Confused

keithboy40

I have just paid off a credit card debt worth £7000. The account has been settled and some how my credit rating has dropped. Anybody know why?


I haven't taken on new credit for over 6 months, only had one search on the last 12 months and never missed a payment on any credit cards or loans.


I would have thought getting rid of debt would improve my rating.

Tiglath

It could be that by reducing your available credit, you're now using a high proportion of what's still available to you. You know that the actual scores given by rating agencies are meaningless? Each lender will use its own criteria.