Credit rating dropped

DrogoNevets

Hi All,
Am new here so firstly, hi!

Secondly, I signed up to noddle last month. Now I know my credit rating is in a very poor state, thats part the reason for signing up, I am really trying to sort it out!

Now the report refreshed for the first time today, and my report has dropped, as in, gotten even worse. Nothing that I can think of has happened in the last month to cause this, so how can I find out what's happening?

National_Debtline

Hi DrogoNevets and welcome to the forum.


I am assuming that by "got even worse" you are referring to some sort of numerical "credit score" issued by Noddle. Please treat these numbers with caution - they are intended as a relative indicator of your creditworthiness and cannot represent an absolute guide as to whether you will be accepted for credit product X, Y or Z. Lenders all have their own individual criteria for assessing credit applications, and these criteria and their weighting are not public knowledge.


You will not necessarily see your Noddle "score" improve in real-time as you take steps to clean your report up. The single biggest factor in improving your credit is time - adverse data like defaults, judgments etc. take six years to drop off your credit report altogether.


Dennis
@natdebtline

pcman1985

Ignore the number. It's meaningless.

What is important is that the information is correct on your credit report. The number given to you will have no impact on your ability to gain further credit which would also not be advisable if you have bad credit history.
Keep paying the debts and ignore the score and in a few years your credit file will look much better.

DrogoNevets

Generally I would agree, but if the numbers are going down surely that cannot mean in a few years it will go up again?

I just signed up to equifax (thinking stuff it ill get 30 days free) and there is a defaulted account that noddle doesn't show from 3 years ago, would that cause it?

HappyMJ

DrogoNevets wrote: »

Hi All,
Am new here so firstly, hi!

Secondly, I signed up to noddle last month. Now I know my credit rating is in a very poor state, thats part the reason for signing up, I am really trying to sort it out!

Now the report refreshed for the first time today, and my report has dropped, as in, gotten even worse. Nothing that I can think of has happened in the last month to cause this, so how can I find out what's happening?

Well mine's jumped by 53 points to 521 and I don't think anything is different at all. I still have no late payments, no defaults, no CCJ's or worse. I've figured out it's just some random number. I only have 5 credit cards of which only 1 is used for purchases and 2 of which are used for balance transfers, 2 personal loans that are half way through and several current accounts all showing a £0 balance.

[Deleted User]

DrogoNevets wrote: »

Generally I would agree, but if the numbers are going down surely that cannot mean in a few years it will go up again?

I'll bet you a score of 999 that it can.

DrogoNevets

Was that a jump up or a jump down?

I was on 533 and now on 528 so its not a big change (I am assuming the bigger the the umber the better here?)