first credit card statement...

sunshine84

I got an Aqua card last month with the view to improve my credit score. I got my first statement today and have spent around £200 of a £600 limit

I logged onto my experian this morning and have noticed a huge drop in my score, due to the credit account being added and the £200 bill.

I know the score is meaningless, but seeing a drop of over 100 is a bit unnerving!! Will it go back up when i pay my bill? It's due on the 18th

I have a couple of defaults due to drop off in the nexy two weeks too.

Starting to think taking out this card was a bad move!

A4445

Ignore that credit score it's only experians suggested score banks have their own way of scoring you. However it's gone down as you have applied, opened and used a new account. It will start going back up after 3 months! Nothing to worry about at all, all normal!

sunshine84

Thank you!!

It's hard not to get fixated on the score tho isn't it? As pointless as it is, seeing it drop so much freaked me out! :eek: was expecting a little drop but not that much!

Nasqueron

The score is meaningless, a drop in 100 is no different to a drop of 1000 or 1,000,000 - they are nonsense numbers generated by the credit agencies to encourage people to give them money every month with misleading claims about how having a high score is something we should all desire and that it'll give us every loan or card we apply for while in the real world you can have 999 score and get declined for a card if you don't fit the lender's criteria while someone with 500 can get a car loan.

If you pay off your card in full every month (use a direct debit for the minimum at the very least to avoid missed payments) over 6-12 months the way a LENDER views you will improve as it will show you can use credit responsibly.

If you think the rating Experian gives you is meaningful, ask them to lend you money given they think you are such a good person

p.s. You can get the statutory report from Experian and Equifax for £2 - makes the £15 a month or whatever it is seem just a teeny bit of a rip off, no?