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Massive drop in credit rating score
lagerbreath
Posts: 13 Forumite
Good morning guys,
Just a quick question after checking my credit score this morning and working damn hard to pay off my debts last year I've noticed a massive drop in my score via creditexpert.
The only change made is a increase in accounts. I recently made the move from t mobile to EE therefore they have created another credit acc even though I thought it would be the acc same as they are the same company! Thus the 50 point drop in my rating.
Would there be anything possible I can do to resolve this as and retrieve my original score?
Thanks in adv,
Lagerbreath
Just a quick question after checking my credit score this morning and working damn hard to pay off my debts last year I've noticed a massive drop in my score via creditexpert.
The only change made is a increase in accounts. I recently made the move from t mobile to EE therefore they have created another credit acc even though I thought it would be the acc same as they are the same company! Thus the 50 point drop in my rating.
Would there be anything possible I can do to resolve this as and retrieve my original score?
Thanks in adv,
Lagerbreath
Hi, we’ve had to remove your avatar and signature. If you’re not sure why please read the forum rules or email the forum team if you’re still unsure - MSE ForumTeam
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Comments
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Sorry to hear you wasted money on the Experian credit score. It means diddly squat. Lenders are the only people who conduct accurate credit scoring.
The best thing to resolve it is not to buy another credit score again.0 -
That doesn't really help my situation I'm afraid neither do i consider it an answer to my question. How else do you suggestion I determine my credit worthyness in the future?
Also, 30 day free trial... No money wasted as of yet.Hi, we’ve had to remove your avatar and signature. If you’re not sure why please read the forum rules or email the forum team if you’re still unsure - MSE ForumTeam0 -
lagerbreath wrote: »That doesn't really help my situation I'm afraid neither do i consider it an answer to my question. How else do you suggestion I determine my credit worthyness in the future?
Also, 30 day free trial... No money wasted as of yet.
Edit : just seen the worthless score is free during the one month trial so you haven't wasted any money (although free is still expensive for what it is
)
If you need to determine your credit worthyness then a score from a CRA means little. You need to look at your report data, not the score. Lenders score you on other criteria too not held by Experian - salary being one of the key drivers. Each lender has different lending/scoring criteria that Experian would not know about so their scores do not reflect what lenders think.
If you care so much about the Experian score then no, there isn't much you can do. But in the real world lenders will likely not care too much. The impact of the new account is just to bring down your 'average length of account held' So it depends whether you want to be credit worthy in the eyes of the right people.0 -
What TheBoss has said is perfectly correct.
Credit scores or mean nothing in reality.
Lenders base theie decision on numerous factors not just a single number and each lender will have a different set of rules for who they want to give credit too.
Account conduct is your best way of assessing credit worthyness, not the number
[STRIKE]DFD - 24th October 2015[/STRIKE] [STRIKE]DFD - 24th March 2015 [/STRIKE]
DEBT FREE 24.03.15
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Once you understand that none of the Credit Referencing Agencies determine your credit worthiness, you might begin to see that The Boss did answer your question.lagerbreath wrote: »That doesn't really help my situation I'm afraid neither do i consider it an answer to my question. How else do you suggestion I determine my credit worthyness in the future?
Also, 30 day free trial... No money wasted as of yet.
Each lender determines for itself how it will score your credit - what matters is your credit score with each lender you consider borrowing from. And their scoring is different from lender to lender. Mortgage Lenders will score very differently to buy now pay later Sofa Credit lenders.
All that matters with the Credit Referencing Agencies is that the information about you and your accounts is accurate. People who have good credit don't worry about credit scores. People who play around with this deal and that and with leaving balances on their cards to try and massage the so-called 'credit-score' upwards have a tendency to come unstuck when they want credit and the lender scores them according to their own system.
Things you can do to improve your credit score are in this thread https://forums.moneysavingexpert.com/discussion/4532933 started by The BossYou might as well ask the Wizard of Oz to give you a big number as pay a Credit Referencing Agency for a so-called 'credit-score'0 -
Agreed with what's said above; consider the information in your credit report but not the number or score they give you!What will your verse be?
R.I.P Robin Williams.0 -
Thank you for clearing this up for me in that case! :beer:Hi, we’ve had to remove your avatar and signature. If you’re not sure why please read the forum rules or email the forum team if you’re still unsure - MSE ForumTeam0
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Didnt want to read and run but good luck on mending your credit score, cant wait to start on mine!
Debt free once - Back again | Current debt: £2479.50 - January 2025 | Make £2025 in 2025 #11 - £41/£20250
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