Rating drop after buying home

Wassa123

Hi all,

I've been using Noddle who give a score of 0-700 and also a simpler score out of 5.

Previously I had ~ 650/700 and 5/5. I always pay my credit cards off in full at the end of the month and had no other debts.

In December I completed on my first house and now have a mortgage . Additionally I ordered ~1k of furniture on credit (0% over 4 years). (Could pay it off with savings, but why bother with 0%!).

Now my credit rating has gone to 600/700 and 3/5. I've had my first mortgage payment go out fine, and the furniture won't start charging me for a few months.

Will it all even out in a year or so once they see I'm making regular payments?

[Deleted User]

It may go back up, stabilise or continue to plummet. Fortunately, it doesn't matter, as no one sees your scores but you, and they don't reflect lenders' criteria.

Ignore.

Thrugelmir

Applying for and being granted credit will result in a drop. That's the point of the data. Credit ratings are for business not personal use.

solentsusie

My score dropped after Christmas as I had utilised credit on my credit card and had opened a Next account for a discount offer.


Don't take any notice of these scores. You managed to get a mortgage and have a new home with shiny new furniture. Enjoy it. Make your payments on time and ignore Noddle, Clearscore and the likes.


Good luck in your new home!

Mulder00

It's just a number that updates according to criteria set by Noddle (and unlikely to correlate with many lenders' criteria) and it is designed in a way to make you want to buy their credit booster product (or whatever they call it). At the end of the day, just make sure everything is paid, your address is up to date and you don't over-extend yourself.

DCFC79

People should really read the "What my credit score really means " thread.