ClearScore Credit Score
always_sunny
Posts: 8,314 Forumite
A year ago I decided to open a ClearScore account to monitor my credit for me and in the beginning it seemed fine with a good credit score (whatever that means).
6 months ago or so I applied for a mortgage, got it approved, moved into the property and ever since my credit score has been tumbling down without me really changing any of my habits.
It's now on the 200's level.
All my bills are always paid in full by direct debit (ever since ever); I have no arrears or CCJ, etc nothing of nothing same as in the beginning.
My credit card seems to be low credit, I only have £450 limit which is fine for my use.
Does this score has any value at all?
6 months ago or so I applied for a mortgage, got it approved, moved into the property and ever since my credit score has been tumbling down without me really changing any of my habits.
It's now on the 200's level.
All my bills are always paid in full by direct debit (ever since ever); I have no arrears or CCJ, etc nothing of nothing same as in the beginning.
My credit card seems to be low credit, I only have £450 limit which is fine for my use.
Does this score has any value at all?
EU expat working in London
0
Comments
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No. None whatsoever.
Ignore it.0 -
always_sunny wrote: »A year ago I decided to open a ClearScore account to monitor my credit for me and in the beginning it seemed fine with a good credit score (whatever that means).
6 months ago or so I applied for a mortgage, got it approved, moved into the property and ever since my credit score has been tumbling down without me really changing any of my habits.
It's now on the 200's level.
All my bills are always paid in full by direct debit (ever since ever); I have no arrears or CCJ, etc nothing of nothing same as in the beginning.
My credit card seems to be low credit, I only have £450 limit which is fine for my use.
Does this score has any value at all?
My ClearScore score has taken a small dip lately, probably due to the opening of many new current accounts and credit cards. There is a section somewhere that lists the positives and negatives that have affected the score. Perhaps new availability of a large amount of credit hits the score for a while?0 -
Deleted_User wrote: »No. None whatsoever.
Ignore it.
Is there absolutely no value in checking your ClearScore 'score'?
If your 'score' takes a tumble is it not worth checking your Experian/Equifax/Callcredit reports incase there is something amiss.
I get the statutory £2 reports every 18 months or so anyway.0 -
Two of the biggest impacts on credit rating, so presumably also the scores the CRAs produce, are debt and 'stability'.
Your circumstances have changed dramatically over the last few months. Firstly, you've taken on massive debt...and secondly you've moved address. Are you on the ER at your new house? By that, I mean is it reported by the CRAs?0 -
YorkshireBoy wrote: »Two of the biggest impacts on credit rating, so presumably also the scores the CRAs produce, are debt and 'stability'.
Your circumstances have changed dramatically over the last few months. Firstly, you've taken on massive debt...and secondly you've moved address. Are you on the ER at your new house? By that, I mean is it reported by the CRAs?
Yes I am all updated and ER. The debt is not so massive but it's okay. It's seems that the ClearScore score is randomly going down with on apparent negatives, beside my credit card being low.
I don't pay too much attention to it, I have already obtained a mortgage despite my short residence in the UK. Maybe in 6 or 8 months after I am registered at this address things will look brighter. They already do in reality, just one of those 'computer says no' event.EU expat working in London0 -
Isn't clearscore run by Experian ? I think theres some reference o it on the site.
Although late and missed payments have an effect clearscore seems to focus on how much credit you have and how much of that credit you are using.
Mine started off in the low 200's but ive paid off a lot of debt and its now 450.0 -
Isn't clearscore run by Experian ? I think theres some reference o it on the site.
Although late and missed payments have an effect clearscore seems to focus on how much credit you have and how much of that credit you are using.
Mine started off in the low 200's but ive paid off a lot of debt and its now 450.
Do you mean Equifax ?0 -
When you log in to your Clearscore account. Click on the 'Report' tab and scroll down to 'Factors on your report'. You should get a list of what Clearscore regard as 'positive' and 'negative' factors on your report.
But if everything is in order I wouldn't worry about the actual score. Mine varies by a ridiculous amount from one CRA to another making the numbers meaningless.
Clearscore have me in their 'Excellent' category, listing 9 positives including No missed payments. On the electoral roll. Low credit % utilisation etc.
However Experian have me in their 'Poor' category because of my high total credit card debt (all at 0% and stooged in high interest accounts).
Bank of Scotland recently took fright about my total credit card debt and reduced the credit limit on my BOS credit card. The following day I got a letter from Barclaycard increasing the credit limit on my Barclaycard!0 -
A large amount of new credit recently and a change of address recently are both factors that would be expected to produce a significant drop in score. While I'd expect this to mostly be over by now if it's still dropping instead of starting to recover after six months it'd be more of a possible issue than just what's routinely expected.always_sunny wrote: »6 months ago or so I applied for a mortgage, got it approved, moved into the property and ever since my credit score has been tumbling down without me really changing any of my habits.
It's now on the 200's level.0 -
Is there absolutely no value in checking your ClearScore 'score'?
If your 'score' takes a tumble is it not worth checking your Experian/Equifax/Callcredit reports incase there is something amiss.
I get the statutory £2 reports every 18 months or so anyway.
Wouldn't be checking the score with Clearscore, definitely checking the report though and given that it's free maybe doing that and Noddle every month and just paying for Experian every few months.I’m a Forum Ambassador and I support the Forum Team on the Budgeting & Bank Accounts, Credit Cards, Credit File & Ratings and Energy boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.
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