Credit check damage

nextyeartina

Just had my ClearScore report through and my credit score has gone down by 70 . I opened a new bank account successfully in January. Has this one search done this much damage?


Tina x

[Deleted User]

No. The score is meaningless. Ignore it and enjoy your new bank account.

nextyeartina

Thanks zx81. Seeing my credit score go up makes me feel like I'm getting somewhere with my debt as sad as that sounds


Tina x

[Deleted User]

The problem is, when they change their score formulae and your score plummets for no reason, you'll feel bad about it.

Trust in the fact that if you're clearing debt, avoiding missed payments and defaults, and building sensible history, lenders will view you more postively, regardless of any CRA number.

27cool

nextyeartina wrote: »

Just had my ClearScore report through and my credit score has gone down by 70 . I opened a new bank account successfully in January. Has this one search done this much damage?


Tina x

How can it possibly have done any damage, when no-one but you can see it?

KoshB5

There are many leavers a lender uses to asses credit risk, the CRA scorecard will be a simplistic credit risk score that demonstrates basic levers that impact lending, all it has done is show that you've opened a new account with no current history associated to it, so it will drop a simplistic score. A more sophisticated scorecard will take account of the account type (bank and how many of these you have) and debt facility available and used (overdraft).....

PixelPound

I do remember various Martin Lewis interviews where the advice was to not put up with bad service, but switch. Whether providers are banks, telecoms, energy, or whatever. It is a shame that people who are taking up the advice and switching then feel penalised by a lower (meaningless) score

forgotmyname

My "score" went down because i spent more than 50% of my CC balance in one month, even though i paid it off.

And a terrible thing happened because my "score" dropped. They increased my CC limit and my "score" has shot up.