Credit scores

[chickenboy]

Just thought I'd spam you with lots of links in Russian....!
muawahahhawhah

No, just wanted to compare notes on keeping tabs on their credit score. I'm currently using 3 free tools:
Noddle
Clearview
and the Experian free tool with Barclaycard

I'm happy to show my comparison - however bear in mind the Clearscore is out of 700, Experian out of 999 - so that's why i have converted to percentage in brackets. I can't see it anywhere on Noddle, but I assume their score is also out of 700.

Code: Select all

         Noddle  Clearscore  Experian(bc)
Sep 2015         392
Oct 2015   591   427
Nov 2015   591   470
Dec 2015   591   485 (69)   763 (76)
Jan 2016   581   502 (72)   763 (76)
Feb 2016   578   528 (75)   734 (73)
Mar 2016   578   513 (73)   734 (73)                  
Apr 2016   578   528 (75)   731 (73)                  


Obviously the numbers will be meaningless to you all, as you don't know what I've got, owe, or when cards & accounts have changed. What I thought would be useful for readers would be:
- my observations on the different tools

What I think we collectively could contribute would be:
- other peoples experience of the different tools
- any tips for improving credit ratings (now that we can see so easily how it affects the different scores)

Observations:
So the Experian tool provided with barclaycard I think is pretty poor, its only updated every 2 months, and only has the score as a number - and is (i think) just an opportunity for them to sell you the full tool... (so not worth bothering if you don't already have it)

Although the actual score is irrelevant, clearly they should all be tracking the same information, however I have found that Noddle does miss some of my credit cards (maybe that's a good thing).

I'm doing a little test this month, I cleared my Barclaycard balance down to zero in Feb (bal transfer interest period about to expire), but kept the card open. Despite my outstanding balance in total going down (Clearscore clearly the superior tool for showing this), my overall score has gone down or stayed level. Today I have closed the barclaycard account, so will see what happens to my score next month. (why am I bothered? - considering a house purchase in 3-4 months time)

In summary - well worth £0 per month to have Noddle and Clearscore. Wouldn't bother with Experian free tool. If you had to pick one over the other, I think Clearscore has the edge.

Any more thoughts, observations or ideas...?

[planteria]

i only ever use noddle. and ignore the 'out of 5' score.. just check that all details are correct & up to date (accepting that card updates can take a few weeks).

[joker]

I use both noddle and clearscore....more to check for searches and accounts I don't know about than for the ego boost numbers!

[mike_p]

I use Noddle and Clearscore, both are consistent and capture all my accounts. I use the overall scores as a clue as to when to make new CC applications - the time to pull the trigger is when they climb in two consecutive months!

[kempiejon]

I use noddle, I like mike_p's comment about if your credit score is rising make more applications. I usually apply when I see a good offer or I have money to shuffle coming to an end. I do get turned down and when that happens I have a good tidy up, no more applications for at least 6 month and close down unused cards. I've reduced balances a few times especially on my cash back platinum as they've never offered me a new BT and are quick to increase my limit and I use a fraction of my limit and always clear in full.

[chickenboy]

So Noddle update is in - my score has jumped to 600 (the largest change its made all year), despite my short term debt actually increasing slightly (little holiday to NZ) - so the only positive change is closing that Barclaycard and therefore reducing the overall amount i could borrow on a card.

[planteria]

mine is due in 4 days.. i will be interested to see it as various things should update, currently dropped to 2/5 and Barclays have frozen my account..

[Jamesd]

The Experian scores with Barclaycard come with a description of the meaning of the score (expand What is the Experian Credit Score?):

"Very poor 0-560
Poor 561-720
Fair 721-880
Good 881-960
Excellent 961-999"

[Sarah]

I don't really manage my credit scope; just apply for whatever I want & occasionally some applications are rejected but it's quite rare and there's no way of knowing for sure if doing anything differently would've changed the outcome! So I don't really worry about it although I look at Noddle and/or Clearscore once in awhile to see if anything unexpected shows up!

[planteria]

seems sensible to me Sarah.. just do what you want to do, being mindful of 'the system'.