credit rating big drop

eraclea

Hi, I remortgaged at the end of May, then applied for a new bank account and a new credit card (all accepted). Now my Experian rating is showing as Poor, how can that be? I mean I know I applied for credit so that should temporarily lower that score but really, from Excellent to Poor? In 2015 I applied for some transfer credit cards and it went to Good, not to Poor. In any case, how much time will it take for it to get back up, as I'm planning on buying a car. Thanks.

eraclea

PS. My total available credit limit is about £21000 and my CC debt is £9800, so I'm nowhere near maxed out.

Arleen

Score doesn't matter whatsoever and the primarily changing factor in it seems to be % of penguin population that is ready to lay eggs. What matters is what is on your file, so request the 2 quid one from experian and have a look at whats there.

[Deleted User]

If you write your score backwards, you'll get an immediate increase to 807, which should help.

eraclea

Well there are no missed payments and I haven't changed my address in 4 years, so I don't see how the £2 report could help, it would only show some recent credit applications... the above snapshot is from Barclaycard, they offer the Experian score for free, but no other info. Clearscore.com and Noddle are both fine, although the info is a bit outdated, by 1-2 months.

Exact score doesn't matter but surely a rating drop to the poor zone does matter? When applying for car loans?

My question was re: how long does it take for this temporary rating to go up, provided that it was only caused by recent credit card appl. One month? 3? 6?

TY.

eraclea

PS. I ran the credit card eligibility tool on MSE and it shows me slim chances for most cards, two months ago it showed 90% acceptance rate, so that 'score' surely shows something's up...

[Deleted User]

It doesn't matter at all. Your score may never go up. It may continue to drop. Credit scores will react to any change, good or bad, and will usually drop.

No one will ever see your score - it is all about the history.

Arleen

Well, I think that penguins will be in mating season in few months so that is when the credit score will go back up. Or in few years because they will start tracking different animal, platypus for example in which case I can't even start guessing what your score will be next month.

Or in non joking form - no one knows how they calculate it and, at the same time, no one cares as only you can see it.

DCFC79

Lol your score really has no meaning except for you, when it's high you get to feel happy about it. The score probably changes more than the weather does.

Thrugelmir

eraclea wrote: »

Hi, I remortgaged at the end of May, then applied for a new bank account and a new credit card (all accepted).

A lot of activity in a short period of time.

as I'm planning on buying a car

Hence my comment above. As that what is being monitored.

pcman1985

The score means nothing.

Also stop paying them the £15 a month. That money would be better used on other things, all that £15 is buying you is a number that is randomly generated.

Tell you what. I'll write a random number generator program for your computer with a range from 1 to whatever you like. I'll let you use it as much as you like for just £10 a month.

Sound good to you? Of course not.
Just like Experians service.