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Credit Score

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I rencently paid off some credit cards, and then closed the accounts down

to my suprise my credit score has gone down

is this normal??

Comments

  • James0101
    James0101 Posts: 27 Forumite
    Newshound!
    Take no notice of the credit agencies "scores". It's a random number they generate based on how they judge your credit file.....that's all.

    Lenders have their own scoring criteria and that's what counts. Credit agencies don't lend you money....

    Just ensure all the data on your file is correct, up to date and your on the electoral roll.
  • The_Boss
    The_Boss Posts: 5,857 Forumite
    Part of the Furniture 1,000 Posts Photogenic Name Dropper
    I rencently paid off some credit cards, and then closed the accounts down

    to my suprise my credit score has gone down

    is this normal??

    You don't have a credit score.
  • Edi81
    Edi81 Posts: 1,501 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Combo Breaker
    It amazes me the amount of people that think they have a credit score even though people keep telling them they don't!

    This marketing by Experian et al is some of the best that there has ever been.
  • The_Boss
    The_Boss Posts: 5,857 Forumite
    Part of the Furniture 1,000 Posts Photogenic Name Dropper
    Edi81 wrote: »
    It amazes me the amount of people that think they have a credit score even though people keep telling them they don't!

    This marketing by Experian et al is some of the best that there has ever been.

    It's all set up nicely for Experian (and Equifax to fleece people).

    Step 1 - you get rejected for a financial product
    Step 2 - you get a letter or email from the lender saying they use data from credit reference agencies such as Experian, or name them further down
    Step 3 - you log onto the Experian website and the first thing you see is marketing for their fictitious "credit score", think that must be it and then part with your hard earned dosh then go on believing this random number is an important "score".

    Also doesn't help with Experian's very dodgy TV advertising. "Your Experian credit score is yours" - erm, yes, but you don't say it means diddly squat in the real world - you're happy to mislead people into thinking it is more than it is.
  • QuietOne
    QuietOne Posts: 145 Forumite
    Ninth Anniversary 100 Posts Combo Breaker
    I'll give you a credit score for a fiver.
    Littlewoods £0/£750
    Barclaycard £0/£1,000 @ 0% Nov '18

    Goal: To be debt free by Oct' 31st 2016.

    Now debt free!!!
  • forgotmyname
    forgotmyname Posts: 32,918 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    Is that £5 a month a year or a one time only payment for a lifetime membership?

    I only charge £4.99 for a lifetime membership to my credit scoring system. Today only yours is free.

    Your score is 3 hobnobs and a budget brand jaffa cake equivalent.

    Join today for more fruity treats.. Oops i means credit scores.
    Censorship Reigns Supreme in Troll City...

  • QuietOne
    QuietOne Posts: 145 Forumite
    Ninth Anniversary 100 Posts Combo Breaker
    Is that £5 a month a year or a one time only payment for a lifetime membership?

    I only charge £4.99 for a lifetime membership to my credit scoring system. Today only yours is free.

    Your score is 3 hobnobs and a budget brand jaffa cake equivalent.

    Join today for more fruity treats.. Oops i means credit scores.

    Last month it was 5 hobnobs and two bowls of coco pops. And I could get a loan for £50,000 at -100% apr which means they paid me interest for having a loan and the interest covered the monthly payments and gained £50k.

    Today only I will give you a free score.

    3 parsnips and a lead pipe. On the electoral role? Great, you also get a notice of eviction too. Sign up today and I will help you clean your credit file.
    Littlewoods £0/£750
    Barclaycard £0/£1,000 @ 0% Nov '18

    Goal: To be debt free by Oct' 31st 2016.

    Now debt free!!!
  • The_Boss
    The_Boss Posts: 5,857 Forumite
    Part of the Furniture 1,000 Posts Photogenic Name Dropper
    The above 'scores' are so much more accurate than Experians
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