Credit Score decreased!

Davidef1376

Hi,

A few questions here! Apologies. A concerned man is trying to buy his first home!! Any answers/help would be greatly appreciated!

I have recently been trying to improve my credit score, with a fair amount of success too, but I logged today to find that the score has gone down by 31 points due to the two notes below. I paid all all my cards a few monthas ago and got rid of all but one of them, and on that one reduced the limit down to £500 (Stupidly, I thought this would be a good thing!).

Also, my phone contract with 02 ended recently and I cancelled it with them as I have a work phone so don't need my own, but is this also effecting the as its one less credit account?
I haven't up any new credit accounts. The wife and I have a joint account with a small overdraft limit, is this effecting it? Is it worth getting rid of the overdraft!

Based on the below, do I try to increase this limit or will this decrease my score further as i'm applying for credit?

Your non-mortgage credit balance has increased or you no longer have any revolving credit accounts. This has had a negative effect on your Experian Credit Score.

The number of non-mortgage credit accounts you are using has increased. This has had a negative effect on your Experian Credit Score.

Pixie5740

Have you read the thread at the top of this board?

Are you applying for a mortgage with Experian?

£10 to a charity of your choice says the answer to both those questions is, "no."

worried_jim

Don't worry about it. It's a meaningless number only you see, ignore it and enjoy your life.

Davidef1376

Yes I have read the thread at the top and the subsequent links on credit score. Esp where it says "If your credit score is poor, you'll be rejected It really is that simple." Hence me asking here about how I can improve it! Thanks for the valued answer though, much appreciated.

Pixie5740

Really because your OP would suggest otherwise....

[Deleted User]

Remember to never check your score on a day that ends in Y, or it will drop by 31 points.

Ben8282

You cancelled all your cards except one and then reduced the limit on the one remaining card to £500. What good is a credit card with a £500 limit. You have made yourself look like a man who is only trusted with a credit builder card with a small useless limit.
Again why cancel the O2 account and leave yourself without a mobile phone. Must be pretty inconvenient for you.
Unless I am reading something wrong it appears that the two statements in italics at the bottom of the OP are contradictory.
You have quite successfully destroyed your credit files in terms of what you have although assuming that the now closed accounts were all conducted correctly at least your credit files will show a good history.
By the way ... the correct word is affecting not effecting.

Davidef1376

Jesus Christ. Thanks everyone.

glosoli

As far as a mortgage application is concerned, do not worry about these things. Mortgage applications are much more in-depth than applications for other type of credit, with full income, employment, and expenditure checks. This type of thing may be more relevant if you are applying for a credit card or something and they require a quick way to judge who is a better bet and who isn't.

As far as a mortgage application is concerned, all you have to ensure is that you are on the electoral register, you are able to produce the relevant documents, and you do not have any real negatives on your credit file, i.e missed payments, late payments, defaults, ccjs.

Pixie5740

No thank you Davidef1376 for yet another thread about someone in a flap over [STRIKE]their credit score[/STRIKE] a marketing tool.

MHOWARD_2

Pixie5740 wrote: »

No thank you Davidef1376 for yet another thread about someone in a flap over [STRIKE]their credit score[/STRIKE] a marketing tool.

I really do not see the need for you to be rude. If you get fed up of answering the same questions then you could always just ignore the thread, why you need to respond in that way when you could just ignore it baffles me.