Clearscore sudden drop in score

toph

current scores
Experian: 999/999
Totally Money: 668/710
Clearscore: 499/700

So my Clearscore score suddenly dropped to 499 from 531 in August 2017 and i have no idea why.
Many say the score is meaningless, but if it changes for the worse i can only assume some aspect has moved for the worse.

At the time it changed i had just closed the following
a 0% CC due Jan 2018 that had £10k on it with £15k limit (i paid the balance before closing).
a CC with £0 balance and £25k limit

i still have a couple of cards with a total limit of ~£25k and nothing outstanding.

clearscore list 11 positives and no negatives on my account.

The only current debt is the mortgage which is ~ 3x just my salary not including her salary, i pay my credit card balance off monthly (~£1.5k) and i haven't missed a payment for anything since ~ 2000.

Is there any explanation as to why my score decreased despite me clearing debt, reducing the number of cards with high limits and never missing a payment for anything for 17 years?

cjv

You have one less account on your credit report.

Your available credit has dropped.

Your credit utilisation changed.

The average age of your open accounts may have changed.

That's all I can think of, but honestly don't worry about the score drop. The same would of probably happened if you had opened a new current account without an overdraft! The credit score thing really is silly.

DCFC79

Why you concerned about the score ?

As long as your not in debt, not spending more than you should, taking on extra finance then whats the issue ?

Who provides the data for totally money ? They seem to be an independant credit broker.

You can get your call credit report via Noddle, you checked them ?

RG2015

DCFC79 wrote: »

Who provides the data for totally money ? They seem to be an independent credit broker.

It appears to be another free portal using Callcredit data.

http://www.callcredit.co.uk/press-office/news/2017/09/totallymoney

toph

The reason for the concern is that something changed that caused equifax to provide a lesser score and I’d like to understand why.

Of the accounts closed 1 was about 18 months old the other ~6 years.
The 2 remaining CC’s one is ~17 years old the other ~ 6 years old.

I cut my potential debt by £40k still leaving ~£25k with 2 long standing providers. I’d have assumed that was a positive. Including over draft facilities my potential debt was greater than our combined income.

If I reduce my debt exposure to still a healthy amount and a cra looks at it unfavourably, if I encounter a credit issue in the future what am I meant to do to increase my metrics to stand a better chance of gaining credit?
In addition, Equifax have my incorrect previous address, listing an address from 1999 which I never provided them, and I’m struggling to get them to correct. Knowing there is already a discrepancy with the data they hold on me, I’m wondering if that is a factor in the change of score. Lastly we struggled to re mortgage last year for home improvements with our provider of ~15 years and last 4 properties which had to get escalated to various people for approvals.
I’d just like to understand to ensure I’m not being unduly mis represented by the data they hold that I have limited access to and even more limited ability to correct mistakes with.

[Deleted User]

toph wrote: »

The reason for the concern is that something changed that caused equifax to provide a lesser score and I’d like to understand why.

It is simply due to change.

You paid off a balance and closed a card.

Credit score react negatively to change, whether it's good or bad.

tykesi

toph wrote: »

If I reduce my debt exposure to still a healthy amount and a cra looks at it unfavourably,

Who told you they looked at it unfavourably? Wait, did Clearscore tell you that? Clearscore who don't provide credit? Clearscore who have a vested interest in you using their 'services' to increase your imaginary number?

Please believe everyone here when they tell you it's absolutely meaningless.

This here is ALL you need to know:

Credit score react negatively to change, whether it's good or bad.

Read it over and over and over and over again and then, once you understand it (because you don't yet) - Ignore. The. Score.

Simples.

TBagpuss

As others have said, the number isn't importnat.

However, one of the things which the agencies look at is what % of your available credit you are using.

If you previously had cards with a total credit limit of £65K and you were using £6.5K of it, you';d have been using 10% of your available credit. If you closed two of those cards so you have available credit of £25K, but still have £6.5K in use, then you are using 26% of your available credit, which may result in a change in the score.

It's a illustration of why the number isn't a very helpful or useful indicator of your actual creditworthyness or ability to get credit if you need it.

toph

I had previously had ~£65k of credit and used ~£10k lets call it ~15%
I now have ~£25k of credit and use £0 so use 0% of available credit, or rather I use my credit cards every month and pay the balance every month. Recently I’ve been paying the card off before the statement so the statement balance is £0 but payments on account are ~£1k+.

It looks to me to be an issue with just the 1 CRA. you say don’t worry, but how do I know if they have got things wrong adversely affecting how creditors view me. If the CRA is changing their rating of me downwards when I reduce my % borrowing to 0 how will potential creditors view me?

[Deleted User]

Creditors will see you as lower risk when you reduce your borrowing. Because you will be lower risk.

They do not see or care about the view of a CRA.

All you have to do is a) check the data is correct and b) stop believing in the credit score fairy. I'm afraid she doesn't really exist.

tykesi

toph wrote: »

I had previously had ~£65k of credit and used ~£10k lets call it ~15%
I now have ~£25k of credit and use £0 so use 0% of available credit, or rather I use my credit cards every month and pay the balance every month. Recently I’ve been paying the card off before the statement so the statement balance is £0 but payments on account are ~£1k+.

It looks to me to be an issue with just the 1 CRA. you say don’t worry, but how do I know if they have got things wrong adversely affecting how creditors view me. If the CRA is changing their rating of me downwards when I reduce my % borrowing to 0 how will potential creditors view me?

Wow... Just wow!

I wouldn't bother any more ZX81, lost cause this one...