Bad credit score

I had an excellent credit score but suddenly find that my score has dropped therefore i can no longer get the balance transfer deals that are on the market. Now I am having to pay the standard interest fees.
Is this because I keep switching from deal to deal to get the interest free options?


  • MoneySaverLog
    MoneySaverLog Posts: 3,232 Forumite
    ignore those random number generators, are all your payments up to date and what level of income to unsecured debt/available credit do you have as a lender is far more likely to look at this, along with all the other data on the form you complete to generate a proper credit score.
  • denis06
    denis06 Posts: 27 Forumite
    My payments on all accounts are and always have been up to date. I have a very good income so I am baffled why my applications are being rejected.
  • Tixy
    Tixy Posts: 31,455 Forumite
    Have you looked at your credit report (not the score, but the detailed information). Is everything on there correct?

    Do you have a large amount of unsecured credit? are you existing credit cards maxed out?
    How much do you pay towards your cards each month? just the minimum or more?

    You say you can no longer get new balance transfer deals - how many recent applications have you made and been declined by?
    A smile enriches those who receive without making poorer those who give
    or "It costs nowt to be nice"
  • Sounds like identity theft is a possibility. You wouldn't necessarily know it had happened, if the crooks were able to intercept mail or do a quick address change on their fake accounts. Get your statutory credit file from all three agencies (Experian, Equifax and Callcredit) and dispute anything that shouldn't be there.
    denis06 wrote: »
    My payments on all accounts are and always have been up to date. I have a very good income so I am baffled why my applications are being rejected.
  • hi
    check your credit score, and also see if your details a corret
  • I don't know how often you're swapping, but maybe you're hitting it with a lot of hard checks when applying for cards, when you apply soon after each other it leaves a footprint thing which makes you less attractive to lenders because applying for a lot of credit might indicate financial trouble.

    I know you said you have a good income, but maybe you've gone too close to the limit on some cards, apparently it looks better if you only use 30% of the limit on a card.
  • Hazzinho
    Hazzinho Posts: 742 Forumite
    What's you current level of debt compared to your salary? Making payments means nothing if the debt is building up.
  • Read your entire file for all three credit agencies - I found an unpleasant albeit minor suprise which I've had plugged immediately.
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