Credit Score

5
Posted 15th Nov
Having a good one understandably is good, but does it give you better offers, more ability to get a mortgage?
I have checked Experian and mine is 999/999
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The 'credit score' is absolutely meaningless. Its sole existence is so when it drops one month, sending you in to a panic, it will help them sell their addons like credit watch.

Lenders do not see this number, and even if they did, they'd completely ignore it. They go off your credit history, ie how much credit you have, how much available credit you have, how regular you have paid back, is it just minimum amounts, have you taken payday / subprime loans, your income etc.

Speak to an independent mortgage advisor (whole of market).
5 Comments
The 'credit score' is absolutely meaningless. Its sole existence is so when it drops one month, sending you in to a panic, it will help them sell their addons like credit watch.

Lenders do not see this number, and even if they did, they'd completely ignore it. They go off your credit history, ie how much credit you have, how much available credit you have, how regular you have paid back, is it just minimum amounts, have you taken payday / subprime loans, your income etc.

Speak to an independent mortgage advisor (whole of market).
jaydeeuk115/11/2019 09:44

The 'credit score' is absolutely meaningless. Its sole existence is so …The 'credit score' is absolutely meaningless. Its sole existence is so when it drops one month, sending you in to a panic, it will help them sell their addons like credit watch.Lenders do not see this number, and even if they did, they'd completely ignore it. They go off your credit history, ie how much credit you have, how much available credit you have, how regular you have paid back, is it just minimum amounts, have you taken payday / subprime loans, your income etc.Speak to an independent mortgage advisor (whole of market).


/thread

This is the only answer you need. The whole concept of a credit score is made up nonsense to make people worry about it and then exploit them.
It's mostly nonsense. If you have a decent history of having a some credit and repaying it on time then that's the most important thing. Any defaults will count against you to some degree or other.
jaydeeuk115/11/2019 09:44

The 'credit score' is absolutely meaningless. Its sole existence is so …The 'credit score' is absolutely meaningless. Its sole existence is so when it drops one month, sending you in to a panic, it will help them sell their addons like credit watch.Lenders do not see this number, and even if they did, they'd completely ignore it. They go off your credit history, ie how much credit you have, how much available credit you have, how regular you have paid back, is it just minimum amounts, have you taken payday / subprime loans, your income etc.Speak to an independent mortgage advisor (whole of market).



Great answer here @jaydeeuk1
All this is credit score thing is really annoying me.
I don't have any debt - be it credit cards or loans.. so you'd think I had a good credit rating as I don't borrow from anyone. Yet when I come to look for a car loan I get offered rubbish rates as they have nothing to go on when they check me out. I went to my branch yesterday to enquire about a loan.
I work full time and earn a pretty good wage but they could only offer me 16.5% apr when their site says anything from 3%apr. Why do you have to be in debt up to your eye balls to get anything?

Really can't win !!
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