credit report...confused

lee20010

As you can see in my Sig. I have been trying to improve my credit rating. I know people will go on about scores mean nothing. But to me its a way to monitor improvement from another prospective.

anyway i checked my score today. the only changes on my report since having 571 are less searches and my current account has been added today. yet my score dropped 50 points....why is that. I was waiting for that to appear assuming it would benefit me

Tixy

I don't think anyone knows the exact matrix they use to come up with your score.

However, which credit reference agencey? does your current account have an overdraft? how long has the account been open? Does it show as being overdrawn at the last date updated point?

lee20010

opened last month. no overdraft limit. i used expiren. As i said the only changes to my report should have gone in my favour...confused

Tixy

I'd guess (but it is only guessing) that the short time the account has been opened is considered a negative - i.e. a lack of stability.

Little_Miss_Uni-Debt

Wouldn't applying for a current account require a search on your credit profile and have some negative impact maybe?

lee20010

They only preformed an ID check, and that was entered right away and actually pushed my score up...

lee20010

anyone know why it would be like this?

welly_59

its due to the age of the account, newly opened accounts will only add to your score after 6 months or so

lee20010

But then my cash builder loan went on last week and made a huge jump in scores...So why would a bank account be worse?

bottleofred

Credit scores are not really that important, as companies have there own criteria for lending money/providing credit etc. To make yourself more attractive in terms of risk to a lender, continue to pay monthly payments on time, be on the electoral role and in employment etc.