Experian - from 911 to 883 after clearing debt???

longwalks1

my credit score has been 911 (good) for the last few months, while i had 4 x 0% BT credit cards open with about 20k of debt on them, paying monthly a little over the minimum amount by DD. In the last 4 weeks I've cleared all 4 of them completely, and closed them down fully in preperation for applying for a larger mortgage. I checked today and my score is now 883 (fair), so it has gone down?

Is this normal please? Only new alerts are:

1- Your borrowing on installment credit has changed in the last 12 months
2- The recent number and/or type of searches on your credit report has increased

I can only think the following:
1 - Surely my borrowing has dropped drastically, it should go up??
2 - Could this new search me my mortgage application, that i got approved in principle this week??

Thrugelmir

britishboy wrote: »

I checked today and my score is now 883 (fair), so it has gone down?

Given time it will rise again. Sudden changes will be highlighted.

YorkshireBoy

britishboy wrote: »

In the last 4 weeks I've cleared all 4 of them completely, and closed them down fully...

Are these accounts showing as zero balance and settled on your credit report?...because it often takes 4-8 weeks (and sometimes more) for information to be updated.


Or did you just concentrate on the score, rather than the data behind it?

Is this normal please?

Sounds like you've been paying Experian an awful lot of money over the last few months. Time to make them earn it, so ask them this question. Then come back and tell us what they said?

The_Boss

britishboy wrote: »

my credit score has been 911 (good) for the last few months, while i had 4 x 0% BT credit cards open with about 20k of debt on them, paying monthly a little over the minimum amount by DD. In the last 4 weeks I've cleared all 4 of them completely, and closed them down fully in preperation for applying for a larger mortgage. I checked today and my score is now 883 (fair), so it has gone down?

Is this normal please? Only new alerts are:

1- Your borrowing on installment credit has changed in the last 12 months
2- The recent number and/or type of searches on your credit report has increased

I can only think the following:
1 - Surely my borrowing has dropped drastically, it should go up??
2 - Could this new search me my mortgage application, that i got approved in principle this week??

The Experian "credit score" is just a random meaningless number that means nothing in the real world and fluctuates for odd reasons. Don't pay any attention to it.

thebritishbloke

The_Boss wrote: »

The Experian "credit score" is just a random meaningless number that means nothing in the real world and fluctuates for odd reasons. Don't pay any attention to it.

Also, don't pay for it.

The_Boss

^ yep, very important.

longwalks1

Dont pay for the monthly subscription, the £9.99 a month?

thebritishbloke

britishboy wrote: »

Dont pay for the monthly subscription, the £9.99 a month?

Nobody needs to have 24/7 access to their updated credit reports, and there's literally no point in paying for the score given that it is a meaningless number.

If you want your reports, you can just pay the £2 statutory fee whenever you want to get it, you shouldn't need to check it more than once or twice a year.