Why is my credit rating falling?

liamgdr

ricz_1 wrote: »

Some lenders will view a card with a low credit limit as a negative factor as it shows that other lenders are reluctant to trust you with a lot of available credit.

Are you registered on the electoral role at your current address? do you have a monthly mobile phone contract? These contribute towards a good credit history (especially electoral role) but as stated before different lenders look for different things.



Good luck!

Im on the electoral role currently, but Im moving house in 3 days, so I will have to change it, no doubt this will have a negative impact as well as it ay show some instability.

Thanks, I'll have a look into the article.

liamgdr

user1168934 wrote: »

Make sure you are on electoral list.
Do you have any utility bills like landline, energy, water, council in your name? mobile will not count. Make sure you set up direct debits for these. This will improve your rating a lot.
Make sure you have a minimum payment direct debit setup on your account. Occassionally don't clear the balance in full at the end of the month, this will incur some interest but will help increase your limit.
How long have you been living at your current address?

Very important - Check if you are financially connected to some other person - he might be dragging your rating down. For instance, long time ago I was sharing a house with some friends and all of our names were on the council tax bill. One of the guys had bad credit history for not paying mobile phone contracts etc and it was resulting in all of us being denied everything from bank accounts to credit cards to mobile contracts.

I don't think I'm connected to anyone else but that could explain the unexplained dip, so I'll look into it.

I have Sky and Bt in my name as of yesterday, but thats it. Our electricity is on a meter at the moment which I'm not to happy with as it is about 15p per kWh, as soon as I can get that in a direct debit I will.

Oh well, all I can keep doing is paying everything on time and it should naturally improve. I'll use the card checker to see if I can get anything with a bit more spending power

user1168934

liamgdr wrote: »

I have Sky and Bt in my name as of yesterday, but thats it ......

I believe this is the reason. You don't have enough credit agreements and thus no measurable history to show you pay for things on time.
Pay your bills via direct debits - as many direct debits as you can.

Having a credit card can only do so much for your credit history.