What your credit score really means

DCFC79

kat81 said:

Hi,
I use MSE Credit Club and have been very conscious about how I use credit due to previous bad reports/scores. This year every month my score has gone up every month and since the beginning of the year I have gone from being in the poor region to last month going into the good region and being not far off Excellent. However received my update today from MSE Credit Club  and I have dropped 164 points and have gone back to being 'fair'. I know people say score doesn't matter but i'm at a loss as to why it has gone down so dramatically when I haven't changed anything. Any insight, what should I/can I do about it? 

Kat what advice would you like ?

Your score means nothing, lenders, banks etc don't see it so why worry about it.

As zx says just make sure the data is correct.

CRISPIANNE3

I know it's not important. But because I opened an Halifax bank account for the bonus my rating dropped 90 points with Experian and with Noddle (that was) by only 17 points. I hate to think what the score will be next time around because I swapped an MBNA card for the 0 percent on purchases. 

D3xt3r5L4b

CRISPIANNE3 said:

I know it's not important. But because I opened an Halifax bank account for the bonus my rating dropped 90 points with Experian and with Noddle (that was) by only 17 points. I hate to think what the score will be next time around because I swapped an MBNA card for the 0 percent on purchases. 

More to the point, why would you care?

CRISPIANNE3

D3xt3r5L4b said:

CRISPIANNE3 said:

I know it's not important. But because I opened an Halifax bank account for the bonus my rating dropped 90 points with Experian and with Noddle (that was) by only 17 points. I hate to think what the score will be next time around because I swapped an MBNA card for the 0 percent on purchases. 

More to the point, why would you care?

Because I'm a numbers guy!

Jumblebumble

It has been  stated many times that credit scores are irrelevant
Experian say the following 

Your credit score reflects how reliable you are with credit and affects your ability to borrow money. Even if your financial associate has a good credit score, it's important to look after your own. This is because:

• If you have a low score, it can negatively affect your partner's ability to get credit, even if you're not applying together.

https://www.experian.co.uk/consumer/guides/financial-association.html

Are they mistaken / lying ?
Discuss

[Deleted User]

Yes.               

Or more specifically, they're being misleading, by interchanging 'credit score' with 'Experian credit score' throughout their copy.

dazpopjen

The pound/ Dollar is pretty good right now ( $1.41 to the £) so should I buy some dollars for future use?

MovingForwards

dazpopjen said:

The pound/ Dollar is pretty good right now ( $1.41 to the £) so should I buy some dollars for future use?

Maybe ask on the savings / investing boards as I don't think currency has any impact on credit history.

stewartwilliams

I paid off a default a month ago and it updated on Clearscore.  Their score for me dropped from 149 to 136.
Can see and know what the issues are with myself.

Not even attempting to see if I could get the lowest of the low anything credit related at present.  Don't really need anything at present, and want to keep my reports as clean as possible.  Perhaps my bank will offer me something in the future as they can at least see how my account is performing compared to companies brokering with their scores.

Bank balance is the best it's been for years, and one last thing to sort out that I might make an offer on as it will take a while to pay off.
Everything drops off by May 2023, so 2 years left until I can hopefully be clear and avoid past mistakes.

Dandytf

My recent Score and CRA recovery continues.
Think this is final borrowing success- offered up to 1450 from paypal.
Most of which taken advantage of with Dell laptop 12mths interest free.
Going to be interesting watching recent borrowing effect Score over next 2-3 months.