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Finer points of credit scores (Read 3484 times)
chickenboy
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Finer points of credit scores
29th Nov, 2015 at 9:37am
 
So I know there is really no such thing as a "credit score" - each individual company does their own scoring calculation. I have free Noddle and Clearscore accounts so tracking my scores.

Anyway - I have an Amex card I'm not using, so no balance and £7k? of credit. Just wondering if its better in terms of my credit score to keep the card and hence show unused credit available (logically so not in "financial distress") - OR to close the card and reduce the total amount of credit to my name?

The other advantage of keeping it would be to apply for another amex card in a few months and collect cashback plus perks (airline lounge entry etc) - which I think would be a smoother application if I already have an amex card??
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planteria
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Re: Finer points of credit scores
Reply #1 - 29th Nov, 2015 at 12:05pm
 
why not use it for spending?
what other cards do you have, with what limits, and for what purposes?
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m1chaels
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Re: Finer points of credit scores
Reply #2 - 30th Nov, 2015 at 9:59am
 
You can also use it to refer a friend for extra new customer goodies.  I try and be a '5%' (cashback or points) new customer at Amex as often as possible.
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chickenboy
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Re: Finer points of credit scores
Reply #3 - 30th Nov, 2015 at 10:30am
 
Not many active cards for me at the moment.
I often struggle to spend the required £300/pm to get the £5/pm reward on my Halifax Rewards Clarity card

I also have an Amex Everyday rewards platinum card (just keeping my Amex membership current really).

And a Barclaycard or 2.

(The others have stoozing balances on - so i don't use for spending - BoS, 2xBarclaycard, Tesco).

Just found the Amex rewards page - if anyone would like £25 reward for yourselves when you get referred by me for an Platinum Cashback Credit Card - please let me know!
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planteria
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Re: Finer points of credit scores
Reply #4 - 30th Nov, 2015 at 12:25pm
 
http://stoozing.com/forum/YaBB.pl?num=1249656917/0#0

Wink
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Anon
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Re: Finer points of credit scores
Reply #5 - 30th Nov, 2015 at 11:21pm
 
If there is no such thing as a credit score, does it make a difference to your chances of getting new accounts if the scores have tanked?  I ask as I had near maximum for pretty much all my adult life until a large mobile company reported that I had missed a payment for four months earlier this year (their error - the account was closed  Angry).  I challenged it and they corrected the error which eventually fed through on the credit reports, but ever since then the credit score itself has not recovered on Noddle, nor on Clearcredit where it is also mid scale. Yet Experian (new free Barclaycard credit score service) is showing 999.  Go figure?  Which is most reliable or would that be none of them?

I have opened a few current accounts over the past year, no credit cards or loans and have few credit cards after closing many down a few years ago when the best offers from stoozing closed down - would current account applications really have a major impact on Equifax and CallCredit?  I have not applied for any credit cards, have no outstanding balances and until this episode with the mobile company had no impact that I could see on the score.

I know a number of you apply for quite a few bank accounts and credit cards - has it made much difference?  Just contemplating getting back into Stoozing but do not want to start applying if it will cause more damage.

Many thanks
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« Last Edit: 1st Dec, 2015 at 5:29pm by Anon »  
 
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chickenboy
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Re: Finer points of credit scores
Reply #6 - 3rd Dec, 2015 at 6:30am
 
If your Experian score is good, doesn't this suggest that incident has left a mark on your record with one of the other main agencies: equifax or callcredit? (not sure which sources noddle and clearscore use...?)
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kempiejon
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Re: Finer points of credit scores
Reply #7 - 3rd Dec, 2015 at 3:20pm
 
I recon having a multiple of your income in credit stoozed might reduce other lenders to look on you favourably. Anecdotally I noticed a few rejections some yeasr back, my stooze pot was greater than my income and I had another £30k odd available. I closed a bunch of unused cards, waited a few months, reduced my credit limit on a couple of card I wanted to keep and lo the next time I went in for more credit I got a couple of cards admittedly with slightly lower than hoped for limits. Amex is one of the cards I reduced the limit on and kept, they've since auto increased my limit back up again.
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Anon
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Re: Finer points of credit scores
Reply #8 - 3rd Dec, 2015 at 5:56pm
 
chickenboy wrote on 3rd Dec, 2015 at 6:30am:
If your Experian score is good, doesn't this suggest that incident has left a mark on your record with one of the other main agencies: equifax or callcredit? (not sure which sources noddle and clearscore use...?)


Noddle use CallCredit, Clearscore use Equifax, so it appears it may have left a mark on both (unjustified, but when I contacted Noddle they claimed many factors are taken into account).

I maybe just have to take it steady.
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Jamesd
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Re: Finer points of credit scores
Reply #9 - 4th Dec, 2015 at 4:17am
 
chickenboy wrote on 29th Nov, 2015 at 9:37am:
I have an Amex card I'm not using, so no balance and £7k? of credit. Just wondering if its better in terms of my credit score to keep the card and hence show unused credit available (logically so not in "financial distress") - OR to close the card and reduce the total amount of credit to my name?
There are three particularly relevant factors often used in credit scorecards:

1. Age of accounts - how long since they were opened. Closing the oldest and older accounts can have a significant negative effect.
2. Percentage of total credit used. Closing an account will increase this percentage.
3. Total amount of credit available compared to income. Lower looks better but as a stoozer you have the credit to use it, not to sit there doing nothing.

If you have lots of old accounts the effect of closing an old one may well be insignificant, particularly if you have many with six or more years of good history. Percentage and total may be relevant if you're close to limits, particularly if you have near to 100% utilisation after closing.

Open a new account somewhere and close this one can deal with the percentage used issue.
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