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Why has my credit score reduced?
coco2
Posts: 2 Newbie
I've been on a debt managment plan with the cccs for 4 years and have 4 months left until I'm out of debt (whoopie!). I've managed to get a partially settled agreement with 2 of my creditors and a full and final with another 2. I have 3 more creditors to pay off and these are managable debts with which I'm confident I will pay off fully.
I've kept within the 'rules' of my debt managment plan and have worked incredibly hard (making myself ill in the process), to pay off my debts. I've just checked my credit score with experian and it's gone down by 60 points in 12 months. I don't understand what I'm doing wrong........I'm on the electoral role, haven't applied for any credit for 4 years or more. All my payments have been made on time through cccs over the last 4 years (albeit I had to reduce it once because someone stole money from my account), I have no ccjs, nor have I been declared bankrupt. On the 'reasons for your score' it says you have more than one credit agreement and the outstanding balance is high...........that HAS significantly changed since last year.
What on earth am I doing wrong?
I've kept within the 'rules' of my debt managment plan and have worked incredibly hard (making myself ill in the process), to pay off my debts. I've just checked my credit score with experian and it's gone down by 60 points in 12 months. I don't understand what I'm doing wrong........I'm on the electoral role, haven't applied for any credit for 4 years or more. All my payments have been made on time through cccs over the last 4 years (albeit I had to reduce it once because someone stole money from my account), I have no ccjs, nor have I been declared bankrupt. On the 'reasons for your score' it says you have more than one credit agreement and the outstanding balance is high...........that HAS significantly changed since last year.
What on earth am I doing wrong?
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