Credit score gone down 100 points :(

Nickiwild

I had my credit score and report done last year in May I think it was 2013. Score of 219. Everything was fine in my report apart from my credit agreements, one of which was a credit card, defaulted three times and gone over my credit. However t's been on a debt management plan with all my other debts for 2 years and I am 3 months away from paying off all my debt. I haven't defaulted on anything for a long time. I have one catalogue account which I use to buy two or three pieces of clothes a month for myself and I pay it off straight away in hopes that it will help buld my credit;.

all excited I go to get another score and it's dropped to 133! Everything on the report is identical to the report I had done last year. Just two credit agreements which were defaulted in 2012.

i just wanted to know if my credit score will be updated once I finish my debt management plan and will it go up? It just seems to be going down and going down

somethingcorporate

My score for you went up a few bob and a big apple.

The scores are meaningless, it's the information in your file that is of interest. The number is a marketing gimmick designed to suck you into paying them subs for generating that random number.

Nickiwild

Oh I see.

So I can stop panicking now lol? Would my credit file improve as soon as I have paid off two of my debts and the accounts show as "settled"?

somethingcorporate

Yes, they should do.

Get a copy of your statutory reports from the agencies for £2 and see what is on them.

Tixy

The 2 defaulted accounts will stay on your credit file for 6years from the default date shown on file.

Once they are paid off they will be shown as satisfied which will look at little better to lenders. However you will still likely struggle to get mainstream credit deals for some time.

You mention the catalogue account - is that actually showing on the credit report you have looked at?
Have you checked your reports for all 3 credit reference agencies?

The_Boss

Where's the "your credit score is..." jpeg?

bsms1147

It's okay Nickiwild, we've rated you slightly better

Nickiwild

Ah thank you! I feel loved now.

Yes it shows up on my account and has lovely green boxes in every month :-)

Only checked it via equifax

The_Boss

bsms1147's score above is just as accurate as Equifax's