I just joined this forum so I could comment on this thread because this is something that interests me so much and can be so confusing.
Everyone has a credit history even if you have only applied for credit in the past. It is your credit history that forms your credit score but there is no set formula for how your final score is arrived at.
To make things even more confusing, different companies decide on the number of points you need to be either declined or accepted but here is where it gets really good.
Each company decides how many points each part of your credit history is worth.
If you have a credit card account, for example, and it is in good standing with all payments on time etc, then company A could decide to give you 20 points for that but company B could give you 10 points.
The same goes for negative information such as defaults or CCJ's. One company could take away 10 points for each default or CCJ while another company might decide to take 20 points away from your score.
So based on that they decide the rules and they don't have to tell you what the scoring method is, is it any wonder that the same person will get declined by one company but accepted by another.
Oh and don't forget, it is a human being that makes errors who updates your credit account with the credit reference agencies and not every credit company uses all of the credit reference agencies.
This may work in your favour or against you.
Confused? - You will be
