credit scores

stratdude

Hi,

Probably in the wrong forum for this so sorry in advance.

I have a query on my credit report. I get updates each 3 months as part of my bank account. In may my score 654 and now its dropped to 621. I rang up 'id aware' who provide the search as I have no had any changes to my report. No new accounts and all of my accounts are paid off except my mortgage (up to date). They said the most likely reason is that I have a credit card with a 13k limit which I don't use since I cleared my debts last year. they said I should lower the limit or start using it as have an inactive card with a big limit can drop your score?. Is this the right way to go?

Cheers.

Gromitt

Credit scores mean nothing. No one cares about them. They are produced by CRAs, but anyone who offers you credit uses their own internal algorithm to judge if you are credit worthy or not.

Unless you are going to apply for another credit card sometime soon I wouldn't do anything. If you are then you might get a low rate (or possibly declined) due to the high rate you already have.

blitzboy

stratdude wrote: »

Hi,

Probably in the wrong forum for this so sorry in advance.

I have a query on my credit report. I get updates each 3 months as part of my bank account. In may my score 654 and now its dropped to 621. I rang up 'id aware' who provide the search as I have no had any changes to my report. No new accounts and all of my accounts are paid off except my mortgage (up to date). They said the most likely reason is that I have a credit card with a 13k limit which I don't use since I cleared my debts last year. they said I should lower the limit or start using it as have an inactive card with a big limit can drop your score?. Is this the right way to go?

Cheers.

Yes, personally I would cut the limit on this card down to around £5000. This gives you less available credit and will make lending to you more attractive.

However, forget about the credit score, its worthless as the post above says.

JohalaReewi

blitzboy wrote: »

However, forget about the credit score, its worthless as the post above says.

It's not even a credit score because the company that produced the score don't provide credit. So it is just a score.