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
    • LSmith15
    • By LSmith15 18th May 17, 12:31 PM
    • 1Posts
    • 0Thanks
    LSmith15
    Closing Accounts lowers your credit score?
    • #1
    • 18th May 17, 12:31 PM
    Closing Accounts lowers your credit score? 18th May 17 at 12:31 PM
    Hoping someone can help as I am really confused.


    Last month I had an excellent credit score and recently obtained a decision in principle for a mortgage. After checking my score today it seems as though my score has dropped by 135 points( taking me down to Fair) because my phone contract ended and also my account with British Gas ended. Surely this cant be correct?


    Please someone help !!!!!!!
Page 1
    • zx81
    • By zx81 18th May 17, 12:33 PM
    • 12,465 Posts
    • 12,631 Thanks
    zx81
    • #2
    • 18th May 17, 12:33 PM
    • #2
    • 18th May 17, 12:33 PM
    Listen carefully to the following information.

    Your score means nothing, It moves with the wind, the tides and the colour of the sky. The one thing is does not measure is how lenders see you.

    Ignore it.

    Message ends.
  • National Debtline
    • #3
    • 18th May 17, 12:40 PM
    • #3
    • 18th May 17, 12:40 PM
    Hi LSmith15

    Welcome to MSE. I wouldn’t dwell too much on the score you can see on your credit reference file. Every lender will have their own credit scoring system, in the same way each of the 3 credit reference agencies create different scores.

    It could be worth checking the all the credit reference agencies to see what they show. You can check all 3 for free:

    Clearscore www.clearscore.com (Equifax)
    Noddle www.noddle.co.uk (Callcredit)
    MSE Credit Club www.moneysavingexpert.com/creditclub (Experian)

    Susie
    @natdebtline
    We work as money advisers for National Debtline and have specific permission from MSE to post to try to help those in debt. Read more information on National Debtline in MSE's Debt Problems: What to do and where to get help guide. If you find you're struggling with debt and need further help try our online advice tool My Money Steps
    • CakeCrusader
    • By CakeCrusader 18th May 17, 12:50 PM
    • 356 Posts
    • 161 Thanks
    CakeCrusader
    • #4
    • 18th May 17, 12:50 PM
    • #4
    • 18th May 17, 12:50 PM
    Any change affects your 'credit score' (which is a fictional number anyway). I ignore this part of my credit report
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

134Posts Today

1,067Users 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