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New Vanquis card - credit rating now down!
Tammy2
Posts: 284 Forumite
I applied for a Vanquis card last month with the hope of improving my credit report.
However, my credit score with Noddle is now down by 8 points! This is especially confusing as an old outstanding debt that had been there for over a year (unbeknown to me until recently) has been cleared since last month's report. Is it the new card?
According to the report half the available credit on it had been used. (My first statement only came the other day and I have now paid it off in full).
However, my credit score with Noddle is now down by 8 points! This is especially confusing as an old outstanding debt that had been there for over a year (unbeknown to me until recently) has been cleared since last month's report. Is it the new card?
According to the report half the available credit on it had been used. (My first statement only came the other day and I have now paid it off in full).
To Do 2015
Claim back PPI & packaged bank account fees
Take (further) first steps in investing (S&S ISA)
Start saving for the children
Start a business
+ £2015 in 2015 from home / £5026.21
Claim back PPI & packaged bank account fees
Take (further) first steps in investing (S&S ISA)
Start saving for the children
Start a business
+ £2015 in 2015 from home / £5026.21
0
Comments
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Are you paying Noddle for this number?
Have you not seen the dozens upon dozens of posts on here stating these numbers are completely useless and you are wasting your money?0 -
No, it's all free and yes I have seen all the posts. But all the same I wouldn't have expected it to have gone down!To Do 2015
Claim back PPI & packaged bank account fees
Take (further) first steps in investing (S&S ISA)
Start saving for the children
Start a business
+ £2015 in 2015 from home / £5026.210 -
No, it's all free and yes I have seen all the posts. But all the same I wouldn't have expected it to have gone down!
No one can really tell you why it has went down, other than to say that Noddle has an algorithm that calculates this number based on what is on your credit report. Chances are this algorithm is deeply flawed and does not always produce the 'correct' result.
As far as I know, Noddle only give a score out of 5 on their free membership, and you have to pay for the sort of score you have received.0 -
No, definitely free. The score appears under the X out of 5 rating box on the intro page when I log on. It's a halifax noddle version, if that makes any difference. :dunno:To Do 2015
Claim back PPI & packaged bank account fees
Take (further) first steps in investing (S&S ISA)
Start saving for the children
Start a business
+ £2015 in 2015 from home / £5026.210 -
Ignore it, it means absolutely diddly squat. Never pay for a credit score.
Just use the card regularly, pay it in full by direct debit, and never miss a payment or go over your limit. Job's a good'un.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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Whenever I have recently applied for any form of credit my Noddle score automatically goes down. I presume it is something to do with the fact I may have taken out an additional credit account.
Recently applied for a new credit card and a bank account. Score went down. Same thing happened last year when I applied for credit.
Does it bother me? Not in the slightest. It means nothing. I am improving my rating overall by having positive open accounts.0 -
Relax it's gone done because you've opened new credit, it will bounce back up when you show you can use this new credit responsibly. If there's nothing else bad on your report and you pay off in full each month you should expect to get a limit increase or a better card in the next 6-12 months :beer:0
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Deleted_User wrote: »Although the score means nothing, to fall 8 points from a maximum of 5 is quite concerning...
I'm guessing Halifax gives free access to the full noddle score/noddle alerts.0
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