Noddle Credit Rating

beancounter1968

Hi

I got my regular monthly email from Noddle this morning as was surprised to see that my "score" had reduced to 4/5 after having had the top rating of 5 for as long as I can remember.

Recently I resigned from my Job to take a sabbatical and at the same time, offloaded my shares in the company. I was able to settle my up to date mortgage with the proceeds and leave enough money in the bank to ask questions on the forums on the best savings strategy. This led to the opening of some new accounts to make various deposits.

My only other debt is a credit card which is always paid in full on time. It just seems strange that I have more cash, less debt, a solid credit history and now my rating has reduced!

I know that some people don't lend to much weight to Noddle but historically it's been spot on with me. Does anyone have any thoughts on this? If Noddle had reduced, will the other ratings companies show a similar eduction?

Thanks

YorkshireBoy

beancounter1968 wrote: »

This led to the opening of some new accounts to make various deposits.

This (several applications for current accounts?) is the reason your Noddle score has dropped.


In a month or two you'll be back up to 5/5 (assuming nothing else changes) if my identical experience is anything to go by.

HappyMJ

I wouldn't have a clue my score on Noddle is 3/5 and 575 and on Clearscore it's 573. I have no idea how they work it out.

MNM2903

Its just their interpretation of how they view you as a lender. Any changes wether its something as simple as opening a cash account with a bank can impact how they score you. Even closing accounts etc can change the score. I wouldnt read too much in to it. My GF has a score of 2 on noddle and her credit history is perfect and she has just got a mortgage offer through. Just go on and take a screenshot and change it to a 5 in photoshop its just as meaningful.

7426kaz

Hi, noddle doesn't really have a huge weighting. My sisters was so low n she has a perfect credit history. Doesn't really make a huge difference as she has just had a mortgage offer. Lenders use other software to check credit score.

7426kaz

Also how do you start your own thread. Can't figure it out

MNM2903

7426kaz wrote: »

Also how do you start your own thread. Can't figure it out

go to the forum link and then select the topic you want to post under and select new post at the top.

YorkshireBoy

7426kaz wrote: »

Also how do you start your own thread. Can't figure it out

When viewing a board you want to post on, do you not see this big button?...



Click it and see what happens.

Anthorn

I have both Equifax and Noddle and there is very little difference between the two. The only difference that I see is that Noddle is free.


Practically the only activity I see on both is changed accounts which are already listed and new accounts which are newly listed and ID searches. However when I apply for credit it appears that only Experian is searched so I also get my £2 report from Experian monthly.


It's pretty much evident that lenders, at least those lenders I'm associated with, search Experian only and then report to all three CRAs.

[Deleted User]

Experian is probably the most used for searches but the others are also used by various lenders.

beancounter1968

Thank you for all your helpful comments. Much appreciated.