The other day I logged into online banking to check my M&S credit card account and noticed the credit limit had been increased by £400 to £1900 without notifying me. Oh I must be a good customer I thought to myself and this was their way of 'rewarding' me for my loyalty.
It occurred to me that just over eight months ago I was checking my credit file through Experian and the score was 576 which on their scoreboard came down as "poor". How could this be I wondered? At the time I didn't have a credit card and was only paying my mobile phone bill. I was under the impression that if I have less financial commitments my score should be higher since it shows I have more room for manoeuvre? Apparently not.
Recently I logged onto Experian and my credit score came up as 988 (out of a thousand), the scoreboard showed "excellent" and then went on to say "you are amongst the top 10% of the nation". Wah?! Bladdy fools I say (and that in a paki accent) they don't know what they're talking about ...
It later dawned on me that in those eight months since, I have way more financial commitments and it seems the more bills you keep paying the more 'responsible' you come across to credit reference agencies. That means someone with a 'stash a cash' who isn't committed financially could have a lower score than someone who is over committed. Some absurd system we have scoring the nation I tells ya.
As for the credit limit, I ain't going to be getting myself further in debt by spending anymore on their card. Thank you Marks & Sparks ... but no thank you. And who do they think they are credit scoring me?! Hmpff.
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sign up for sum more credit cards on wich u shud get excellent limit since ur score is so high and shred n trash them tht way ur score will stay up or atlaeast thts wht i hv been told...
I gotta say i didn't understand any of that post but that is due to my extreme ignorance when it comes to stuff like credit cards. You have an M&S store credit card?! whatever for?!
I stay way away from store credit cards...cos like i said i just do not understand them!
Pini...thats all you had to talk about...credit ratings...daim...and I thought I was boring...lataah :D
Pini.... God, i'm gonna sound like an old biddy here.... whatever you do get the M&S limit reduced again!!!!! i have fallen for that trick in the past and thats one thing that has added to my debt!!!
Ahh Pini, bless your cotton socks you are learning the ways of this big bad world.
Unfortunately I am one of those with an awful credit rating because I am a sensible spender. Oh well...
Rai, lol some top-notch advice there ... ya never know if push comes to shove might do that.
B, its not a store card just a normal credit card and lucky you for never having to touch one.
Cafe, yes I am a very boring guy (finance and tech all the way) just don't tell anyone.
Ash, you a 'biddy'? Never. Thanks for the tip, I'm going to try not to use it from now on! It's all tricks isn't it?
Smee, you're one of the lucky ones!
I'm still a bit confused. How can you over-spend on an M&S card? i mean there's a limit to how may pairs of Jockeys you can buy.
Err...they do come in pairs don't they? Err...
BTW Pini, you DO know its an old-old-old way to lull people into a false sense of security by raising their credit rating. We financiers should know better, right? The rating means what YOU mean to the bank. The lousier spender you are, the better your rating. And that was for the non-finance species of humans reading this.
Signed, 'Proud to have NO credit card.'
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