Sudden dip in credit rating

CMS79

Good afternoon all,

I have now been debt free for 2 years and over the past 6 months have finally got around to repairing my credit score.

I opened a new credit card after using going through the advice provided through MSE and pay it off each month.

My credit rating had been slowly improving, but last month it suddenly dipped to lower than it was before I started!

There are two searches showing up on my credit score - neither by someone who I know (and I've searched their subsidiary companies who l also don't recognise). One is a quotations search and another listed as Anti-Money Laundering.

I'm so disappointed :(:( each month there had been an improvement, I am literally doing everything I can do to improve my score and this just makes me feel like it's not even worth trying.

Does anyone know how I can trace these searches so I can find out what they're from? I've not attempted to take out credit for years so have no idea what they can be.

MHOWARD_2

CMS79 wrote: »

Good afternoon all,

I have now been debt free for 2 years and over the past 6 months have finally got around to repairing my credit score.

I opened a new credit card after using going through the advice provided through MSE and pay it off each month.

My credit rating had been slowly improving, but last month it suddenly dipped to lower than it was before I started!

There are two searches showing up on my credit score - neither by someone who I know (and I've searched their subsidiary companies who l also don't recognise). One is a quotations search and another listed as Anti-Money Laundering.

I'm so disappointed :(:( each month there had been an improvement, I am literally doing everything I can do to improve my score and this just makes me feel like it's not even worth trying.

Does anyone know how I can trace these searches so I can find out what they're from? I've not attempted to take out credit for years so have no idea what they can be.

Someone more savvy than me will answer you but credit score means nothing. With experian mine is good but with Equifax it's terrible.
When I get anti money laundering searches it's from my bank. Have you applied for insurance recently or is any of your insurance up for renewal? That could be the quotations search.

CMS79

Hi - Thank you for your response, that's very kind. I use Nodle and Experien, and it does mean something to me. I have such a poor credit score, I desperately want to get back on to an even keel so that I can potentially get a mortgage in the future. I wouldn't stand a chance currently.
I don't have insurance on anything so nothing is up for renewal ...

CMS79

Hi - Thank you for your response, that's very kind. I use Nodle and Experien, and it does mean something to me. I have such a poor credit score, I desperately want to get back on to an even keel so that I can potentially get a mortgage in the future. I wouldn't stand a chance currently.
I don't have insurance on anything so nothing is up for renewal ...

MHOWARD_2

CMS79 wrote: »

Hi - Thank you for your response, that's very kind. I use Nodle and Experien, and it does mean something to me. I have such a poor credit score, I desperately want to get back on to an even keel so that I can potentially get a mortgage in the future. I wouldn't stand a chance currently.
I don't have insurance on anything so nothing is up for renewal ...

You could also sign up with clearscore, who use Equifax. If you go too the top of the credit file and ratings, there is a stickied thread called-what your credit score really means. Have a read of that, you will find it helpful.

redux

Searches for quotations or anti money laundering are about confirming your identity, nothing to do with credit.

I find that one credit rating floats up and down in ways I simply don't understand. For a while I thought even the day of repayment had some effect, before or after the end of the month with due dates about 5th and 7th, but more recently it looks like the rating goes up with a higher new balance and down with a lower one.

More or less nonsense, in other words.

[Deleted User]

Your score really does mean nothing. Ignore it. If you're using the card responsibly, you will be improving how lenders view you. If you use the score to track your improvements, you will always end up disappointed.

Query the CRAs over the search - they sound like soft searches so possible insurance etc, but contact them to put your mind at ease.

CMS79

Thank you - I've signed up to Clearscore as well, but will take a read of the thread that you've mentioned. Thank you for your time and recommendations