Credit Score

[TriplexDread]

Just done a credit score via my bank app. It was flagged as a new feature.
Wish I hadn't now because it's wound me up


"How bad is a 563 credit score?
A 563 credit score is considered “Very Poor”. It means you've had past payment problems, including collection accounts, judgments, bankruptcy or worse. With a “Very Poor” score, it's harder to obtain credit cards, loans, and favorable interest rates."

Errr NO, I don't owe anyone money. I have never had a loan. I dont have a morgage. I pay my bills.
How dare you tell me my credit score needs attention!!

Just because I want to save and pay for things cash without getting loans so banks can make more money out of the money they already have of mine I have a bad credit score

Screw you!
I'm fuming

 

[Ian]

Which bank is that?

Yep, if you've not borrowed money before then it's likely there's no credit profile. I've got a credit card, but I always pay it off in full each month (only have it for the extra protection it gives).

I had a friend that moved to the states about 15 years ago and he needed to open some lines of credit before he was able to boost his credit score and use it for more useful things (like mortgage, car loan, etc...). It's not as bad in the UK I don't think, thankfully.

 

[nivrip]

Probably, because you don't have any outstanding debts at all, they will have absolutely no info on you so are not likely to give you a high rating.

I wouldn't lose any sleep over it. If you've never needed credit before then you probably won't need any in the future.

 

[EvanDavis]

he needed to open some lines of credit

USA has a very high fraud rate compared to the UK / Europe.

 

[TriplexDread]

I'm not losing sleep

As I said I owe nothing. Never ever had a credit card

So because of it people get penalised. Wrong

 

[EvanDavis]

Credit scoring is a funny thing. No loans or credit cards and you get a poor credit score. Apply for to many loans and credit cards in one year and that also goes against your credit score.