Sudden decrease in Experian score?!

heleno99

Hello everyone, I'm new and have a quick question I'm hoping someone might be able to help with.

I recently got my Experian result and had a score of 948 which amazed me as I only had one credit account on it (which was a utility company and had been open for 48 months), everything else is in my partners name and id got my report expecting a low score and was aiming to improve it. The negative factors on my report were basically just that I had no credit history. I had already applied for a vanquis card and been accepted just before I saw my report, today I got an Experian alert and taking out the Vanquis card has decreased my score by 60 points! I understand that it's not all about score and that companies need to see your repayment history , and that this has decreased the average age of my accounts but I was still shocked to see such a decrease, though I know that I still have a good score. My question is this- how long will it take for it to increase again? Also I was going to apply for a next credit account, should I not do that now? Is there anything else I can do to improve my score ? It seems if applying for things decreases my score so much then how am I going to improve it to show a good repayment history if you see what I mean? Also with the vanquis card can anyone please tell me exactly what I need to do to have the most positive impact on my credit report? Eg how much to spend and should I wait to get a bill before repaying it or can I just log in and pay it straight away? I'm sorry for the rambling post and would really appreciate any advice 😀

Tixy

Hi and welcome

I understand that it's not all about score

Not only that, but it is not about the score at all.
Forget about focusing on the score, nobody ever sees that number except you (and only if you pay to see it).

Potential lenders assess your credit history from your credit file.

To help build a positive credit history with a credit card, wait for the statement to come, and then pay the balance in full each month.

In terms of new applications, new searches/accounts appearing on your credit file can have a small short term impact on your ability to get accepted for other new credit accounts.

PixelPound

The score is meaningless in itself it just shows that you have applied for credit. Look on their FAQ and it will tell you that applications are negative for 6 months.

Next may well be fine, but do you need it or is it because you think opening an account will help your credit score?

When applying for credit lenders will probably look at what existing credit you have, how you use it, and what recent applications you have made. If you apply for a CC and then a next card, questions that may arise are "why need both", "did they get turned down for the CC".

If you are simply building credit, just use your CC and pay off in full each month, you don't need multiple forms of credit. At some future point you may want to change to a CC with offers on, but don't get sucked into credit building. If you can show over time that you can be responsible with credit, that's what counts not opening stuff to try and get a perfect score!