Closing my Aqua Card has seriously damaged my credit score?

Jlawson118

I know credit scores as in the numbers aren't what lenders see, but here's the situation.

So I was 19 earlier this year and was looking for a credit card that I could use abroad for no extra cost, and I was rejected for the Lloyds Avios and the Halifax Clarity due to lack of a credit history, and so I got the Aqua Advance card. They gave me a £300 limit, and a few months later increased this to £1050.

However, I did open the Lloyds Avios one around a month later and I was accepted, so I just kept the Aqua card open for the sake of it being on my credit score.

Anyway, I did a bit of research a few months ago and figured out that after the Lloyds Avios six months, double points promotional period would end, I'd barely earn Avios and that it wouldn't be worth the £24 yearly fee, and so instead, I joined Barclaycard as I do use a lot of their Freedom Reward Partners. I then closed down the Aqua card and the Avios one, and as a backup card, got the First Direct Gold Card.

However, my credit score has been classed as 'fair' on 410 points due to changing my credit quite a bit these past few months and getting a new phone contract, it was at good before this, but the Aqua card being settled has gone on my credit score today and it's dropped to 361 (this is with Equifax by the way)

Will my Barclaycard, Gold Card and even phone contract eventually build this back up within time?

SYHR

It sounds like the drop is caused by the number of credit applications over a relatively short period of time. I did exactly the same, and I'm in the same boat. Stick with what you've got now, don't make any further applications, and usually in 12 months, when the applications have disappeared, you should be fine!

[Deleted User]

Ignore the score. It's pointless. It will react negatively to any change.


However, keep at least a couple of cards running, to show stability.

Jlawson118

Deleted_User wrote: »

Ignore the score. It's pointless. It will react negatively to any change.


However, keep at least a couple of cards running, to show stability.

Yeah, I do plan to keep and use the cards I have no to keep them active, plus I get the rewards and things

Jlawson118

SYHR wrote: »

It sounds like the drop is caused by the number of credit applications over a relatively short period of time. I did exactly the same, and I'm in the same boat. Stick with what you've got now, don't make any further applications, and usually in 12 months, when the applications have disappeared, you should be fine!

It did drop due to these but then it remained stable until the Aqua one closed But I do plan to just leave it 12 months now. I've put through one last request the other day for a student account but after that I should be settled