Will experians scores and other reference agencies be similar?Thank.
I am writing from the UK.
2006-10-23 00:59:02 · 20 answers · asked by Steven K 1 in Business & Finance ➔ Credit
The credit scoring system is between 0 and 1000.
The closer to 1000 your score, the better your chances are of getting credit.
With a score of 857 (Which is good) most companies would not be concerned about giving you credit.
Most companies like Experian and Equifax (These are the most popular companies for credit searches) use the same credit scoring so you should be ok.
And although most people think that applying for credit doesn't affect you score...It DOES affect your chances as each loan application, whether successful or unsuccessful is logged on your record.
A company may refuse you credit if they think you are applying too frequently..It gives the impression that you are desperate for credit or cash...So be careful how many times you apply.
I believe the scoring is divided into sections and about 10% is allocated to applications..The more you apply...the lower your score will be.
Incidently, my credit score is 931 with Experian..and i'm still very apprehensive about credit and prefer to buy things cash if I can.
2006-10-23 01:08:33 · answer #1 · answered by audrey_o 5 · 0⤊ 0⤋
You should not have a problem getting a loan with a credit score of 857. Transunion, Equifax, and Experian will score you very similarly. A good rule of thumb is a score above 720 is a very good score. Although, depending on the lender and what type of loan you are wanting to get there may be other factors taken into consideration. Income...are you currently employed and do you have a means to pay back this loan? Stability...how long have you lived at your current residence? Do you rent or own? How long have you been at your current job? History...how much time do you actually have in the credit bureau and are the accounts adequate? The younger you are the less time you have in the credit bureau. For example, I have seen a 20 year old have a very high credit score but only a few accounts reporting in the bureau. There are no delinquencies on any of the accounts. The problem was that these accounts had only been paid on for around 12 months plus, it was revolving debt (credit cards) and not an actual installment loan. A lender cannot base the expectancy of their loan on 12 months worth of payment history. Therefore, you cannot expect a credit score to be the only factor in borrowing money although it is a pretty good indicator. Again, it depends entirely on the lender and what kind of loan you are wanting if they choose to use those other factors. But let me make a final assumption...since you're having to ask if that credit score will get you a loan, then that is not a very good indicator that you've borrowed much money in the past. Do you have adequate payment history? Take a second look at credit report and look at the "report" this time and not just the score. I hope this will help you.
2006-10-23 03:45:43 · answer #2 · answered by Abbi G 2 · 0⤊ 0⤋
Yes, most likely the car loan will bring down your score. Every time you request more credit, it goes down on your record. The fact you recently got 2 cards, and were rejected by 2 others (especially this part) have hurt your score. I would encourage you to wait a little while, if you can, allowing the recent pulling of your report to age some. Think of it this way, you recently requested 4 loans of some sort (cards and whatnot) in fairly short order, and to the people looking at your report, this looks like desperation for credit. You also extended your available credit some, increasing your credit availability to your income (making some assumptions, but this is probably what creditors are thinking). Thus, you may get rejected for the car loan, hurting your score more, or if you are approved now, you will probably get a poor interest rate. So hold off on the car loan and any other applications to get yourself a better score and interest rate.
2016-03-28 04:49:20 · answer #3 · answered by Anonymous · 0⤊ 0⤋
Almost sure that you might find every financial clarification at= loandirectory.info-
RE Do you think I can get a loan with a credit of score of 857 from experian?
Will experians scores and other reference agencies be similar?Thank.
I am writing from the UK.
2014-09-24 08:25:27 · answer #4 · answered by Anonymous · 0⤊ 0⤋
Hi,
Providing you have an income then I dont see a problem. I am an underwriter with a Finance Company. I advise you to take time a look on the internet at all the rates that leading lenders offer. DO NOT apply to them all, everytime you apply for a loan you are credit searched by them - this reduces your credit score each and every time, the more searches you have in the last 3 months can greatly affect the decision to give you a loan.
Choose the best offer before you apply to ensure your credit score remains as high a possible. The internet should provide you with all the info on the leading lenders and the rates they offer.
2006-10-26 23:13:16 · answer #5 · answered by simplyfemale_01 1 · 0⤊ 0⤋
Pretty sure that you will find all financial clarification at= loandirectory.info-
RE Do you think I can get a loan with a credit of score of 857 from experian?
Will experians scores and other reference agencies be similar?Thank.
I am writing from the UK.
2014-09-18 01:18:39 · answer #6 · answered by Anonymous · 0⤊ 0⤋
If you are looking to buy something large like a house or something I would suggest you do not buy anything else from this moment until purchase is complete.
Keep paying your bills on time, take on no new debts. Your credit scores should be fine.
Keep up the good work.
2006-10-23 01:45:00 · answer #7 · answered by Anonymous · 0⤊ 0⤋
Well, I was turned down for credit with a score of 999/1000 with Experian.
I think it depends on the company, some have a policy of not borrowing if your credit score is too high, because they feel they won't be able to screw you for the maximum amount of interest. They think you'll repay too quickly.
Best company to ask is the Co-op. Fairly decent rates on their credit cards.
Good luck!
2006-10-23 01:15:06 · answer #8 · answered by JOHN O 2 · 0⤊ 1⤋
That is a very good score. You shouldn't have any problem getting a loan. Be sure to shop around though. Don't take the first offer you get.
2006-10-23 01:02:01 · answer #9 · answered by rebecca_sld 4 · 0⤊ 0⤋
i don't understand scores so i can't help there.
i do know however the more times your credit is checked your score goes down so be care full shopping around as each company will check your credit x
2006-10-23 01:07:49 · answer #10 · answered by tuppassister 4 · 0⤊ 0⤋