Will my Credit Score be affected?

lenny3k

I have recently had a change of circumstances and as such am trying to reduce some of my monthly outgoings.The recent addition of a little girl being the main change,but also a new job closer to home so I can spend more time with her.

Most outgoings been reduced successfully with a little searching about and next in my sights is the mobile phone bill. I currently have about 12 months left on my contract which is £53/month which, I know, is expensive but at the time, it was affordable, and still is, however, if I can improve it, why not try. My questions are:

- If I were to ring up the phone company and tell them my circumstances have changed and suggest that I pay £26.50/month and increase the term back to 24 months, would they be likely to agree? After all, i will still be paying the same amount over the term.

- More improtantly, if I were to do this, would it go against my credit score?

If it were to go against my credit score, I would just have to move on and find savings elsewhere as I don't want to damage it.

HappyMJ

Everything you do goes against your credit score....but...who cares.

It's not the score that matters it's how you operate your accounts that matters.

The score is a made up figure. My score today is 556. Noddle says that's poor but in fact it's excellent. Noddle does not know if I own a home, Noddle does not know how much I earn or for how long I've been with the same employer, Noddle doesn't know how much cash I have in the bank. It's a pointless figure.

Pay on time every month and you will not have any late payments on your credit report. That's what creditors are looking for....and whether you can afford to take on the debt or not.

lenny3k

Awesome, thanks for that!! :beer:

So I guess I should get on the phone pronto!

FarmerBoo

Hi! I have been approved for a joint loan recently for £40000. After going through the process of filling everything in and being approved we have decided not to accept the loan at this point for personal reasons.

How will my credit score be affected in this case? I'm assuming it is favourable that we have not accepted the money?

I would appreciate any advice, please.

[Deleted User]

It will show as a search, that's all. Lenders will interpret that as they see fit.

Anything it does to your score is irrelevant.

FarmerBoo

Thank you for your response. I was just worried that because I had gone through the steps of being 'accepted' , not just a search, that it would have an impact.