Experian score reduced by 342 in less than a month?!

KieranJ

Hi all

Forgive me if this is a topic that has already been discussed at length but I logged into Experian this morning & my previous score of 861 (fair) has been reduced to 519 (very poor).

Don't really understand why, I have made one application for an Aqua card - which has been accepted & one for Capital One Classic - not accepted.

Other than that my circumstances haven't changed.

Thanks

Kieran

YorkshireBoy

Don't get hung up on meaningless* numbers...and don't part with money for them!

You've made two applications for credit cards (in a short space of time), so any third lender will see you are desperate for credit. Experian's score meaningless number merely reflects this.


* Think about it...the max is 999, so there's not much room between 861 and 999 for average, reasonable, getting better, good, excellent, soopa-doopa, can't get any better etc.

And there's a lot of room between 519 and 0. And how many descriptive words can we fit in there?...very poor, shocking, diabolical, atrocious, abyssmal...

KieranJ

Thanks for your reply! I didn't realise Experian scores were useless :money:

Lessbutbetter

Don't really understand why

You're right to not be able to understand why. No one else understands those numbers but apparently they're a good "indicator of blah blah blah .....ZZZZzzzzzzzzz"

Hazzinho

Yes scores are just an easy way for CRA's to make more money. Lenders have their own lending criteria and don't use this score. You are the only person that will ever see the score. Being on electoral roll and making regular payments is the main thing. ensure you debt is less than 50% your salary Don't make too many applications for credit in a short space of time and avoid payday lenders.

chanz4

we may give the experian rep a complex

KieranJ

Thanks for the replies here. I am doing my best to get a decent credit rating after past misdemeanors when I was a student. Defaults etc. They were settled & now 2 of them have been wiped completely.

izools

However if you'd already made two credit applications in the last six months, a further two (Aqua, and Capital One) would adversely affect your credit score - more than 1-3 credit applications in a six month period can be viewed as desperation or even fraud by creditors.

KieranJ

It's just been the two I previously mentioned, no additional applications.

izools

Experian will explain what the "positive" and "Negative" factors are on your score.

What do these say?

The number is meaningless but the positive / negative / changed factors about your credit file can be good pointers.

onemark30

my experian score is rubbish compared to the other 2,i have eleven credit accounts and only 4 show on experian,well it will be five because iam hopeing creation will update experian with my details,on experian its all negative factors, i wish more companies would use equifax and call credit.