Your browser isn't supported
It looks like you're using an old web browser. To get the most out of the site and to ensure guides display correctly, we suggest upgrading your browser now. Download the latest:

Welcome to the MSE Forums

We're home to a fantastic community of MoneySavers but anyone can post. Please exercise caution & report spam, illegal, offensive or libellous posts/messages: click "report" or email forumteam@.

Search
  • FIRST POST
    • NittyGritty
    • By NittyGritty 11th Oct 16, 11:59 AM
    • 879Posts
    • 270Thanks
    NittyGritty
    Switching effects your credit score?
    • #1
    • 11th Oct 16, 11:59 AM
    Switching effects your credit score? 11th Oct 16 at 11:59 AM
    just a word of warning to those who regularly switch, I have just found out that your credit score is affected in a negative way everytime you switch, (or at least it as with my last switch)


    my score as gone down by 11 points, and the only thing that changed in that week was the switch to Scottish power from eon


    so be careful for those who switch on a regular basis


    I notice that all these collectives are not so keen to mention this (I wonder why)
Page 1
    • benten69
    • By benten69 11th Oct 16, 12:10 PM
    • 235 Posts
    • 1,271 Thanks
    benten69
    • #2
    • 11th Oct 16, 12:10 PM
    • #2
    • 11th Oct 16, 12:10 PM
    Makes sense, every time you switch the energy companies run a credit search on you...lots of searches on your file don't look too good.

    Also, you don't have a "score", no-one has a "credit score", it's just something that agencies use based on their own methods of determining how good THEY think your credit rating it. It means absolutely nothing to any bank, facility provider, lender, etc, etc. In fact, no-one other than you ever sees your "score". Anywhere that runs a credit check on you only sees the raw info.
    SPC9 #408 - £200.39 | SPC10 #408 - £121.22
    3-6 Month Emergency Fund Challenge #62 - 70.7% Complete
    Mortgage Sept '15: £161,250 | June '17: £154,432.16

    • zx81
    • By zx81 11th Oct 16, 12:10 PM
    • 12,477 Posts
    • 12,642 Thanks
    zx81
    • #3
    • 11th Oct 16, 12:10 PM
    • #3
    • 11th Oct 16, 12:10 PM
    Ignore the score. It means nothing.
    • GingerBob
    • By GingerBob 11th Oct 16, 12:26 PM
    • 3,618 Posts
    • 1,651 Thanks
    GingerBob
    • #4
    • 11th Oct 16, 12:26 PM
    • #4
    • 11th Oct 16, 12:26 PM
    just a word of warning to those who regularly switch, I have just found out that your credit score is affected in a negative way everytime you switch, (or at least it as with my last switch)


    my score as gone down by 11 points, and the only thing that changed in that week was the switch to Scottish power from eon


    so be careful for those who switch on a regular basis


    I notice that all these collectives are not so keen to mention this (I wonder why)
    Originally posted by NittyGritty

    Yes, this is bound to happen, but they won't want you to know about it. Anyone concerned about adverse effects on credit scores should think about EDF, and maybe SSE, as suppliers. I think those two don't hit you with a search.
    • NittyGritty
    • By NittyGritty 11th Oct 16, 12:56 PM
    • 879 Posts
    • 270 Thanks
    NittyGritty
    • #5
    • 11th Oct 16, 12:56 PM
    • #5
    • 11th Oct 16, 12:56 PM
    I wonder how many people will rethink their constant switching if they realise it negatively effects their credit rating


    its no wonder MSE and the rest keep quiet about this, as it will no doubt impact their cash flow if less people switch
    • molerat
    • By molerat 11th Oct 16, 6:08 PM
    • 16,607 Posts
    • 10,826 Thanks
    molerat
    • #6
    • 11th Oct 16, 6:08 PM
    • #6
    • 11th Oct 16, 6:08 PM
    I am a switching tart with almost everything and my "score" has never been affected. I would be led to assume only those with other underlying problems will be affected by energy switching.
    www.helpforheroes.org.uk/donations.html
    • Gizmo247
    • By Gizmo247 11th Oct 16, 9:11 PM
    • 461 Posts
    • 353 Thanks
    Gizmo247
    • #7
    • 11th Oct 16, 9:11 PM
    • #7
    • 11th Oct 16, 9:11 PM
    This just goes to show how pointless and irrelevant credit scores really are!

    Stop buying into their version of the "emperor's new clothes"
    MFiT-T3 #149: {Q4/14} (£46,447)-->(£0) ~ +£46,447=100%
    Mortgage Free: 1st October 2014
Welcome to our new Forum!

Our aim is to save you money quickly and easily. We hope you like it!

Forum Team Contact us

Live Stats

3,215Posts Today

8,411Users online

Martin's Twitter
  • Byebye! I'm about to stop work & twitter, to instead spend glorious time with Mrs & mini MSE. Wishing u a lovely summer. See u in 10 days.

  • WARNING Did you start Uni in or after 2012? The interest's rising to 6.1%; yet it doesnt work like you think. See https://t.co/IQ8f0Vyetu RT

  • RT @JanaBeee: @MartinSLewis Boris is the anomaly (coffee), the others are versions of normal (beer). Lots of same candidates = vote share d?

  • Follow Martin