Continual drop of credit score

Glowhallow · 20 February 2018 at 1:44PM

Hi everyone,

I'm just looking for some information on my credit score with Experian as it is continually dropping. I had an excellent score in December but my credit score has now gone down all the way to poor. I applied for a credit card in December and understand it would have taken a hit from that but I have not been spending recklessly - paying off in full every month and only utilising under 50% of my credit limit. Yet, my score continues to drop. Do you know why this is? I have not applied for any other products since this time/no debts/loans etc.

Thanks

Faith177 · 20 February 2018 at 1:46PM

I wouldn't spend too much time worrying about your score no-one can actually see that score apart from you and experian it means nothing

All credit companies can see is who you owe too, how much you owe and how much you pay back and if you pay on time

[Deleted User] · 20 February 2018 at 1:49PM

It's the same issue and answer as you had previously.

http://forums.moneysavingexpert.com/showthread.php?p=73752369#post73752369

The scores are still as made up as they ever were.

Glowhallow · 20 February 2018 at 1:49PM

Hi Faith, I find it hard not to worry about it though because I don't understand why it keeps dropping and I am worried it will be affecting me trying to switch bank accounts or if I want to apply for a mortgage in the future. Will the score not be based off the same information banks or credit checks will use?

Glowhallow · 20 February 2018 at 1:51PM

Hi zx81, I am concerned because the score keeps dropping, it hasn't just dropped once. What is the point of using these reports if they don't mean anything?

[Deleted User] · 20 February 2018 at 1:52PM

Glowhallow wrote: »

Will the score not be based off the same information banks or credit checks will use?

The scores are based on some of the same information (but not all the CRAs don't hold much of the key information about you, like income), but whereas lenders seen things like bankruptcy as bad, and sensible use of a card as good, the CRAs (and Experian in particular) take the opposite view.

Ebe_Scrooge · 20 February 2018 at 1:52PM

Glowhallow wrote: »

Yet, my score continues to drop. Do you know why this is?

It's because Jupiter is moving into Aries, and Gemini is on the cusp. When these two events coincide in the middle of February, everyone's scores drop, that's scientific fact.

Seriously, ignore your score. It's meaningless and seen by no-one except you and the CRA. Just ensure that the data held on your credit reference files are factually correct - it's these data that any prospective lender will be using to make their decisions. The "scores" issued by the CRAs will drop as a result of any change in your credit status - good or bad.

[Deleted User] · 20 February 2018 at 1:53PM

Glowhallow wrote: »

What is the point of using these reports if they don't mean anything?

The reports mean lots. The score don't mean anything.

The score are there to keep you interested in checking your report and to sign up for alerts and score improvement services.

Candyapple · 20 February 2018 at 1:56PM

Glowhallow wrote: »

Hi Faith, I find it hard not to worry about it though because I don't understand why it keeps dropping and I am worried it will be affecting me trying to switch bank accounts or if I want to apply for a mortgage in the future. Will the score not be based off the same information banks or credit checks will use?

No. Lenders do not see your credit score - it's a marketing tool created by credit reference agencies used to sell their premium services.

All you need to do is make sure that the data on all 3 of your files is correct and up to date.

Experian admit credit score pointless:
http://forums.moneysavingexpert.com/showthread.php?t=4858881

Proof that credit scores are rubbish:
http://forums.moneysavingexpert.com/showthread.php?t=5794196

Mortgage advisor saying credit scores are meaningless:
http://forums.moneysavingexpert.com/showthread.php?t=5659874

Bankrupt and with 999 score:
http://forums.moneysavingexpert.com/showthread.php?t=4099257

Post #10 on this thread:
http://forums.moneysavingexpert.com/showthread.php?t=3158508

And another one:
http://forums.moneysavingexpert.com/showthread.php?t=5663181

Glowhallow · 20 February 2018 at 1:57PM

Thanks everyone for the advice and reassurance. How can I check the data on my credit reference files is correct?

Ebe_Scrooge · 20 February 2018 at 1:58PM

Glowhallow wrote: »

What is the point of using these reports if they don't mean anything?

We've never said that the reports mean nothing. The information held in the reports is very important - things like how much credit you currently have access to, how much debt you have, whether you've ever defaulted or made a late payment, time at current address, previous addresses, and loads of other data. This information is all crucial for a prospective lender to base their decision upon. It's just the fictitious score issued by the CRAs that is meaningless. A prospective lender doesn't see this score, and couldn't even if they wanted to.

Continual drop of credit score

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