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Thread: Credit Score?

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    Should Get Out More Horse's Avatar
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    Default Credit Score?


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    There's a load of TV ads, from a multitude of different companies, encouraging people to check their personal credit score.

    How do these companies make their money, do they harvest and sell the personal details?

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    Really Bored Nordboy's Avatar
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    Default Re: Credit Score?

    Maybe they make money from all the advertising they have on their websites, for loads of financial products?

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    Default Re: Credit Score?

    Not exactly sure but it seems to me that you pay the same people to check that fuck you over later on?
    Then they have your details to lose to hackers or sell to randoms?

    I generally figure that the best way is to minimise interactions with any of them.

    I'm a trusting soul aren't I?

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    Default Re: Credit Score?

    Quote Originally Posted by Nordboy View Post
    Maybe they make money from all the advertising they have on their websites, for loads of financial products?
    I'll take your word for it, I've not felt the need to check!

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    Default Re: Credit Score?

    They sell you stuff appropriate to your score, however it can miss off bits so the paid version is better if you are thinking of a mortgage.

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    Default Re: Credit Score?

    They give you a score... then tell you what 'products' you are liable to be accepted for with that score. It's all about selling loans and credit cards.

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    Default Re: Credit Score?

    They're not all the same either.

    I got Experian free through a Barclay card, I have a score of 999 out of 999, yet on Clear Score (which uses Equifax data) I'm at 541 out of 700.

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    Default Re: Credit Score?

    And what are you supposed to do with this magic number? Or do to change it?

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    Default Re: Credit Score?

    Quote Originally Posted by Horse View Post
    And what are you supposed to do with this magic number? Or do to change it?
    Establish your credit rating before seeking loans, mortgages etc as any refusals make it go down - the better your score, the less of a risk you are deemed to be so should get best rates.

    To change it, get a loan and repay it or have a CC and clear it every month to improve it.

    If you want to lower it, borrow loads, jack your job and offer them a 1 a week repayment from your benefits

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    Default Re: Credit Score?

    I never had loans or credit card, so never gave a shit about credit score. When I went for a mortgage, I had plenty of colateral so was OK.
    Last edited by Yorick; 17-11-19 at 18:09.

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    Default Re: Credit Score?

    Quote Originally Posted by Yorick View Post
    I never borrowed money or had credit card, so never gave a shit about credit score. When I went for a mortgage, I had plenty of colateral so was OK.
    Silly me, I thought a mortgage was borrowed money

    But 'credit score' is something I've never had to worry about.

    That said, my first mortgage was 100%, with a bridging loan for the deposit and a bank loan for the fees! I don't think those sorts of deals are available to today's first time buyers.

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    Default Re: Credit Score?

    If you want to know your score, do not use the commercials, it may affect your score and, as has been said, they need to flog you stuff. Martin Lewis's moneysavingexpert.whatever will do it in a non impact free way for you.

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    Default Re: Credit Score?

    Quote Originally Posted by Horse View Post
    Silly me, I thought a mortgage was borrowed money

    But 'credit score' is something I've never had to worry about.

    That said, my first mortgage was 100%, with a bridging loan for the deposit and a bank loan for the fees! I don't think those sorts of deals are available to today's first time buyers.
    And a good thing too. It must be about time that 100%+ mortgages made a comeback. At least for a couple of years before the next crash.

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    Default Re: Credit Score?

    Quote Originally Posted by cheb View Post
    And a good thing too. It must be about time that 100%+ mortgages made a comeback. At least for a couple of years before the next crash.
    I think the big problem was 120% mortgages....

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    Default Re: Credit Score?

    Quote Originally Posted by Yorick View Post
    I never had loans or credit card, so never gave a shit about credit score. When I went for a mortgage, I had plenty of colateral so was OK.
    Exactly wtf is a mortgage if it's not a loan? lol!

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