How much can a credit score jump up?

Creditcruncher1985

So my question is if I have always paid everything on time, never defaulted, no credit searches in last year, have various settled accounts which an average age of 72 months I had 2 credit cards and an overdraft totalling nearly 19k until a week ago. I have came into some money from inheritance and paid it all off. I know it takes approx 30-45 day for the banks to update and show on my score. My question is how much should I expect to see my score jump up as I was using 99% of the credit available and now that’s zero (I haven’t closed the accounts)
Should my actor jump up to good/excellent just from this straight away? It’s currebtly fair on Experian and poor on equifax. The only negative things being the value and utilisation on my report ..... or does it take longer to gradually go up?

[Deleted User]

Ignore it. The score is absolutely irrelevant. In fact, it is likely to go down once you clear your debts, because a major change will appear on your credit files.

The longer you demonstrate good behaviour, the lower risk lenders will see you.

spadoosh

Im close to having the maximum amount of available debt typical banks will allow me. I have a score of 900+.

Yay right. Not really no one in their right mind would lend me any more money. (ive not got round to closing the accounts)

You can work out roughly from your credit score how attractive you might be but its pointless on its own. Eg me. Excellent score wont be a problem getting credit right? No, not exactly, i just borrow well and pay it back. Doesnt mean someones about to lend me half a million quid.

I know from mine that i cant get credit yets its 900+. I only know that from my credit report. Look at your credit report not a made up number that bears no relevance and represents little.

binaryuniverse

My Clearscore number is lower now, than when I first created an account, back in 2015.

Back then I had quite a few defaults/arrangements to pay and couldn't get any bank accounts or cards for toffee.

Now I have plenty of open accounts, and have seemingly no problem getting more.

In other words. It's a load of rubbish. Don't worry about it.

Creditcruncher1985

So a few people have said this. So they don’t actually look at a score as such? They Just check your history and affordability then?

Creditcruncher1985

That’s goodbye to know, thanks. I’m not sure how long to wait before going to see a broker and trying to get an agreement in principle. I know I need to wait until the banks have updated the credit agencies that it is paid but how many months should I wait before actually trying to get a mortgage

DCFC79

Creditcruncher1985 wrote: »

So a few people have said this. So they don’t actually look at a score as such? They Just check your history and affordability then?

Its not a case of not looking at the score, they cant even see the score to even look at it.

Martin Lewis explained it about your credit score not meaning anything and the reports, maybe watch it on catchup.

They will have a set criteria they want you to fullfill.