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Experian - from 911 to 883 after clearing debt???
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longwalks1
Posts: 3,751 Forumite
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??
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??
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Comments
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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.0 -
britishboy wrote: »In the last 4 weeks I've cleared all 4 of them completely, and closed them down fully...
Or did you just concentrate on the score, rather than the data behind it?Is this normal please?0 -
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.0 -
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.Credit 'Score' - Don't buy the credit 'score' that Experian, Equifax and Noddle want to sell you. It's an arbitrary number that means nothing when it comes to applying for credit.
ALWAYS HAVE A DIRECT DEBIT SET UP FOR THE MINIMUM PAYMENT ON YOUR CREDIT CARDS, REGARDLESS OF WHETHER YOU PLAN TO LOGIN AND PAY EACH MONTH.0 -
^ yep, very important.0
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Dont pay for the monthly subscription, the £9.99 a month?0
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britishboy wrote: »Dont pay for the monthly subscription, the £9.99 a month?
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.Credit 'Score' - Don't buy the credit 'score' that Experian, Equifax and Noddle want to sell you. It's an arbitrary number that means nothing when it comes to applying for credit.
ALWAYS HAVE A DIRECT DEBIT SET UP FOR THE MINIMUM PAYMENT ON YOUR CREDIT CARDS, REGARDLESS OF WHETHER YOU PLAN TO LOGIN AND PAY EACH MONTH.0
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