wwp8

can someone tell me how credit scoring works and what do they look at

yesterday i tried an online application for a loan, was declined because of bad CS,
tried 4 more lenders all the same results.

so i applied for an online report by equifax £8

looked at it, i can't see anything wrong . except that in the past i paid back the money i borrowed ( 2 loans 1 CC) earlier

are they worried i pay them back too soon?

what the hell?

HankScorpio

They're all different unfortunatley.

Might also be worth checking Experian as most lenders will use one or both of the "big two".
Adress, electoral register listing and loads of other things can come into it too...

Also remember that all your applications will be logged too so new lenders will see this activity and it may generate more problems....

scoobyjimbo

The credit scoring system is a very technical area that can change from day to day. Bascially you can get a list of your credit records as you have and see nothing wrong but still theyu refuse you. Basically it comes down to a number o fthings.. How long you have been living in your current house, credit record i.e. ccjs etc.. how much you have used credit in the past. I.e. people who have lots of credit history but with no problems are more likely to get credit thatn people who havent used alot in the past. Also the number of credit searches that appear on your record can effect a decision. I.e. if you have more than 10 seaches in a 6 month period then this is looked at unfavourably.. so it is not just your credit score but the way the people who make the decisions regarding credit use the information they see..

hope this helps

J

ChrisB

Being listed on the electoral register for your home address can be a key fact.

ChrisB

Also, in addition to Equifax, some companies use Experian for credit scoring. Maybe worth getting your record from them too.

Pixxie

experian report is £2. you can disassociate yourself from anyone that is registared at the same address that you are not linked by loans, mortgage etc.
This will help as some lenders do consider this.

Liverpool Victoria are good...have you tried them for loan?

HankScorpio

Is there an echo in here....?

boomer

EIGHT QUID???? - sounds like Equifax are entering the "rip-off" market, rather than the "safe credit" one

BY LAW you can get your credit history for TWO QUID - as per their HTTPS website that logs your IP address simply because you are looking at options.

But for Equifax, THAT IS NOT ENOUGH - let's charge over FOUR TIMES the legal maximum for enquiries, that don't seem to offer any more information.

Time for a letter to Which? me-thinks!!

mb