Credit score massive decrease

Klouise77

Hi all. My credit score has always around 920 with Experian I monitor it regularly and pay my bills and credit cards on time every month. I bought a house my first house (previously rented) in January and now it's gone down to 620!! I shocked and worried! It's saying reasons for score gone down not on electoral role so I've applied to get that changed and taken 3 new accounts out mortgage and two for British gas. Do I have any reason to be concerned and will I rise quickly?
Thanks

Dobbibill

No reason to be concerned - the way the CRAs work is, any change will prompt them to change your score.

The good thing about this is no-one else sees your score.

Your recent mortgage application and utilities did not use this score to determine whether or not they would provide you with a product, they used their own scoring system - the CRAs will adjust this as things settle down in your new property and your mortgage and gas accounts all show stability and you are shown as being on the ER. Please remember this is only how Experian perceive you........no-one else!!!

[Deleted User]

It's because of the colour of the carpets in your new home. You need to change them.

Especially that one in the lounge. Yuk.

DCFC79

No reason to be concerned here.

Louise you do know there are 2 others reference agencies and they will rate you differently.

MABLE

Klouise77 wrote: »

Hi all. My credit score has always around 920 with Experian I monitor it regularly and pay my bills and credit cards on time every month. I bought a house my first house (previously rented) in January and now it's gone down to 620!! I shocked and worried! It's saying reasons for score gone down not on electoral role so I've applied to get that changed and taken 3 new accounts out mortgage and two for British gas. Do I have any reason to be concerned and will I rise quickly?
Thanks

For some unknown reason my score dropped in the last month by 60 points on my Clearscore report and 30 on my Exp. report. Nothing had changed from the previous month. Very strange!

solentsusie

My score changed because there was a "significant increase" on the balance of my credit card.

I bought a kitchen. I used my card. My score decreased because I was 'utlising cedit'.

The 'score' they provide means nothing. You took out a mortgage and moved house therefore there are changes in your circumstances, this sends your 'score' into a downward spiral. it will all soon settle down.

And remember - the numbers are meaningless.

shortcrust

When I bought my house my score with Clearscore went from 600 and something to 200 and something. It didn't stop me getting two 0% credit cards with big limits.

Meaningless.

MEM62

You have just purchased a house. Presumably you have a very good credit standing because you have just managed to secure a mortgage. But now you are 'shocked and worried' because a randomly generated meaningless credit 'score' has dropped.

Really?? Why??

This drop in score is going to have absolutely no impact on you whatsoever.

john2054

It's because you brought the house. Actually, assuming you continue to make payments, your score will go up to new heights after this. Also as the other on here have said, that 'score' can be a bit misleading!