Call Credit: The more I pay off the lower my score?

djr18

I recently looked at my credit file and was completely confused by the fact that my Call Credit score has which was originally 842 (July13) has lowered to 805 and my experience score (881) has lowered to 846.

During this time I have reduced my debt from a total of 23K in October 2012 to 0 last month. All of my cards have been paid off and any extra debt incurred on my 3 credit cards are paid off in full each month.

October 2013 debt paid off in full.
Nationwide £1100
Barclaycard 850

During this time I have opened two new Mobile phone accounts with T-Mobile. This has left two searches on my file.

I have also closed down two unused credit card accounts and one mobile phone account.

I have also signed a personal guarantee for my company credit card so that I could increase the limit to 6k. However I cannot find any record of a search for this increase even though they credit checked me when I applied for the increase.

All sound good so far.

but.... my scores are lower.

Any ideas?

Thanks
David

BugsyBrowne

Unfortunately the scores you talk about are just meaningless numbers sold for profit from credit reference agencies.

JohalaReewi

Perhaps the more you pay Call Credit for the score, the better the score will get?
It's a shame you are the only person that gets to see it.

londonTiger

to be honest I'm surprised you still have a relatively high number given that you've reduced your debt to zero.

I think from a lenders POV it's better for a prospect (borrower) to be actively in debt at a manageable level. It means the prospect will be more profitable than someone whose credit averse and takes out credit occasionally and pays all the money back as fast as possible.

BugsyBrowne

londonTiger wrote: »

to be honest I'm surprised you still have a relatively high number given that you've reduced your debt to zero.

I think from a lenders POV it's better for a prospect (borrower) to be actively in debt at a manageable level. It means the prospect will be more profitable than someone whose credit averse and takes out credit occasionally and pays all the money back as fast as possible.

I'm more surprised you're shocked about a random number.

londonTiger

case in point, certain mortgage lenders discourage and penalise people who pay off their mortgage too soon and make extra payments above and beyond their agreed amount. This reduces profit from the mortgage lender and messes up their projections.

The crazything, I read that some people in America got foreclased by their bank with just 10% of the mortgage left, not because of missing payments but paying too much!

The bank has a clause which sayus that anything other than the exact amount of the payment schedule is regarded as a "delinquent payment" and they can repossess the house after many delinquent payments. Absolutely crazy stuff, wish I could pull it up.

Thrugelmir

djr18 wrote: »

but.... my scores are lower.

Forget the scores. What are you hoping to achieve?

solihullrose

My daughter is trying to get an 85 % mortgage....1st time buyer with large deposit. Both her & husband good wage but although perfect score on 2 credit checkers Call Credit have scuppered the mortgage. Daughters husband had rented a flat. He left no debt and had his deposit back. Utility bills moved with him in a timely maner. It appears that Call Credit have bad credit listed to FLAT 1 & FLAT 2 (he clearly didn't live in both. It appears that by the time they can get this sorted (Call Credit say poss a month)the house they want and the mortgage deal arranged will both have gone through no fault of their. Help for 1st time buyers....don't make me laugh Call Credit.

solihullrose

My daughter & her husband are trying to get a 1st time buyer mortgage. Both have good jobs. Two of the three credit checker scores are excellent. Call Credit check has scuppered their mortgage. They have bad debt listed at an address that her husband had rented. They have it listed as Flat 1 & Flat 2. He clearly did not live at both & he left NO DEBT. He had his deposit returned and his utilities bills moved with him in a timely manner. To get Call Credit to correct their error they say will take about a month after he sends the proof that he left no bad debt. He will be able to prove this but a month - the house they want and the mortgage deal they have arranged will be lost through no fault of theirs. Help for 1st time buyers? How can this be repaired in time for them not to lose the house they want?

BrookesAndrew

Don't pay attension to the score. It does not mean anything what so ever.

Tixy

solihullrose wrote: »

My daughter is trying to get an 85 % mortgage....1st time buyer with large deposit. Both her & husband good wage but although perfect score on 2 credit checkers Call Credit have scuppered the mortgage. Daughters husband had rented a flat. He left no debt and had his deposit back. Utility bills moved with him in a timely maner. It appears that Call Credit have bad credit listed to FLAT 1 & FLAT 2 (he clearly didn't live in both. It appears that by the time they can get this sorted (Call Credit say poss a month)the house they want and the mortgage deal arranged will both have gone through no fault of their. Help for 1st time buyers....don't make me laugh Call Credit.

Callcredit most definitely have not blacklisted his address.

What actually appears on his callcredit account that is incorrect/negative?