Why did my credit rating drop?

trotalot

Hello,

Please can someone fill me in on this?

After climbing out of my financial black hole of several years standing,- and now just with 2 small amounts on credit cards and a manageable loan- my noddle credit report is lower than it was months ago.

This was before I paid the rest of the debt off!

I know credit reports are weird things, so has anyone else had the same problem and what could I have done to impact it?

Ta very much,

Lizzy:j

Running_Horse

Knowing someone in this position, I would say don't over analyse it. The point of repairing your credit rating is not to get more credit, but to avoid doing so. If bad things have dropped off and your history is now good, then you will get mortgages and so on if needed. Keep doing the right things and get to the point where you no longer even think about a notional number that is your "rating".

PaulW922

Credit scores are just a guide for you based on things that may impact how lenders see you. They are not the meaningless numbers some people claim, but don't worry too much. the Noddle one is particularly narrow in that it is only out of 5 as opposed to the Experian one that is out of 999!

cornish123

PaulW922 wrote: »

Credit scores are just a guide for you based on things that may impact how lenders see you. They are not the meaningless numbers some people claim, but don't worry too much. the Noddle one is particularly narrow in that it is only out of 5 as opposed to the Experian one that is out of 999!

its recently been updated to show score in a similar way to equifax and the like

MARTYM8`

There can be all sorts of weird reasons.

I got downgraded slightly one month by Noddle/call credit because one of my credit cards was close to its credit limit. It was the card with my lowest limit - £1,150 out of £1,250. I had some work done at home which I put on it – the card has 17 months interest free purchases.

This seemed to cause angst – two months later I put £2,500 on another card relating to a rail season ticket purchase. This left me with £4,000 credit still left on that card.

The £1,150 was a problem – the £2,500 was not – simply because of the credit limit headroom available in each case!

MEM62

As credit ratings are randomly generated numbers there is no logic to changes in the number that they try to convince you is your score.

Forget all about numbers. Just run your accounts in a prudent manner and make sure that the data on your report is correct.

CalumHeath

Credit scores are meaningless.

Credit reference agencies don't make lending decisions and potential lenders don't see the score you are provided. Even if you printed it off and showed it to a potential lender in person, do you think they'd override a company lending decisions just because a totally separate company has awarded you 850 out of 999? No, of course they wouldn't. Lenders make lending decisions based on their own policies and criteria and nobody else's,

Credit scores are meaningless.

As advised above the best thing you can do is manage all your existing credit accounts within the agree terms making at least the minimum payment on time. Beyond that, avoid too many applications generally and certainly try to avoid applications to non-mainstream lenders as this will look like you are desperate.

Credit scores are meaningless.