what is effecting my credit score?

khampson

Hi I have been using noddle to view my credit score and over the last 6 months my score has dropped from 5 out of 5 to 3 out of 5.

I have never missed any payments ever on my mortgage or my bills and credit card, I had a credit card of a balance of £4500 but I cleared this before Christmas. As I was paying this the credit card we dropping my credit limit, I can only assume this was down to my credit score dropping.

My only loans are my £65000 (£331 monthly) mortgage and a £9300 (£187 monthly) loan I took out for home improvements 18 months ago.

The only thing I have done in the past year is open up 2 more bank accounts where I put money away for certain things. (I have 4 bank accounts) so was wondering if this could have a negative impact on my credit score. I also have 3 credit cards with a 0 balance

My mortgage deal ends in October so I will be looking to change but to get the best deals I will need a good credit rating.

Can anyone offer me some advice as to how and what I can do to improve my score over the coming months?

Thank you in advance.
Keith

khampson

Just thought will closing some of my credit cards and lowering my credit limits help?

Thanks

DCFC79

Your credit score is of no use/no bearing on your acceptability for loans from lenders.

Yes close 1 or 2 cards, only need 1.

khampson

DCFC79 wrote: »

Your credit score is of no use/no bearing on your acceptability for loans from lenders.

Yes close 1 or 2 cards, only need 1.

So my credit score will not influence a mortgage provider in to offering me one?

I have £15000 available to me on credit cards but a 0 balance. Would this have a negative impact?

Keith

teffers

Just a note on the Noddle free 'score'.

Ignore it.

I, and my GF have been on there for over a year and month by month the score changes for no reason, no changes on the CRF, nothing.

It's purely designed to encourage you to purchase their 'extra' facilities to get to the bottom of why they've changed your score.

DCFC79

khampson wrote: »

So my credit score will not influence a mortgage provider in to offering me one?

I have £15000 available to me on credit cards but a 0 balance. Would this have a negative impact?

Keith

Correct, lenders use an in house system to determine if they lend to you and at what rate.

There's many posts on here where the poster has 999 and has defaults.

Yes Im sure having that much on the cards or that amount available to you is a negative.

Tixy

khampson wrote: »

So my credit score will not influence a mortgage provider in to offering me one?

I have £15000 available to me on credit cards but a 0 balance. Would this have a negative impact?

Keith

A potential lender won't even see the score that noddle give or the other credit reference agencies sell to you.

And a mortgage lender has quite different criteria when assessing your credit history data compared to lenders for unsecured credit.

If you are considering applying for a mortgage then it is worth checking your files with the other 2 agencies (experian/equifax) as well first, just to ensure there are no errors or anomalies on them. Again you don't need the score just the statutory report which you can get for £2 each.