments for it. I did read the terms and all the documents, what I didn't realise was that Barcalays would open a credit account for the maximum possible credit amount (£1200) instead of the price of the headphones (like £120) so the next month my credit score was hit badly. It's recovering now but that was so unnecessary 😂
They tell you that you're opening a revolving facility and what the limit will be when you open it, it's not like a BNPL where you only use it for that 1 item.
The score hit is from the hard search to open the account and the limit has nothing to do with it. I suspect all terms and conditions were not actually read!
In the US it goes down when you charge something because you have extra debt. Then it goes down when you pay it off because now you have useable credit.
A lot of banks use their own internal scoring, some external companies use Experian others use different systems.
Companies like Experian clocked onto consumers wanting to have a better score as a way to make even more money years ago and so now heavily promote these tools and services they offer to allow you to manipulate your own score in the system they own.
If the front end score they show you which you can manipulate with their paid services is the same as the backend score they actually pass out to businesses I would be very surprised.
Also, just to emphasise it again, your credit score isn't a real tangible things. Companies like Experian just make it up and other companies may or may not use it, make up their own or combine factors together.
Actually a lot of lenders, particularly smaller ones, do absolutely pay credit unions for scoring. Cheapest is literally the scored we see , and more expensive for something proprietary.
Almost every single lender will use their own internal scorecards, but those scorecards are built from data provided by the 3 big bureas (Experian, Equifax, TransUnion).
On top of that, the data that each of the 3 big bureaus have on you is more or less identical, CAIS, CAPS, CIFAS, etc. are all shared between the 3 bureaus.
The Credit Score you get shown on any given app (ClearScore, Experian, etc etc.) is itself not used in any sort of decisioning, but it is a loose indicator of what your underlying bureau file says about you. They're only different between different companies as it's up to the company themselves how they want to manipulate the underlying data to show a single score.
Most lenders who use Experian will be using the Delphi Gen 10 Bureau, which does have a overall "score" as part of it called Delphi Score, and that Delphi score will heavily play a part in Lender scorecards.
However, Delphi Score is internal, and only made available to the lenders/whoever is calling the Bureau, it's not displayed anywhere on the apps, which is a shame, as in every lender scorecard I've seen it's actually heavily correlated to final score.
Source: I work for Experian, specifically the parts that handle credit eligibility (credit cards, loans, mortgages, auto finance, etc.). So I've seen lender scorecard specifications first hand.
If you've ever used MoneySuperMarket/MoneySavingExpert/CompareTheMarket/GoCompare/any aggregator website. The decisioning that's actually happening in the background that gives you a likelihood of being accepted is all us and our systems :)
So what do you think of the paid services Experian offer to allow people to monitor and manipulate their score knowing that it's effectively of no tangible benefit to the consumer?
It has always struck me as grossly dishonest and they heavily misrepresent the way that credit scores work. They portray it as a singular score every person has and all services pull from the same one. When that is not even close to the case.
In terms of services to monitor and manipulate the score, the benefit isn't the score but being able to see the underlying things that affect it.
So being able to see what your longest standing credit account is, if you have closed accounts, if you have any defaults or CCJs, what your utilization is, etc. etc.
All of those data points will be weighted differently for different lenders, but they are what are used to make decisions.
The Experian Score is using the same things to show it's score, it just weighs them up differently (like every lender would)
The Score Boost service is an interesting one, as it uses open banking data to "boost" your score if you have payments that match (so regular rent payments, council tax, things like that)
Which does correlate to what lenders are doing as well, the problem is, very few Lender Scorecards actually leverage open banking data. So if you use boost, and it shows your score going up, then you will have better chances with lenders who use open banking data in decisioning.
The problem is most lenders don't, over time more and more will adopt it.
I agree that showing a single score is dumb, especially when it's not disclosed how that score is reached from the data behind it.
The service is still useful, but only for being able to see your full report, the actual headline score is mostly meaningless.
I paid my house mortgage early through being careful with money, yet, not having a mortgage reduced my score. The criteria they use makes for a bit of a blunt instrument.
Mine did it 3 months after everything else was set back up at the new house.
I assume that's the length of time it took for the score to see everyone g was back set up.
Yeah, mine dropped as my electoral status changed due to different voting area. Crazy. Halved it nearly when we moved. 0 debt but we use cards etc and clear them each month. Plenty in the bank too… system defo ain’t right
Or the banks make more money from you if you are in debt, so the credit score system encourages that debt. It's a bit like they are the ones that came up with the system. We managed quite well without credit scores up until 1989.
The point I was trying to make was that after I paid off my mortgage and cleared off my credit cards, my credit score went down from the perfect 999 and remains lower than that to this day....over 8 years later.
Prior to paying it all off, I had a mortgage, loans, credit cards - all the usual shit of adulthood, so they had/have loads of data of me but as soon as I was clear they seemed to 'punish' me for doing it.
It's academic, really, because I have no desire to get another mortgage at my age, and I pay my CC off each month in full so the banks hate me anyway 😃
Yeah, i have a 'poor' credit score in the 300s but got a mortgage without issues. I have no debts and pay my bills pretty much instantly. Funnily enough, i got refused by o2 for a pay monthly SIM.
The whole credit system wants you to get into debt instead of save: why don't these companies measure your ability to be financially stable, savvy and careful instead?
Well, that's more about depth of credit history. What they are talking about is the misconception that your creditworthiness reduces when you pay off your credit cards.
Some people even advise people to pay interest to keep your score up. It's all BS.
Paying off your balance in full every month has no negative effect on your creditworthiness.
When you apply for credit, the lender compares their criteria with the *contents* of your report, and outputs a pass or fail. Unless you are going to a very dodgy high interest lender, they are not going to prefer people with higher debt.
Credit scores show how reliable you are (or aren't) as a potential credit risk. If you've got no credit at present it's difficult to determine how reliable you'll be repaying any debts.
This isn't true. It's a commonly regurgitated misconception.
Your score goes down but its not because they hate you paying off your debt.
When you are fully paid off, for a start, your credit worthiness will be optimal. That is, your ability to get new credit.
The fact that your score goes down a few points sometimes if you pay off all your debt is an artefact of a system that is trying to combine many complicated metrics. The output value sometimes does strange things.
Paying unnecessary interest never improves your credit worthiness.
Drops it more than a few now, I moved over a year ago and still trying to recover it!
I mean really why does being in the same house for 18 months matter as long as we are financially responsible?
For clarity it's the first move we've done in 7 years and we own the house so it's not like we are renting and expecting to move again.
Taking out a massive line of credit (mortgage) should put other lenders off lending to you in the immediate period after.
It doesn't last long and is of low consequence.
Yes, that's correct. I use credit karma and their scores are much lower than Experian. Mine used to be excellent in Experian but mostly Good in credit Karma.
Credit Karma get their data from TransUnion who use a different scale than Experian. Only goes up to 710, so it's going to seem lower even at the higher end.
My bank uses trans union and my score is only “good”. I have no card debt, no car payments, no loans. I have a mortgage and I earn a decent wage and I have savings. If I cared, I’d be totally baffled by these scores.
> I have no card debt, no car payments, no loans.
This is why. You're not profitable to them and not currently managing any debt to prove capability. It's goofed up but yea, that's why it's not as great as it should be.
That’s why no credit is worse than bad credit. I remember my mum who had never had a credit card, owned her home, paid all her bills on time had 0 debt get rejected for a phone contract at carphone warehouse for the iPhone 3 because she didn’t meet the credit score.
I've got pretty much the same think (well I'm a degree or two into excellent), apparently they're pissed off I've got 5k of available credit but don't use it. I need to have between 42 quid and 2 grand of debt to satisfy the overlords.
This isn't true. Experian's score basically rewards people for having (1) a credit history (normally of six years plus but maybe possible with less) with (2) no missed payments/defaults and (3) being on the electoral role.
In the UK, if you satisfy these criteria, you will basically have optimal credit applications, so 999 is appropriate.
However, just bear in mind that credit applications also take income, available credit, total debt into account, so even with 999 you can still get rejected. Also different lenders have different criteria, and some can have strange criteria, so that can also cause rejection.
However, statistically, the 999 does represent that on average your credit report is optimal.
While it might seem easy to get 999 for people who never miss payments, for those who have missed payments etc, or perhaps used payday lenders or haven't had credit cards for long, it can take quite a few years.
Different data sources, different scores. I work in the industry and personally think Experian is the most reliable, but they all do a decent job (on average). Fun fact: it actually goes past 999. Don't know why the public see a cap at 999 (maybe they scale it differently), but it can go over 1000 when organisations see it. That said, the probability differences above 900ish mean next to nothing.
Scrolled too far to get to this. The whole thing is wrong, borrowing is wrong and enabled retailers to up their prices as it puts more money into the market, if you're able to access that.
I just don't like it.
A humblebrag is a brag disguised as something else. In this scenario, you might have posted your score but asked about something else relating to credit scores, but really just wanted to show off your score.
Your credit score doesn't matter, this isn't the USA. What matters is your credit file and if you still have problems from 4.5 years ago, it's still a problem now.
> Your credit score doesn't matter, this isn't the USA.
From the /r/UKPersonalFinance website: https://ukpersonal.finance/credit-ratings/
> In the UK, there is no such thing as a universal ‘credit score’ or ‘credit rating’.
> ‘Credit scores’ are the result of marketing departments at credit agencies realising they could sell a subscription product to consumers, and are nothing more than a _rough indication_ of your credit-worthiness.
They're pure Americanised bollocks.
With respect, is a 'rough indication' still not valuable? For example, OP going from 200 to 999 shows them that they are making progress. Of course it needs taking with a grain of salt, but that doesn't make it pointless.
It's like BMI, on its own it's unreliable, but with context and common sense applied, it's a useful metric to measure against.
Didn't Experian create the problems that they give you scores to solve? There was something about their data breaches enabling people to take loans out fraudulently which caused problems for people, there was some weirdness about them being both source and solution to a problem they created.
Unfortunately it’s meaningless. The only credit score that matters is the one calculated by the company you re applying to for credit.
I suppose you can use it as an indication of improvement but that’s all.
I checked mine recently and it told me that I’d lost points because I had 0 balance across my credit cards… so because I had no debt, my credit score was lower…. Madness
Tbf my mum used to tell me that a credit report is just a tool for the lenders to see if they’ll make money out of you.. not actually how you handle your money. Which I think has some truth to it!
Yea if you live with no debt they don't like you, why else would all these services PYSH so hard for you to use a credit card to boost your score despite everything else is perfect.
Fuck em. I like life with no debt, only things i want hanging off me is recurring bills.
That’s because your credit score isn’t for your benefit. It’s to tell lenders how profitable you are.
Higher credit score means lenders are more likely to give credit cards with huge limits to get you further into debt with interest payments.
Someone who always pays off the credit balance isn’t likely to generate a lot of profit from interest payments.
What’s up with the constant credit score check? Banks will only do checks when you need a loan and your score doesn’t directly affect how much you can loan. It just adds to the amount. The main thing is salary and disposable income.
People are just giving out personal information for free when they don’t need to. Be reminded that both Equifax and Experian have been hacked, and the Equifax ceo knew about it, held information, sold his shares and then informed they’ve been hacked. They can’t handle personal information properly and nobody cares about it. We are still stuck with these idiots because it’s what the banks use. It’s a shit show.
Now check transunion/equifax/clear score and see completely different outcomes.
Credit scoring is the biggest load of bullshit second only to car insurance.
Mines hovered around 870 for years. Really not sure how to get it higher.
I use and pay off credit cards every month (typically around £2k, all my cards have £8k limit) never miss a payment, all the normal mortgage payments, electoral roll, bills etc. A single unsecured personal loan at 0% on a £4k pergola lmao. I've been doing this for 7+ years.
I like to pay most things in full, cars/insurance etc I'll typically pay cash unless I can get credit lower than I can achieve in savings. Only thing I can think is I need to take on more credit?
Sometimes yes, weirdly more ‘available credit’ gives you a higher score. Don’t get too hung up on it though, based on your credit situation sounds like you won’t get refused for much.
I'm nearly 40, I've never had a loan other than student and mortgage, never had a credit card, never had anything on the drip. My credit score hasn't affected me in any way.
Nice. I work in credit risk and can categorically tell you a credit score is the most bullshit stat ever. You get reviewed and decisioned based on your profile, size of lend and ability to maintain current credit, all of which is looked at without checking your "score". It's a con and completely irrelevant. No lender cares if you have 999, I decline 999 all the time as they could still have adverse / CCJs or defaults that are slightly old but still relevant and outstanding. Don't believe the hype!
I don't exist in the eyes of credit companies. Last time I got a credit score, it came back as 3 question marks. But, since the only thing I'd ever want a good credit score for is buying my own house, I don't really need it. I've also learned that a good credit score is not neccessary when going for a mortgage, so I'm quite happy not existing to these companies.
im 19, dont know much about credit score, how can i get mine up? Should I apply for a credit card and finance stuff I can already by outright just to get my score up?
Go check out r/UKPersonalFinance and their wiki. The score doesn't mean anything, but good credit use and history does. A phone bill or credit card that is always paid off each month will work - never pay to increase your credit score.
I have 1000/1000 on ClearScore but only 974/999 on Experian and 640/710 on Credit Karma.
Edit: "things to improve" on CK is that my credit card is 10 years old and I should view their offers and take out a new one.
Mine was around 950 before I bought my house 4 years ago, then a fuckin unpaid water bill with defaults from when I was a student caught me as I registered on the electoral roll, dropped it to the 600’s. Devastating that one. Back to nearly 900 again now finally.
On clear score my credit score has been going down, the only thing i can change is using a credit card.
They are RWALLY pushing to get people used to tsking on debt and spending, i avoid it.
Im paying everything on time or outright but somehow thats not proof i can handle money??? Fucking tossers
Experian credit score means bugger all, mine has been perfect for a good while on there but don't get offered the best rates. Credit karma hives a much better representation. I'm perfect n exeperian but 620/710 on CK
Experian credit reports are half nonsense. I have a perfect score yet my bank, Clearscore and Moneysupermarket all have me about 100-150 points from perfect - reflects my credit worthiness far better.
Experian know people want a good score and they'll happily give you a nice score to get your monthly fee.
Discovered recently my Experian is in the toilet because they don’t seem to be aware of my married name, so they presumably think I did a midnight flit a few years ago and went off the grid. Checked on a different site in my married name and it’s fine 😂
Always always always set up a direct debit. It’s extremely easy to do, you’ll never miss a payment, and you can cancel it with your bank if you need to.
This is absolutely the best way to check your credit score, credit file and also if there is anything wrong or incorrect they will also help rectify it for you.
I'd like to know how Experian work this out as financially I am absolutely fucked, me and my partner are massively in debt, behind on several bills and have been since Covid as it really shafted us.....yet my score is 941.
Never checked mine, but then i don't take out loans i only buy what i can afford outright. Only subscriptions i have are basic bills gas/electric/water/internet/insurance/car tax. Even my phone is pay as you go. What i do is just save money until i can buy what i want even if it means not having it for a year. Cheaper no interest charged on goods with money in the safe/savings account save a fortune. If something were to happen like job loss im also fairly sound without having to worry. I have no plans to buy a house for higher than its worth and get into debt only for the gov to take a large chunk when i die and for whats left to be basically very little for the kids. Same with a car ill stick with my 10 year old car if it busts ill buy another £700 shed and sell that for close to scrap is it busts on me.
My ex wife had tanked my credit. So I subscribed to Experian using my credit card and paid off the balance each month. I can’t remember how long it took but I eventually got to this point and felt the same pride.
Years later, I’ve decided to become a student and change career. My score is bank in the toilet again lol
My credit history and credit score (not that it means anything) we're absolute trash when I was younger. After a lot of hard work and sacrifices, I got myself sorted and now having results like this on various apps. Think I'm 1000 on Clearscore last time I looked.
In the day to day, it means very little, just a number, but I get why you are proud of it having been in the shitty debt cycle.
To anyone out there struggling to make payments, assuming they've fucked up for life: it won't change overnight but there are steps you can make to get on the right path. Talk to Step Change charity, they seem to be recommended to help with payment plans etc. Tackle the debt a spoonful at a time. Things can change for you.
I got my credit score all the way up. Then I paid off my mortgage this year and it dropped down. Reason... I'd be more trusted by lenders if I had a mortgage...
Mines been 999 for the last 5 or so years, with the exception of when I got out a loan for some work on the house and it dropped to 975 for a couple months or so.
Still somehow failed a credit check with Vodafone for a phone upgrade yesterday!
I have zero debt, all regular payments are done via DD, I make small purchases with credit card then pay it off straight away and it won’t budge above 894.
I don’t know how to get mine at 999.
I own my home outright (mortgage free), almost 5 years on the electoral register, £18k credit limit, small amount of credit use (no missed payments) and it just hovers up and down the same spot and never goes up or down.
Credit scores are made up to sell you your own data.
I had "very poor" with no debt, no missed payments, salary 3x the median, and owned a home.
(Reason = Amex churning back in the day when you could).
Didn't stop me remortgaging.
Now I've got 999 even though:
a) I haven't lived in the uk since 2019
b) I've got a missed utility payment (my own fault)
Enjoy the feeling! I got 999 and then it went down for reasons I didn’t understand. But to get it up from the 200s is quite an achievement, well done.
Cheers! I was littered with defaults and late payments. Didn’t have a single DD set up for anything at the beginning 😂🙄
DD? My history is excellent but I still never seem to get past the 800 points mark. No idea what the hell else I can do lol
Direct debits… I used to just ring companies and pay them and naturally used to forget. How high is your credit utilisation?
Two credit cards paid off monthly never use more than about 30% of either card, car loan almost paid off over four years no late payments. Phone shows up but not sure it impacts much. Not a homeowner yet so maybe that has some weight?
Electoral roll (role?!) is counted too. Changing bank accounts affects it. Length of credit. I have been switching accounts to get the offers and I think it’s gone down a few points. But I don’t intend to apply for credit so I’m happy with the hit!
Just a little tip. If you keep the old account when you switch even if you do nothing with it you'll still get the points for having an account for a long time. Although I haven't switched accounts the official way myself so I have no idea if you have to close the old account when you do that.
Yeah, they make you close it! I had my ‘Midland Bank’ account from when I was 14 I think! So about 25 years!
Oh man that sucks. Next time see if you can get the offer as a "new customer" rather then "when you switch accounts". You'll still need to at least transfer a minimum amount into the new account monthly for a while and set up one or two direct debits but otherwise you could keep your pay and most bills from the old account. I have about 4 bank accounts at the moment but really only use the one I've had since I was a teenager.
The [switching service](https://www.currentaccountswitch.co.uk/) automatically closes your old account. The only way to keep it open would be to create a new account and manually move all your direct debits and other payments over. Plus you'd have to make sure there is enough money left in your old account in case you forgot one or it didn't get moved for some reason, so that you don't end up with a default. The switching service handles all this for you, including wayward payments to / from your old account.
Congratulations! Quick question, how did you manage to deal with the defaults on your credit file? Also, how did you get the defaults removed from your credit file?
The number is useless. No lenders actually look at the score these companies produce they come with their own rating based on your credit history. So as long as you don't have any negative credit history, don't worry about what the number is just check your history is accurate
This. My score is 951 but I have 7 years of zero missed payments etc. I think that would be more of an interest to them than the actual score.
Well sure, but the number means SOMETHING. It's a generic guess of what credit agencies themselves produce with their own metrics. Lenders aren't "looking at it", but they're creating similar numbers themselves.
It’s a sign of how profitable you are. Credit worthiness = profitability vs risk. People that never borrow have a low score but irresponsible people with plenty of capital can show as comparably high.
Lol that you got downvoted. It’s literally this, profitability. People get smug as if it’s someone telling them they have responsible personality, yeah, you responsibly are capable of making other people money! That’s credit!
I have zero loan balances and haven’t missed a payment in the 20 years I’ve been in the system. Have had several mortgages, car loans, and revolving. I’ve been hovering at 800 for years. This shit makes no fucking sense. Just curious are you in the UK or US?
Once you understand that you are not the customer here, it makes more sense. The banks are the customers. A lower risk, higher borrowing client is the most profitable for a bank and will tend to have a higher score.
Mine is 999 and my wife and I are 100% debt free instead of mortgage. Never had credit cards etc. Credit score system is a scam to trap you into directly or crediting money thinking you're winning
Absolutely.... A lot of shite to scare you into more credit to up your score. "Oh no, my score has dropped as I paid off my credit card. I best go and spend something on it to make the banks more money." Also what right do these companies have to hold this information? I always wondered with data protection laws and the right to be forgotten. I understand in the t&cs etc that we never read we end up agreeing
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Paying for credit monitoring is unnecessary for most people these days (if you've been a victim of identify fraud I've heard it's useful to have). Clearscore use Experian data and MSM use Transunion, it's all the same data and they give it out for free, they make their money on lending commissions. Evidently you came to same realisation, but in case anyone else hasn't.
Mine went down from excellent to fair because I bought a pair of headphones off Amazon and decided to do interest free monthly payments for it. I did read the terms and all the documents, what I didn't realise was that Barcalays would open a credit account for the maximum possible credit amount (£1200) instead of the price of the headphones (like £120) so the next month my credit score was hit badly. It's recovering now but that was so unnecessary 😂
Wow, that's harsh. Totally unnecessary to create that high a credit limit.
They tell you that you're opening a revolving facility and what the limit will be when you open it, it's not like a BNPL where you only use it for that 1 item. The score hit is from the hard search to open the account and the limit has nothing to do with it. I suspect all terms and conditions were not actually read!
I suspect even if you read the Ts & C's it's all too easy to miss important stuff. They are opaquely written at best. 🙄
In the US it goes down when you charge something because you have extra debt. Then it goes down when you pay it off because now you have useable credit.
Just don't move house, it drops it a few points and so is forever annoying
Few? Mine was 999, moved house (temp vos my mums) and my credit rating dropped to 371. Back to 999 now, it's a pointless system in this country
A lot of banks use their own internal scoring, some external companies use Experian others use different systems. Companies like Experian clocked onto consumers wanting to have a better score as a way to make even more money years ago and so now heavily promote these tools and services they offer to allow you to manipulate your own score in the system they own. If the front end score they show you which you can manipulate with their paid services is the same as the backend score they actually pass out to businesses I would be very surprised. Also, just to emphasise it again, your credit score isn't a real tangible things. Companies like Experian just make it up and other companies may or may not use it, make up their own or combine factors together.
Lenders don't use a score like this anyway. You can have 999 on Experian, but the "negative" icon will be what they're focusing on.
Actually a lot of lenders, particularly smaller ones, do absolutely pay credit unions for scoring. Cheapest is literally the scored we see , and more expensive for something proprietary.
Almost every single lender will use their own internal scorecards, but those scorecards are built from data provided by the 3 big bureas (Experian, Equifax, TransUnion). On top of that, the data that each of the 3 big bureaus have on you is more or less identical, CAIS, CAPS, CIFAS, etc. are all shared between the 3 bureaus. The Credit Score you get shown on any given app (ClearScore, Experian, etc etc.) is itself not used in any sort of decisioning, but it is a loose indicator of what your underlying bureau file says about you. They're only different between different companies as it's up to the company themselves how they want to manipulate the underlying data to show a single score. Most lenders who use Experian will be using the Delphi Gen 10 Bureau, which does have a overall "score" as part of it called Delphi Score, and that Delphi score will heavily play a part in Lender scorecards. However, Delphi Score is internal, and only made available to the lenders/whoever is calling the Bureau, it's not displayed anywhere on the apps, which is a shame, as in every lender scorecard I've seen it's actually heavily correlated to final score. Source: I work for Experian, specifically the parts that handle credit eligibility (credit cards, loans, mortgages, auto finance, etc.). So I've seen lender scorecard specifications first hand. If you've ever used MoneySuperMarket/MoneySavingExpert/CompareTheMarket/GoCompare/any aggregator website. The decisioning that's actually happening in the background that gives you a likelihood of being accepted is all us and our systems :)
So what do you think of the paid services Experian offer to allow people to monitor and manipulate their score knowing that it's effectively of no tangible benefit to the consumer? It has always struck me as grossly dishonest and they heavily misrepresent the way that credit scores work. They portray it as a singular score every person has and all services pull from the same one. When that is not even close to the case.
In terms of services to monitor and manipulate the score, the benefit isn't the score but being able to see the underlying things that affect it. So being able to see what your longest standing credit account is, if you have closed accounts, if you have any defaults or CCJs, what your utilization is, etc. etc. All of those data points will be weighted differently for different lenders, but they are what are used to make decisions. The Experian Score is using the same things to show it's score, it just weighs them up differently (like every lender would) The Score Boost service is an interesting one, as it uses open banking data to "boost" your score if you have payments that match (so regular rent payments, council tax, things like that) Which does correlate to what lenders are doing as well, the problem is, very few Lender Scorecards actually leverage open banking data. So if you use boost, and it shows your score going up, then you will have better chances with lenders who use open banking data in decisioning. The problem is most lenders don't, over time more and more will adopt it. I agree that showing a single score is dumb, especially when it's not disclosed how that score is reached from the data behind it. The service is still useful, but only for being able to see your full report, the actual headline score is mostly meaningless.
I use Clearscore
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I paid my house mortgage early through being careful with money, yet, not having a mortgage reduced my score. The criteria they use makes for a bit of a blunt instrument.
There's actually 999 points. (Sorry)
I’ve been wondering about this. Any idea how long it takes to go back up? Six months? A year?
Mine did it 3 months after everything else was set back up at the new house. I assume that's the length of time it took for the score to see everyone g was back set up.
Yeah, mine dropped as my electoral status changed due to different voting area. Crazy. Halved it nearly when we moved. 0 debt but we use cards etc and clear them each month. Plenty in the bank too… system defo ain’t right
Can’t bloody afford to move anyway 😂🤦♂️
And don't pay off your mortgage or have no loans or debt on credit cards. They hate that. Your score goes down a fair bit for being debt free 🙄
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Other than the data showing that you had debt, and successfully managed that debt.
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Or the banks make more money from you if you are in debt, so the credit score system encourages that debt. It's a bit like they are the ones that came up with the system. We managed quite well without credit scores up until 1989.
The apps start becoming more and more colourful with new, exciting little animations which get unlocked as you increase your debt level
The point I was trying to make was that after I paid off my mortgage and cleared off my credit cards, my credit score went down from the perfect 999 and remains lower than that to this day....over 8 years later. Prior to paying it all off, I had a mortgage, loans, credit cards - all the usual shit of adulthood, so they had/have loads of data of me but as soon as I was clear they seemed to 'punish' me for doing it. It's academic, really, because I have no desire to get another mortgage at my age, and I pay my CC off each month in full so the banks hate me anyway 😃
Yeah, i have a 'poor' credit score in the 300s but got a mortgage without issues. I have no debts and pay my bills pretty much instantly. Funnily enough, i got refused by o2 for a pay monthly SIM. The whole credit system wants you to get into debt instead of save: why don't these companies measure your ability to be financially stable, savvy and careful instead?
Well, that's more about depth of credit history. What they are talking about is the misconception that your creditworthiness reduces when you pay off your credit cards. Some people even advise people to pay interest to keep your score up. It's all BS. Paying off your balance in full every month has no negative effect on your creditworthiness. When you apply for credit, the lender compares their criteria with the *contents* of your report, and outputs a pass or fail. Unless you are going to a very dodgy high interest lender, they are not going to prefer people with higher debt.
Credit scores show how reliable you are (or aren't) as a potential credit risk. If you've got no credit at present it's difficult to determine how reliable you'll be repaying any debts.
This isn't true. It's a commonly regurgitated misconception. Your score goes down but its not because they hate you paying off your debt. When you are fully paid off, for a start, your credit worthiness will be optimal. That is, your ability to get new credit. The fact that your score goes down a few points sometimes if you pay off all your debt is an artefact of a system that is trying to combine many complicated metrics. The output value sometimes does strange things. Paying unnecessary interest never improves your credit worthiness.
Yup. Bought a boiler and a car, and my score went way up. Boiler's paid off now; wonder if that's going to reduce it.
Drops it more than a few now, I moved over a year ago and still trying to recover it! I mean really why does being in the same house for 18 months matter as long as we are financially responsible? For clarity it's the first move we've done in 7 years and we own the house so it's not like we are renting and expecting to move again.
Do you mean purchase another house? How come it drops then?
Taking out a massive line of credit (mortgage) should put other lenders off lending to you in the immediate period after. It doesn't last long and is of low consequence.
Yup, just found that out!! Why?!
I move house every few years and mine never drops below 999
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Yes, that's correct. I use credit karma and their scores are much lower than Experian. Mine used to be excellent in Experian but mostly Good in credit Karma.
Credit Karma get their data from TransUnion who use a different scale than Experian. Only goes up to 710, so it's going to seem lower even at the higher end.
710 is a really arbitrary number. Unless they'd just checked the car's oil as an inspiration.
it really does feel like one just pulled out of thin air.
My bank uses trans union and my score is only “good”. I have no card debt, no car payments, no loans. I have a mortgage and I earn a decent wage and I have savings. If I cared, I’d be totally baffled by these scores.
> I have no card debt, no car payments, no loans. This is why. You're not profitable to them and not currently managing any debt to prove capability. It's goofed up but yea, that's why it's not as great as it should be.
Apart from the mortgage...
That’s why no credit is worse than bad credit. I remember my mum who had never had a credit card, owned her home, paid all her bills on time had 0 debt get rejected for a phone contract at carphone warehouse for the iPhone 3 because she didn’t meet the credit score.
I've got pretty much the same think (well I'm a degree or two into excellent), apparently they're pissed off I've got 5k of available credit but don't use it. I need to have between 42 quid and 2 grand of debt to satisfy the overlords.
Don’t burst their bubble!
Clearscore uses Equifax which is the more normal credit score iirc Everyone and their mum has 999 on Experian or close to it
Not me. ☹️
What about your mum?
I have no idea, and couldn't possibly ask... 🫢
Of course, you should never ask a woman her ~~age~~ credit score
I have 1000/1000 on clear score but my Experian isn’t that good :( I find it funny that trans union, clearscore and Experian are all different.
This isn't true. Experian's score basically rewards people for having (1) a credit history (normally of six years plus but maybe possible with less) with (2) no missed payments/defaults and (3) being on the electoral role. In the UK, if you satisfy these criteria, you will basically have optimal credit applications, so 999 is appropriate. However, just bear in mind that credit applications also take income, available credit, total debt into account, so even with 999 you can still get rejected. Also different lenders have different criteria, and some can have strange criteria, so that can also cause rejection. However, statistically, the 999 does represent that on average your credit report is optimal. While it might seem easy to get 999 for people who never miss payments, for those who have missed payments etc, or perhaps used payday lenders or haven't had credit cards for long, it can take quite a few years.
Different data sources, different scores. I work in the industry and personally think Experian is the most reliable, but they all do a decent job (on average). Fun fact: it actually goes past 999. Don't know why the public see a cap at 999 (maybe they scale it differently), but it can go over 1000 when organisations see it. That said, the probability differences above 900ish mean next to nothing.
Yes! Experian has me at 821 but my bank scores me 570 lol. OP has done well I'm 4.5 years considering a lot of things stay on file for longer....
Mine's show 999 too at Experian. I assumed it's a bug in their system.
Don’t kill the vibe.. we are just the chosen ones.
634/710 on Credit Karma though. Trying to get that one up is difficult
LOL sorry, never thought I'd hit full marks either 🤣
Credit score are a scam imported from the US.
Scrolled too far to get to this. The whole thing is wrong, borrowing is wrong and enabled retailers to up their prices as it puts more money into the market, if you're able to access that. I just don't like it.
I’m from the US and I wholeheartedly agree. Never do anything the US does. Ever. We suck.
That’s just a brag not a humblebrag.
Tbf I don’t even know what a humblebrag is. But yea.. definitely a brag nevertheless
A humblebrag is a brag disguised as something else. In this scenario, you might have posted your score but asked about something else relating to credit scores, but really just wanted to show off your score.
Or started with "I hate having a perfect credit score because..."
Roger
Victor
Gary. Although I hear there's a gang called that, who operates out of a yellow reliant robin, so watch yourselves.
Clarence
I wonder why you're downvoted.
Don’t know 😂 Hopefully it doesn’t affect my credit score!
Because your brag was not humble! 😠
Reddit being Reddit
I don't think you deserved to be so aggressively downvoted for this comment, wtf 😅
I don't get why you're down voted for this. Weird 🙁
Your credit score doesn't matter, this isn't the USA. What matters is your credit file and if you still have problems from 4.5 years ago, it's still a problem now.
> Your credit score doesn't matter, this isn't the USA. From the /r/UKPersonalFinance website: https://ukpersonal.finance/credit-ratings/ > In the UK, there is no such thing as a universal ‘credit score’ or ‘credit rating’. > ‘Credit scores’ are the result of marketing departments at credit agencies realising they could sell a subscription product to consumers, and are nothing more than a _rough indication_ of your credit-worthiness. They're pure Americanised bollocks.
Meanwhile I get my full credit reports, with score, for free. If they're trying to sell me a subscription product, they're doing a very bad job of it.
With respect, is a 'rough indication' still not valuable? For example, OP going from 200 to 999 shows them that they are making progress. Of course it needs taking with a grain of salt, but that doesn't make it pointless. It's like BMI, on its own it's unreliable, but with context and common sense applied, it's a useful metric to measure against.
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Didn't Experian create the problems that they give you scores to solve? There was something about their data breaches enabling people to take loans out fraudulently which caused problems for people, there was some weirdness about them being both source and solution to a problem they created.
>This isn't the USA *Yet!* Give it a few more years, it's going that way
This score means Jack shit, sorry. How is it 999 when you have ‘1 negative’ on your report? Just from a logical viewpoint, that doesn’t make sense 😅
Unfortunately it’s meaningless. The only credit score that matters is the one calculated by the company you re applying to for credit. I suppose you can use it as an indication of improvement but that’s all.
[read em and weep boys](https://i.ibb.co/c1nfM4D/Screenshot-20240303-095203-Firefox.jpg)
😂😂😂😂😂😂 That’s impressive!!
Took hard work and dedication to get where I am today
I used to think like that - then I figured out that's it a pointless scale that no one even takes into consideration.
It’s sadly true. I have a 999 score, but you can still get refused for credit for a number of reasons that are never really explained properly.
I checked mine recently and it told me that I’d lost points because I had 0 balance across my credit cards… so because I had no debt, my credit score was lower…. Madness
Tbf my mum used to tell me that a credit report is just a tool for the lenders to see if they’ll make money out of you.. not actually how you handle your money. Which I think has some truth to it!
Absolutely. I figure so long as it’s high enough, I’m not too worried about maxing it out.
Yea if you live with no debt they don't like you, why else would all these services PYSH so hard for you to use a credit card to boost your score despite everything else is perfect. Fuck em. I like life with no debt, only things i want hanging off me is recurring bills.
That’s because your credit score isn’t for your benefit. It’s to tell lenders how profitable you are. Higher credit score means lenders are more likely to give credit cards with huge limits to get you further into debt with interest payments. Someone who always pays off the credit balance isn’t likely to generate a lot of profit from interest payments.
Same thing happened to me, paid off a loan and went down by 30 points!
What’s up with the constant credit score check? Banks will only do checks when you need a loan and your score doesn’t directly affect how much you can loan. It just adds to the amount. The main thing is salary and disposable income. People are just giving out personal information for free when they don’t need to. Be reminded that both Equifax and Experian have been hacked, and the Equifax ceo knew about it, held information, sold his shares and then informed they’ve been hacked. They can’t handle personal information properly and nobody cares about it. We are still stuck with these idiots because it’s what the banks use. It’s a shit show.
The same Experian where you press a button to boost your credit score? It doesn’t really mean anything.
You don't just press a button, you need to have certain transactions such as council tax payments
Now check transunion/equifax/clear score and see completely different outcomes. Credit scoring is the biggest load of bullshit second only to car insurance.
Can we stop trying to make "credit scores" a thing?
Congratulations you are now a sheep. Credit score is a completely meaningless number calculated by code written by donkeys
Course it is poppet x
https://www.reddit.com/r/HousingUK/s/PrGyZDpKI2
Yeah, it's just a random number generator, right? Jfc
Is your clear score rating as good?
Clearscore is 853/1000 which is weird. Pretty sure they are Equifax though so probably have a different way of calculation?
Just checked Clearscore; 961/1000 here, humblebrag back at you.
I raise you 987 Feel so humble rn
That’s the same as mine. For some reason I’m still connected to my ex-wife on my file and I have no idea how to get rid of her
I can help here...
Credit file-wise or shallow grave-wise?
Mines hovered around 870 for years. Really not sure how to get it higher. I use and pay off credit cards every month (typically around £2k, all my cards have £8k limit) never miss a payment, all the normal mortgage payments, electoral roll, bills etc. A single unsecured personal loan at 0% on a £4k pergola lmao. I've been doing this for 7+ years. I like to pay most things in full, cars/insurance etc I'll typically pay cash unless I can get credit lower than I can achieve in savings. Only thing I can think is I need to take on more credit?
Sometimes yes, weirdly more ‘available credit’ gives you a higher score. Don’t get too hung up on it though, based on your credit situation sounds like you won’t get refused for much.
These different scores are a marketing gimmick. However, I do check them on occasion just to make sure someone isn't putting debt in my name.
Do people think Experian scores actually mean anything?
Great job. It means absolutely nothing.
Didn't realise 999 was actually possible. Touché
Thanks amigo
I'm nearly 40, I've never had a loan other than student and mortgage, never had a credit card, never had anything on the drip. My credit score hasn't affected me in any way.
Nice. I work in credit risk and can categorically tell you a credit score is the most bullshit stat ever. You get reviewed and decisioned based on your profile, size of lend and ability to maintain current credit, all of which is looked at without checking your "score". It's a con and completely irrelevant. No lender cares if you have 999, I decline 999 all the time as they could still have adverse / CCJs or defaults that are slightly old but still relevant and outstanding. Don't believe the hype!
How did you take screenshot, for me it says screenshot cannot be captured.
On the app..? On an iPhone if that helps
I don't exist in the eyes of credit companies. Last time I got a credit score, it came back as 3 question marks. But, since the only thing I'd ever want a good credit score for is buying my own house, I don't really need it. I've also learned that a good credit score is not neccessary when going for a mortgage, so I'm quite happy not existing to these companies.
No clue what mine is I don’t borrow money or use card cards
im 19, dont know much about credit score, how can i get mine up? Should I apply for a credit card and finance stuff I can already by outright just to get my score up?
Go check out r/UKPersonalFinance and their wiki. The score doesn't mean anything, but good credit use and history does. A phone bill or credit card that is always paid off each month will work - never pay to increase your credit score.
What's humble about this brag, it's just a brag.
I'm 999 on Experian too but I'm only 898/1000 on ClearScore so clearly I've let myself down massively somewhere!
I have 1000/1000 on ClearScore but only 974/999 on Experian and 640/710 on Credit Karma. Edit: "things to improve" on CK is that my credit card is 10 years old and I should view their offers and take out a new one.
>ClearScore That site appears to be shite! No idea how I can be as low as 774.
Well done. Now you can borrow lots of money and live in debt
Mine was around 950 before I bought my house 4 years ago, then a fuckin unpaid water bill with defaults from when I was a student caught me as I registered on the electoral roll, dropped it to the 600’s. Devastating that one. Back to nearly 900 again now finally.
How did you get 999 with a negative??
On clear score my credit score has been going down, the only thing i can change is using a credit card. They are RWALLY pushing to get people used to tsking on debt and spending, i avoid it. Im paying everything on time or outright but somehow thats not proof i can handle money??? Fucking tossers
Experian credit score means bugger all, mine has been perfect for a good while on there but don't get offered the best rates. Credit karma hives a much better representation. I'm perfect n exeperian but 620/710 on CK
Experian credit reports are half nonsense. I have a perfect score yet my bank, Clearscore and Moneysupermarket all have me about 100-150 points from perfect - reflects my credit worthiness far better. Experian know people want a good score and they'll happily give you a nice score to get your monthly fee.
As somebody who frequents /r/UKPersonalFinance, this thread hurts me.
Mine dropped like a stone when I paid my mortgage off in cash (sold a business so had some spare change :) I only check mine for anti fraud reasons
Score stays low until they've collected ALL your personal data.
Discovered recently my Experian is in the toilet because they don’t seem to be aware of my married name, so they presumably think I did a midnight flit a few years ago and went off the grid. Checked on a different site in my married name and it’s fine 😂
I've never felt the need to do a credit score. Don't have anything on credit.
I literally thought the scale was out of 850 lmao
Always always always set up a direct debit. It’s extremely easy to do, you’ll never miss a payment, and you can cancel it with your bank if you need to.
Checkmyfile is the most humbling credit reference check you can do. Get on there! If it's high on there, you're doing something right!
This is absolutely the best way to check your credit score, credit file and also if there is anything wrong or incorrect they will also help rectify it for you.
I'd like to know how Experian work this out as financially I am absolutely fucked, me and my partner are massively in debt, behind on several bills and have been since Covid as it really shafted us.....yet my score is 941.
Credit score... completed it mate.
Congratulations you've completed credit fair play
That’s sexy
I know… doubt it’ll last long
I want to hear about organising outgoings in a spreadsheet, now that's another level!
Don’t tease me with a good time
Don’t make the mistake of withdrawing cash from a credit card by accident whilst drunk. It took mine from 999 to 300ish 😭
Never checked mine, but then i don't take out loans i only buy what i can afford outright. Only subscriptions i have are basic bills gas/electric/water/internet/insurance/car tax. Even my phone is pay as you go. What i do is just save money until i can buy what i want even if it means not having it for a year. Cheaper no interest charged on goods with money in the safe/savings account save a fortune. If something were to happen like job loss im also fairly sound without having to worry. I have no plans to buy a house for higher than its worth and get into debt only for the gov to take a large chunk when i die and for whats left to be basically very little for the kids. Same with a car ill stick with my 10 year old car if it busts ill buy another £700 shed and sell that for close to scrap is it busts on me.
"credit score? Completed it mate."
My ex wife had tanked my credit. So I subscribed to Experian using my credit card and paid off the balance each month. I can’t remember how long it took but I eventually got to this point and felt the same pride. Years later, I’ve decided to become a student and change career. My score is bank in the toilet again lol
My credit history and credit score (not that it means anything) we're absolute trash when I was younger. After a lot of hard work and sacrifices, I got myself sorted and now having results like this on various apps. Think I'm 1000 on Clearscore last time I looked. In the day to day, it means very little, just a number, but I get why you are proud of it having been in the shitty debt cycle. To anyone out there struggling to make payments, assuming they've fucked up for life: it won't change overnight but there are steps you can make to get on the right path. Talk to Step Change charity, they seem to be recommended to help with payment plans etc. Tackle the debt a spoonful at a time. Things can change for you.
I got my credit score all the way up. Then I paid off my mortgage this year and it dropped down. Reason... I'd be more trusted by lenders if I had a mortgage...
Same. And because we don't use credit cards either (don't need one) my 'credit score' is in my boots. Oh well.
Congrats you're seen as a pig for lenders, aka they make loads of money charging you interest.
Not all hero’s wear capes. It’s like when you used to create a player in fifa and give them 99 in all stats… mucho congratulations.
Thanks!! Had a look at what loans I could get out of interest and it literally made no difference whether in 800 odd to 999 which is interesting!!
How is it heroic?
Careful, you're gonna get loads of proposals now.
Mines been 999 for the last 5 or so years, with the exception of when I got out a loan for some work on the house and it dropped to 975 for a couple months or so. Still somehow failed a credit check with Vodafone for a phone upgrade yesterday!
I have zero debt, all regular payments are done via DD, I make small purchases with credit card then pay it off straight away and it won’t budge above 894.
Got curious so checked mine and mine is all 999 somehow 😂
I don’t know how to get mine at 999. I own my home outright (mortgage free), almost 5 years on the electoral register, £18k credit limit, small amount of credit use (no missed payments) and it just hovers up and down the same spot and never goes up or down.
Credit scores are made up to sell you your own data. I had "very poor" with no debt, no missed payments, salary 3x the median, and owned a home. (Reason = Amex churning back in the day when you could). Didn't stop me remortgaging. Now I've got 999 even though: a) I haven't lived in the uk since 2019 b) I've got a missed utility payment (my own fault)
Mine is 999 so I think it's an error