Credit Rating Change confused

raykau

Hello All

I would like to have advice regarding how Experian makes changes to credit scores as I am a little confused.

Earlier this month I checked my credit score which said I was on 733 and on the "Fair" scale.

I checked today again approximately 10 days after that and see that the score has gone to 719 and hence to the "Poor" band and it says that there has been 1 changes since the last report which is "You have fewer recently opened credit accounts". I want to know how can this reduce my credit rating?

I would be grateful to have some advice on this as I am slowly working to improve my score and would like to know about this.

Many Thanks in advance.

Kaushik

matttye

Experian scores are garbage - don't worry about it.

It's the information in your report that's important, not the score.

raykau

Thanks matttye for your reply. is it something on the report I should check carefully or see if they are all green? just want to know what are the important points I need to look out for if you can advice please?

Thanks again!

Kaushik

matttye

raykau wrote: »

Thanks matttye for your reply. is it something on the report I should check carefully or see if they are all green? just want to know what are the important points I need to look out for if you can advice please?

Thanks again!

Kaushik

Have a look in the part about CIFAS, which is where information about fraud is held. Have a look at the individual accounts and see if there are any late payments, missed payments, arrangements to pay or defaults. Have a look at the section about court/public records and make sure there are no CCJ's against your name.

Basically you're looking to see if there is any negative information on your report. If everything is green then this indicates a perfect credit history, at least as far back as the actual credit report goes. Information is usually held for 6 years.

Check to make sure you are on the electoral roll and that your credit report shows this.

You should also check your Equifax and Callcredit/Noddle reports as well, as they may hold different information.

In terms of your creditworthiness, you also need to consider how much debt you already have, how much credit you have available and what your salary is. If you already have a lot of credit available then lenders could turn you down for more, even if you are paying off your debt.

raykau

Thanks a lot for your detailed response!

misstasty

Check your linked addresses are all correct if you have any

The_Boss

They change the scores randomly. That's all they are - random numbers.