Credit score is stuck

BumbleB81

Hi,

I'm new to this and would appreciate any advice... after completing payments on a debt management plan I have been trying to re-build my credit score. I have a credit card, which I use every month and pay off in full each month. My score was steadily increasing, however it has been stuck for the past 4 months. Does anyone know why this might be and have any suggestions for how I could boost It?
The only thing I can think of is that my credit card company are going to increase my limit, I haven't asked for this, I guess they've reviewed my spending/payments and decided I'm demonstrating that I can manage my spending, but I thought this would result in a rise on my score? I've not applied for any new credit, don't have any large debts and make all my payments on time.

Thanks in advance

glosoli

If you read any post on this forum you will see the same thing literally time and time again, and that is credit scores do not matter, they dont mean anything, so just keep doing what your doing and stick to your agreements rather than caring too much about if your score is going slightly up or down.

stuart30

glosoli wrote: »

If you read any post on this forum you will see the same thing literally time and time again, and that is credit scores do not matter, they dont mean anything, so just keep doing what your doing and stick to your agreements rather than caring too much about if your score is going slightly up or down.

What about the posters who deal with lending who have now said credit scores are indeed seen..?

MEM62

stuart30 wrote: »

What about the posters who deal with lending who have now said credit scores are indeed seen..?

What about them? They are wrong.

Financial institutions will have their own internal criterion and scoring systems but they do not see the randomly generated numbers produced by the CRA's.

robber2

stuart30 wrote: »

What about the posters who deal with lending who have now said credit scores are indeed seen..?

They seem to have a limited grasp of English and dont understand the subtle difference between 'score', 'record' and 'history'.

Rob

stuart30

robber2 wrote: »

They seem to have a limited grasp of English and dont understand the subtle difference between 'score', 'record' and 'history'.

Rob

That could well be the case,but pretty sure ive read posts stating the magic numbers made up out of thin air by CRA"s are seen.

I was referring to those who work for firms who lend money,suprised if they were wrong.

Cant really be bothered (bowl of porridge comes first lol) to search the threads but certainly seen it mentioned recently.:(

System

Only applies to commercial lending, i.e if you have a business and that business wants to borrow money.

glosoli

I am a mortgage adviser in a bank, and carry out credit searches on people on a daily basis.

The information I obtain is electoral roll history, searches done by other creditors, and liabilities for the past six years, whether active, settled, defaulted, whether any late/missed payments etc. There is no "score", only hard facts. Granted, some lenders may use this information to formulate an "internal" score, which also takes into consideration other factors including age, profession, income, etc, but this has nothing to do with what experian/any other CRA "score" tells you.

robber2

there you go Stuart30; straight from the horses month.

IGNORE THE SCORE

SnowTiger

BumbleB81 wrote: »

Hi,

I'm new to this and would appreciate any advice... after completing payments on a debt management plan I have been trying to re-build my credit score. I have a credit card, which I use every month and pay off in full each month. My score was steadily increasing, however it has been stuck for the past 4 months. Does anyone know why this might be and have any suggestions for how I could boost It?
The only thing I can think of is that my credit card company are going to increase my limit, I haven't asked for this, I guess they've reviewed my spending/payments and decided I'm demonstrating that I can manage my spending, but I thought this would result in a rise on my score? I've not applied for any new credit, don't have any large debts and make all my payments on time.

A credit score is simply a crude appraisal of the limited information on your credit report presented in numerical form.

Your score may have plateaued because there have been no significant changes to your credit report: you spend on your credit card, pay off the balance, rinse and repeat.

If your credit card issuer intends to increase your credit limit they will write to you and let you know. I doubt that would take four months.

DCFC79

stuart30 wrote: »

That could well be the case,but pretty sure ive read posts stating the magic numbers made up out of thin air by CRA"s are seen.

I was referring to those who work for firms who lend money,suprised if they were wrong.

Cant really be bothered (bowl of porridge comes first lol) to search the threads but certainly seen it mentioned recently.:(

Stuart, yes you had read a post recently stating the score is seen, post number 9 here

https://forums.moneysavingexpert.com/discussion/5620476

Maybe we could get the Experian rep to let us know the answer.