Overdraft Feedback


(Ben) #121

That’s super weird. I have a Noddle score of 611 and I have an overdraft!


(Tom is my hero. Not that one. ) #122

Yours went to 11. That’s one better.


(Andy) #123

I think the main issue is, although I am #fullmonzo and I have my regular salary paid into Monzo. I always kept my current account close to zero, as I moved money to interest accounts or investment products; after bills.

I’m now experimenting with keeping my Monzo balance at least over £2000. I know this isn’t a quick fix, but it may mean Monzo may trust that I am not actually always close to overdraft territory.


#124

I’d imagine Call Credit is either due to cost or requirements Equifax/Experian are just too onerous to join. Many smaller financial providers use CC - e.g. PayPal Credit and many Building Societies (including for mortgage lending, somewhat surprisingly!).

They also are used for soft & ID searches by quite a few companies, especially insurance, which would seem to indicate it’s a cost issue reason.

Strangely, despite them being the smallest (I can’t see the Transunion deal having any tangible effect for years) I’ve found data quality there much better. Experian data quality for me was appalling and Equifax not much better. The scary thing for all of them is the lack of quality assurance (despite Experian’s claims they have a QA process!). E.g. customers defaulting on an EXISTING account some months after bankruptcy. A previously settled account being re-opened as in significant arrears followed by default… etc etc!

And my Noddle score is only 530, but it’s the only 1 I feel is actually representative, a tad off of poor.

My experian goes up and down like a yo-yo (approx 400 last time I checked). Equifax was 14 a few weeks ago, is now 200, was 400 (fair) the other month!

Oh and my Monzo OD still hasn’t appeared on my call credit, and I’ve stayed £15 in it to make sure there’s a negative balance to prompt it being reported.


#125

My Noddle score isn’t much better at 578. I haven’t tried the Monzo overdraft.


(Jamie 🏳️‍🌈) #126

Your Noddle score (or Equifax, or Experian) is made up, doesn’t mean anything, and Monzo can’t see it.

These companies have sold everyone the idea that you should care about these scores, because that’s how they make money.

Forget about them.


#127

Interesting enough my noddle score states that I am just below the average
Have never had arrears or missed payments
Do have a mortgage which is @35% of my equity and a car loan which is fully covered
Am left with @£XX surplus cash per month to spend or save ( saved )
But it appears I am below average with Noddle and therefore I assume that I am a risk of sorts ?


(Andy) #128

Have you had a recent change? Like you my noddle report is slightly on the lower side but I have several changes on my report this month. You also need to look at your credit utilisation % if it’s high then it can bring it down.


#129

That’s all true but my credit utilisation is almost nill with the exception of mortgage and car
I have recently opened a HSBC Advance account which may have driven the score down but the account is well and truly in credit

I made the statement on here as I feel Noddle needs to sort itself out as it has the powers to make people’s lives very difficult although their may be no undermining issue


(Eve) #130

Banks use their own criteria when judging whether to offer overdrafts/ credit etc. and it’s not dependent on your credit score. In fact this credit score can vary across different companies and between banks too, you may have a score of 999 but still not qualify for an overdraft etc. I wouldn’t worry about tracking this rise and fall since it could change, as you have said you are well in credit in your balance and have your mortgage and finances worked out


#131

I have heard this sort of statement time and time and disagree

The banks do heavily depend on the credit scoring as it enables them to look into people’s past history and additionally removes the burden of their own staff doing all the leg work

The importance is locating the agency that they are actualy using as we all know the scoring varies vastly between credit reference agency’s


#132

Banks depend on Credit Reference Agency records

They do not depend on Credit Reference Agency “credit scores” they are just twaddle marketed to the public

Banks use their own internal criteria to “credit score” a customer based on the data they obtain from a Credit Reference Agency


#133

Based on the data that they receive

OK stand corrected on this, but isn’t the score generated by the credit reference agency based on that data which is now being used by the bank to generate an internal score ?

Same data but obviously analysed differ ways

Having recently applied and opened a HSBC Advance account I can just about remember the process and how I was screened by the bank. I would surmise that HSBC process is a tangible process to comment against


(Andy) #134

Yep the data is the same (bank gets more electoral role than you see on your file) but it’s analysed and scored according to the risk appetite of that bank so one bank might like high credit utilitision with no late payments but another might prefer low utilisation and accept a couple of late payments


(Gareth) #135
  • Have never had arrears or missed payments
    • Positive
  • Do have a mortgage which is @35% of my equity
    • Long term debt
  • a car loan which is fully covered
    • Short term debt
  • Am left with @£XX surplus cash per month
    • Would only show as £0 overdraft, savings are not reported, nor ability to pay off debts
  • recently opened a HSBC Advance account
    • account age may be a factor, especially if it was your only account

I’d punt at saying the car loan is the bit that puts you just below average - but then average is 615/710 which is high on the scale of things (edit: especially compared to the other two)


#136

I am also beginning to realise that maybe the car loan has played a part here


(Michael) #138

The number score is literally useless.

I have an overdraft, a car on finance, a reasonable credit card and can get other credit even though my score is below ‘average’ according to Noddle/experian.


#139

So how do we the public make judgement on what is best for our credit worthiness

I would like to take control of my credit worthiness rather than stumble around various financial institutes


#140

Good scoring :+1:


(Gareth) #141

tbf, there was talk that car loans are the next economic crash…


Plus cars have horrible depreciation rates, so make bad collateral?