Normal for Credit Score to drop after moving?

CakeTime

Is it normal for your credit rating to take a beating when you get a mortgage and sofa on finance?

I already had a Credit Card before I moved and used £2.5k of it for furniture and new carpets. The sofa was purchased shortly after moving.

I am not worried about my debt - I am paying minimum payments without fail and have enough money set aside to pay it all off now if needed (although I'd be left with little else so am trying to build up a nice safety cushion first before I remove it all from my account.

My credit score is currently 560 out of 710 but my credit rating is now 2/5?!

I'm interested to know your thoughts! I could spend £30 to get more information from Noddle but a quick Google tells me it might not be worth it.

Thanks!

Superscrooge

Don't pay £30 to Noddle. That won't help.

You have taken on lots of extra debt with the mortgage and the sofa on finance in addition to the credit card debt.. You are probably not yet shown on the electoral roll at your new address. This is all likely to make you look higher risk.

Try to make more than minimum payments,unless you have a 0% promo and don't worry about your score.

Ben8282

CakeTime wrote: »

My credit score is currently 560 out of 710 but my credit rating is now 2/5?!
Thanks!

You appear very confused

CakeTime wrote: »

I'm interested to know your thoughts! I could spend £30 to get more information from Noddle but a quick Google tells me it might not be worth it.
Thanks!

Since when have Noddle charged £30 to see your credit files?


With regard to your general credit worthiness at this time, having just taken out a mortgage there will have been a very recent MASSIVE increase in your overall level of debt plus, presumably, a new large monthly repayment to be met.
In addition, you have taken out additional finance and are making only MINIMUM REPAYMENTS every month.
This would suggest to me that you are in a quite tight financial situation and it would probably be unwise to extend further credit to you at this time.

[Deleted User]

You're credit scores and ratings are made up - no one sees them but you.

They go up and down as the wind changes direction - ignore them.

Noddle's marketing tactics have nearly worked on you by getting you to fork out £30 for something you don't need because a fictitious number has dropped.