Poor credit score no real explanation

Johnmo

One issue with Experian which is little known. Their file on me quoted too many new credit accounts. On challenge say said one new loan (OK) and British Gas and NPower. I had recently switched energy providers but hadn't really realised that the little I had saved had impacted my credit rating and therefor interest rates on new loans. (MSE please note)

Tixy

Johnmo wrote: »

One issue with Experian which is little known. Their file on me quoted too many new credit accounts. On challenge say said one new loan (OK) and British Gas and NPower. I had recently switched energy providers but hadn't really realised that the little I had saved had impacted my credit rating and therefor interest rates on new loans. (MSE please note)

Hi and welcome to the forum.
This is covered in the main MSE article about credit files and credit applications here - http://www.moneysavingexpert.com/loans/credit-rating-credit-score

Time applications correctly

Lots of credit searches (the notes left on your file when you apply for things) in a short space of time hurt your score.
Space out applications, not just for credit but for car insurance, mobile phones and others, as all can leave searches on your file.

Johnmo

It is true that it is mentioned in the small print of this article but the Government, and MSE, recommend regularly checking and switching utility providers but this point of credit rating is never mentioned in that advice.