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  • FIRST POST
    • mawk86
    • By mawk86 7th Feb 18, 2:53 PM
    • 5Posts
    • 0Thanks
    mawk86
    credit score dropped by 77 in one month!!
    • #1
    • 7th Feb 18, 2:53 PM
    credit score dropped by 77 in one month!! 7th Feb 18 at 2:53 PM
    I checked my credit score in July last year and I was 'fair', I've just checked today and I am now on the low side of 'poor', and it says that I have gone down 77 points this month!!!

    I have joined the MSE Credit Club and it says I have no credit searches that will have impacted my score, as I wondered if it was because I had just renewed my insurance and paid monthly. I have not spent on my credit cards since July 2017 and have direct debits set up for them and my other bills. I have used my agreed overdraft on a couple of occasions but it's my understanding that this will not affect my credit score?

    I'm at a bit of a loss as to how my credit score has gone down so much, is there any way I can find out how this has happened?
Page 1
    • zx81
    • By zx81 7th Feb 18, 3:00 PM
    • 15,501 Posts
    • 16,440 Thanks
    zx81
    • #2
    • 7th Feb 18, 3:00 PM
    • #2
    • 7th Feb 18, 3:00 PM
    The score is fictional - it's just a marketing gimmick. Ignore it.

    Try not to use your overdraft if you can help it.
    • mawk86
    • By mawk86 7th Feb 18, 3:11 PM
    • 5 Posts
    • 0 Thanks
    mawk86
    • #3
    • 7th Feb 18, 3:11 PM
    • #3
    • 7th Feb 18, 3:11 PM
    Ah right!! Thanks you, I was worried that this might prevent me from getting car finance later in the year.
    • zx81
    • By zx81 7th Feb 18, 3:12 PM
    • 15,501 Posts
    • 16,440 Thanks
    zx81
    • #4
    • 7th Feb 18, 3:12 PM
    • #4
    • 7th Feb 18, 3:12 PM
    Only your credit history and the lenders' criteria can do that.

    Manage your credit responsibly and let the magic number do what it wants.
    • Shakin Steve
    • By Shakin Steve 7th Feb 18, 7:58 PM
    • 1,322 Posts
    • 1,002 Thanks
    Shakin Steve
    • #5
    • 7th Feb 18, 7:58 PM
    • #5
    • 7th Feb 18, 7:58 PM
    I checked my credit score in July last year and I was 'fair', I've just checked today and I am now on the low side of 'poor', and it says that I have gone down 77 points this month!!!

    I have joined the MSE Credit Club and it says I have no credit searches that will have impacted my score, as I wondered if it was because I had just renewed my insurance and paid monthly. I have not spent on my credit cards since July 2017 and have direct debits set up for them and my other bills. I have used my agreed overdraft on a couple of occasions but it's my understanding that this will not affect my credit score?

    I'm at a bit of a loss as to how my credit score has gone down so much, is there any way I can find out how this has happened?
    Originally posted by mawk86
    Yes, your insurance policy paid in instalments is a new credit agreement.
    I came into this world with nothing and I've got most of it left.
    • dazzaofdagenham
    • By dazzaofdagenham 7th Feb 18, 8:34 PM
    • 1,097 Posts
    • 374 Thanks
    dazzaofdagenham
    • #6
    • 7th Feb 18, 8:34 PM
    • #6
    • 7th Feb 18, 8:34 PM
    Over the past year I have monitored my ‘credit score’ with noodle and it sways from 550<>675

    This is dispite a

    A CCJ coming off
    2 x default falling off
    Down to 3 credit cards now, with minimal balances on each ...always paying more than the minimum
    No other hiccups showing on the file

    Yet noodle still has me as poor....

    The score can only be described as fictional and bears no relation to a persons financeial point in time
    • Candyapple
    • By Candyapple 8th Feb 18, 12:00 PM
    • 2,652 Posts
    • 1,991 Thanks
    Candyapple
    • #7
    • 8th Feb 18, 12:00 PM
    • #7
    • 8th Feb 18, 12:00 PM
    And a fun thread to see how pitiful the differences are between the bands:
    http://forums.moneysavingexpert.com/showthread.php?t=5584855
    I'm a Board Guide on the Credit Cards, Loans, Credit Files & Ratings boards. I'm a volunteer to help the boards run smoothly, and I can move and merge threads there. Any views are mine and not the official line of moneysavingexpert.com
    • seatbeltnoob
    • By seatbeltnoob 8th Feb 18, 1:36 PM
    • 343 Posts
    • 80 Thanks
    seatbeltnoob
    • #8
    • 8th Feb 18, 1:36 PM
    • #8
    • 8th Feb 18, 1:36 PM
    someone paying their car insurance in instalments must be a bad credit indicator surely. Some of their rates are payday loan levels.

    My car insurers premium was £1200 when i first started driving, asked about pay monthly option and the total would have been £1800. I said no thanks and paid in full.

    Assuming most car insurance payments have high rates like this, I would imagine that it would be a bad credit indicator for you to take that offer.
    • mawk86
    • By mawk86 8th Feb 18, 2:28 PM
    • 5 Posts
    • 0 Thanks
    mawk86
    • #9
    • 8th Feb 18, 2:28 PM
    • #9
    • 8th Feb 18, 2:28 PM
    Oh gosh that is quite a difference!! The difference between my annual and monthly payment is £38.61 over the year.
    • Shakin Steve
    • By Shakin Steve 8th Feb 18, 2:32 PM
    • 1,322 Posts
    • 1,002 Thanks
    Shakin Steve
    I paid in full last year with LV=, but the chap on the phone said I could pay monthly and it would be exactly the same price.
    In April I've got car insurance x2, home insurance, sons 3rd uni accommodation payment (£1800) and my car needs a service and MOT. I might just take them up on it.
    I came into this world with nothing and I've got most of it left.
    • Fireflyaway
    • By Fireflyaway 10th Feb 18, 9:45 AM
    • 1,541 Posts
    • 1,655 Thanks
    Fireflyaway
    I've stopped checking my score. It was up and down all the time. I am worried because I want a mortgage but the score thing seems ridiculous.
    • zx81
    • By zx81 10th Feb 18, 9:55 AM
    • 15,501 Posts
    • 16,440 Thanks
    zx81
    The advice remains the same as it ever was. Ignore the score, review your files.
    • Malchester
    • By Malchester 11th Feb 18, 12:09 PM
    • 70 Posts
    • 35 Thanks
    Malchester
    I am becoming increasingly unsure of Noddle. My score goes from 5/5 to 4/5 and now to 3/5 even though nothing has changed and no credit agreements at all, and now hard searches. Seems arbitrary to me. Have got my score from Experian which gives me 989 out of 999. Cannot fathom it
    • zx81
    • By zx81 11th Feb 18, 12:24 PM
    • 15,501 Posts
    • 16,440 Thanks
    zx81
    There are clues in the posts above
    • DCFC79
    • By DCFC79 11th Feb 18, 1:15 PM
    • 30,929 Posts
    • 19,561 Thanks
    DCFC79
    I am becoming increasingly unsure of Noddle. My score goes from 5/5 to 4/5 and now to 3/5 even though nothing has changed and no credit agreements at all, and now hard searches. Seems arbitrary to me. Have got my score from Experian which gives me 989 out of 999. Cannot fathom it
    Originally posted by Malchester
    Dont worry about your score is my advice.
    Can people stop loaning money/being a guarator to family/friends, it rarely ends well and you lose out as your money is gone or you get shafted with being a guarantor.
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