Experian Credit Report Way Down

Glowhallow

Hi everyone,

I applied for a Amazon credit card at the start of January and have been paying it off each time I spend a big lump sum e.g. £150, i've always paid off the card and haven't waited for the direct debit to come out.

I've just checked my experian report today and it's wacked me all the way down from 'good' to the bottom of 'fair', losing 137 points since my last report. Does anyone know why there has been such a bit drop considering I have been paying off the card regularly?

Thank you!

[Deleted User]

It's because the scores are fictional and don't relate to your credit worthiness. Ignore it.

However, to improve the way that lenders view you, wait for the statement until you pay, so that they can see you are actually using the card.

Glowhallow

Thanks for your comment, what do you mean by the scores are fictional? Thanks for the advice on the card, unfortunately I only have a £500 credit limit on it and I get points by spending on it which was why I have been paying it off, but if this isn't helping my credit report I guess I will just spend some and wait for my statement. I was planning on switching bank accounts this month, would it hard my score further if I did this?

[Deleted User]

The scores are, at best, a rough guess from the CRA. But they have no accuracy and are not seen or used by lenders. That is why is it simplest to ignore it but simply manage your credit responsibly.

Switching bank accounts won't cause lenders much concern. It will however make the made up score plummet again.

Glowhallow

Okay, thanks for the advice