ClearScore credit score

[Dr Jekyll]

I appreciate that these scores are just 'this is what we might give you if we were a finance company which we aren't' and don't have any real significance. But they are calculated from basically the same information that the finance firms use so I do check it out of curiosity.

My question is. How do I get 700 out of 700? I've had credit in the past and paid it off on time, never had CCJs, never have more than a few hundred on credit cards and pay the balance off every month. No loans (other than CC balance) or mortgage. Yet seem stuck in the mid 500s,

What's the highest Clearscore anyone can realistically get? Does anyone get 700 out of 700?

[Sarnie]

Dr Jekyll said:

I appreciate that these scores are just 'this is what we might give you if we were a finance company which we aren't' and don't have any real significance. But they are calculated from basically the same information that the finance firms use so I do check it out of curiosity.

My question is. How do I get 700 out of 700? I've had credit in the past and paid it off on time, never had CCJs, never have more than a few hundred on credit cards and pay the balance off every month. No loans (other than CC balance) or mortgage. Yet seem stuck in the mid 500s,

What's the highest Clearscore anyone can realistically get? Does anyone get 700 out of 700?

Are you on the electoral roll? For at least three years at the same address?

This is also your problem: "No loans (other than CC balance) or mortgage."

No loans....no mortgage and no more than a few hundred on cards...........all that adds up to a lack of credit history, which is one rung up from adverse credit history......if you were a lender looking at your credit file, you've got no history to evidence how you will handle debt.......

[Fonzey]

I keep half an eye on my ClearScore after I setup my account a couple of years ago to make sure nothing ugly was rearing up prior to mortgage applications.

My Score seems to fluctuate in the high 400's, it went into the 500's for about two months but there's never any negative factors listed so no real drama.

It seems like the credit:borrowing ratio is a factor, I closed a credit card that had been sat dormant for years which had about £13k limit on it - and my score changed slightly the following month. I don't know what the sweet spot is, but I think they like to see you actively using credit but nowhere near maxing out your collective limits.

Black magic

[Dr Jekyll]

Sarnie said:

Are you on the electoral roll? For at least three years at the same address?

This is also your problem: "No loans (other than CC balance) or mortgage."

No loans....no mortgage and no more than a few hundred on cards...........all that adds up to a lack of credit history, which is one rung up from adverse credit history......if you were a lender looking at your credit file, you've got no history to evidence how you will handle debt.......

I did have a mortgage up until a few years ago and the score only seemed to drop a few points when I paid it off. The score I have is actually pretty good, it's just difficult to see what I could do to make it better. maybe some carefully calculated loans.

[I 8 a 4RE]

Would creating a profile and checking one's score negatively impact the score?

[Bussolini]

Mine goes up and down, seemingly at random. I wouldn't worry about it.

[Sarnie]

I 8 a 4RE said:

Would creating a profile and checking one's score negatively impact the score?

No.

[Sarnie]

Bussolini said:

Mine goes up and down, seemingly at random. I wouldn't worry about it.

Correct, don't worry about it............the numbers that the credit agencies produce are simply a way of giving people a number to get paranoid over that they keep coming back and checking......and buying their recommended products in line with your credit score...

[worsy]

Mine is around 670 but dropped 15 points this month. I even got an email to tell me

Looks like related to me putting a grand on my CC and the money still outstanding last time they checked the card balance.

[Scabutz]

Its the same data they all use but they have different algorithms to calculate the score. There are a number of things that influence it:

- Electoral Role
- Payment History
- CCJs
- Credit Mix (loans are seen more favorably than credit cards)
- Credit Utilisation (amount of credit being taken vs amount you have. i.e how maxed are your credit cards. This is per card and overall
- No of recent searches (lots of searches means lots of credit applications, so either you are being refused or going nuts)

Probably some other stuff as well

[mikal83]

About 5 yrs ago when we wanted to travel down under, we applied for a Halifax clarity card....and was turned down. I couldnt believe it so went to my local Halifax to ask wtf. Went thru the same application process and was again turned down. Went thru my finances with the manager who was a bit taken back by our assets/income. I then had to bring copies of the deeds to properties I owned outright, so he could print and post them off b4, I was then accepted. My score is 542. What crap. Credit scores pah.

Edited by mikal83 on Wednesday 20th November 11:30

[eybic]

My clearscore score was around 400 & something, however my experian score was something like 960 out of 999 so clearscore seems to "score" quite low for some reason.

[Sarnie]

eybic said:

My clearscore score was around 400 & something, however my experian score was something like 960 out of 999 so clearscore seems to "score" quite low for some reason.

It's just the different ways they come up with producing a number, not reflective than Clearscore have you lower than Experian etc etc...

[BoRED S2upid]

Bussolini said:

Mine goes up and down, seemingly at random. I wouldn't worry about it.

Just checked mine for the past year and it doesn’t change by more than 10 points over the year.

Black magic indeed who knows how it’s worked out.

Who’s got the highest on PH’s? Some of us must have some whopping credit limits those that are powerfully built.

[WarnieV6GT]

I've been checking mine lately and all are in the excellent bracket. I have a mortgage with 7 years left, one credit card with a £1k limit paid off monthly and a loqbox credit builder loan of £200.

Been on Electrol roll for 14yrs and lived in same house for 14 years.

But...I want a new motorcycle on PCP and am worried that I will be turned down as I'm self employed and although I take a small wage it's not a lot. My wife can cover all our Bill's and we use my bit as pocket money.

I only became a director of the business in Feb this year but the business has been going for 9 years.

I have £2500 to put down (bike is £12k) and payments are £125 a month over 4 years. This I can easily afford it's just if I have to prove it ?

Am I just wasting my time dreaming ?

[500 Miles]

For some reason,I’m a bit ocd with credit scores and check them quite a lot (soft searches so don’t impact the score) Experian I’m on 999, however on clear score I was until recently 510ish.. Paid off my mortgage and now have no other debt and my score dropped by 40 points!

My ocd tells me I need to get to 700....

[omniflow]

WarnieV6GT said:

I've been checking mine lately and all are in the excellent bracket. I have a mortgage with 7 years left, one credit card with a £1k limit paid off monthly and a loqbox credit builder loan of £200.

Been on Electrol roll for 14yrs and lived in same house for 14 years.

But...I want a new motorcycle on PCP and am worried that I will be turned down as I'm self employed and although I take a small wage it's not a lot. My wife can cover all our Bill's and we use my bit as pocket money.

I only became a director of the business in Feb this year but the business has been going for 9 years.

I have £2500 to put down (bike is £12k) and payments are £125 a month over 4 years. This I can easily afford it's just if I have to prove it ?

Am I just wasting my time dreaming ?

I would say just go for it. I bought a car on PCP a couple of years ago - cost was £22K, I offered £2K as a deposit. I had been a director of a company for less than 6 months and that's how long the company had been going for. This was for a Ford Mondeo, with a Ford main dealer. The interest rate was what I would consider "normal". One small point though - if you're a director of the company, I don't think you're self-employed, you are more likely an employee of a company of which you are also a director.

[Benbay001]

Unless you are being denied for credit that you would expect to be accepted for, then i shouldnt worry.

As you said, the score means nothing.

[WarnieV6GT]

omniflow said:

I would say just go for it. I bought a car on PCP a couple of years ago - cost was £22K, I offered £2K as a deposit. I had been a director of a company for less than 6 months and that's how long the company had been going for. This was for a Ford Mondeo, with a Ford main dealer. The interest rate was what I would consider "normal". One small point though - if you're a director of the company, I don't think you're self-employed, you are more likely an employee of a company of which you are also a director.

Did they ask for any pay slips or any other documents?

[rossub]

Weird

Noddle (or whatever it is now = 675/710 or 95%

Clearscore = 546/700 = 78%