Need help understanding my credit score.

Westbeef

Hi All,

I'm going through the process of getting a mortgage currently and checked my credit score around 6 months ago and it was 'Good', the only thing going against me was having a new credit account opened in a certain time-frame - due to me switching energy suppliers.

I have checked it today and it is now poor, and the only things against me is that I've lived at my current address less than 3 years, but have over 20 at a previous address. Also I've got 2 searched on my account.

I'm confused as to how this can drop so much when I've improved things.

First search was experian, the second was equifax if that makes a difference.

Thanks for your time - it's just got me worrying that my mortgage application may be rejected now.

[Deleted User]

Your score has dropped because your score is meaningless. It will be good against shortly, and then plummet back to rubbish. Fortunately, neither Experian nor Equifax lend any money, so it doesn't matter.

Switching energy suppliers will have no discernable impact on how lenders view you.

Westbeef

Deleted_User wrote: »

Your score has dropped because your score is meaningless. It will be good against shortly, and then plummet back to rubbish. Fortunately, neither Experian nor Equifax lend any money, so it doesn't matter.

Switching energy suppliers will have no discernable impact on how lenders view you.

Thanks, it's just a worry to see it plummet for no reason! The energy suppliers have dropped off the file as a negative now too. It's literally 2 searches and less than 3 years in my current address. I'll ignore it then , thanks.

David_White

To put into context, I saw an Experian credit report recently which had a score of 998 yet the report was full of recent defaults and mortgage arrears.

Their scoring system is a joke and it's only purpose is to convince people to pay every month to see the made up number go up and down.

No lender will see that score, they'll make their own mind up.

20aday

Take it with a pinch of salt!

My "score" (as reported on Noddle) indicates I'd either be charged higher APRs or declined for credit if I went ahead and applied.

That's why Tesco Bank gave me a loan for £7,500 recently with an APR of 3.6% then.

MEM62

Westbeef wrote: »

Thanks, it's just a worry to see it plummet for no reason!

It is only a worry until you realise that it is a meaningless randomly generated number

forgotmyname

Clearscore said my score has dropped because i bought something that was over 50% of my cards credit limit, even though i paid it off in full when the bill arrived?

I will stick to my own credit scoring system of using biscuits... Wow 5 jaffa cakes today. Doing well