My credit score went down in a Month!

K-Job

5 weeks ago I had an Equifax credit rating of good.
I applied for a personal loan today from my building society and was declined.
I check my credit file and I have gone from good to fair!
I have no idea why.
I did get married recently and am in the process of changing my name & address over - could this have affected it???
My husband and I wanting to move house in 4-5 months; is this going to affect our chances of getting a bigger mortgage???
I am really worried!

Thrugelmir

K-Job wrote: »

I check my credit file and I have gone from good to fair!
I have no idea why.

Because you've made an application for credit. So it gets reported to the Credit Agencies. Then other lenders can see your activity.

DevCoder

No-one can advise on the mortgage aspect until you post what appears on your credit file.

Any missed or late payments? Any defaults or CCJ's ?

To be honest, a credit score means nothing, its whats on the file that counts.

DevCoder

Also, why are you applying for loans so close to wanting to move house?

Domestique

Hi

The address can have a huge affect - mainly the electoral roll. I had a similar issue last year and was worried for a while, as I had been declined a credit card. it transpired that it was only due to me not being on the Electoral Register, and having all my banks at my new address. As soon as that was all sorted, it was fine again, so don't worry!

K-Job

No late payments, no defaults, no CCJ's etc.I have two credit cards I wanted to consolidate hence the loan application.
I think as my main current account is not held with the BS I applied too may also have something to do with my application being declined. As well as me not bring on the electoral roll in my new name/address.
Hopefully this won't be too detrimental to our mortgage application when we move!!!

Archi_Bald

K-Job wrote: »

.I have two credit cards I wanted to consolidate hence the loan application.

Your loan may have been declined because the lender didn't want to extend any credit to you.

K-Job

Archi_Bald wrote: »

Your loan may have been declined because the lender didn't want to extend any credit to you.

Yes, thank you, I think I can safely assume that is reason why my loan was declined, but I was more concerned about my credit score going from good to fair in the space of 5 weeks without any incident.