Credit score dropped 100 points when moving address

weegieboy93

Hi there,


I am 23, and for the past 2 years have been maintaining a credit card to help boost my credit rating. I have been spending a few hundred pounds per month and paying it off, to build it up. I had a rating of 383 in August, and In the middle of the month I moved house, and updated my address with my bank and credit card lender accordingly. However, in September, credit card disappeared from my report and my credit score went up to 393...my bank account was still showing at my old address on my report, so I assume there was a delay between the CC company and the bank telling Equifax my new address, so my CC disappeared from my report. I just assumed at the next report, everything will refresh and my CC history will go back on.


This is exactly what happened - however, my score dropped by 97 points! I really don't understand this, I have been spending and quickly repaying the balance on the card well before the date Equifax receive my CC balance, and this even shows on the credit report that my balance is low. But my score still dropped, to way below what its been for a year. According to the report, I have a new account, even though my entire CC history is showing.


Can anyone shed some light on why my score dropped? Is changing address really so bad for your credit score? After a year when I need to move again, am I just going to lose everything I've built up?


Thanks!


Edit - just to again clarify, the 100 points were dropped using the Equifax scoring system

Missprim29

This is my bug bear as I rent, yes moving is bad for your credit score. Are you on the electoral roll at your new house? If not I'd suggest putting yourself on it, that has a big impact on credit score. Other than that just keep up with repayments of debts. Unfortunatly the credit system favours those who stay in the same address for longer than 3 years. I rent and I find it virtually impossible to stay in the same house for that long and in 12 years the longest stint in a house was 3 years 3 months and my credit rating was fantastic... Until I moved!

amfan

Your credit score is not something you need to obsess over in quite that level. It's the detailing within your credit report that you need to pay attention to. If that is accurate then don't worry about the effect it does or doesn't have on the score as the score isn't seen by anybody but you.

Ebe_Scrooge

weegieboy93 wrote: »

Can anyone shed some light on why my score dropped? Is changing address really so bad for your credit score?

Yes.


Your score is entirely fictitious, and is not seen by anyone other than the CRA and yourself.


Anecdotally, any change in your circumstances ( good or bad ) will cause the score to drop. Ignore it, it's meaningless. Just ensure that all the details on your file are factually correct.

[Deleted User]

I've found some spare points under the sofa if anyone wants them.

Ebe_Scrooge

Deleted_User wrote: »

I've found some spare points under the sofa if anyone wants them.

If they're old points you'd better use them sharpish - they won't be valid after Sunday.

MEM62

weegieboy93 wrote: »

Can anyone shed some light on why my score dropped?

It's because you are wearing the wrong coloured socks.

But don't sweat it, whatever the randomly generated number your 'score' is on any given day will absolutely zero impact on your financial credibility in the real world.

PixelPound

The drop could well be because you have moved and so your current address does not match with your electoral data or other data. Even if you have changed it with your council it can take it a while to show, some CRA's will take monthly updates of the register, some will only take the annual update.

You can tell by the replies that the opinion is to ignore the score but just ensure the facts on the report are correct.