Credit score plummeted after card balance transfer. Why?

DenProject

Hi chaps.

I had a barclaycard with the free Experian score in the app. I had a ‘very good’ 944 from 999 until I transferred my balance from barclaycard to a virgin credit card for the purpose I’d get a term of no interest to pay.

Can someone tell my why that has happened? It’s took me many years to build that up and I’m rather annoyed. I’ve not missed a payment of any kind for years.

Thanks

Merlin139

As has been said so many times before and is said maybe daily. Your credit Score is irrelevant!

Your score is made up by each company using what they feel is relevant to them and nobody else! Its a gimmick!

Its not your score that determines if you get credit it is your credit file!

Faith177

Ignore the number it means absolutley nothing as companies cant even see it.

It is a completely fictitious number that has no bearing on anything

Candyapple

The score means nothing, it's just another ploy to get you to pay for your fictional score to see the number go up.

I've had my score plummet by about 200 points when I paid off all my stoozing balances of about £20k lol. I've even had it plummet when nothing has changed in a 6 month period.

Ignore the scores and just make sure you are paying 0 interest on any load bearing debts and everything else on your files is showing as correct and up to date.

DenProject

Wow thanks for the quick reply. My problem is though that I would of been able to get a £25000 loan from Barclays but now they will only lend me £4500. That hinders somewhat my plans.

Thanks

cajef

Ignore your Experian credit score only you and them can see it, it is a meaningless figure made up which no one else can see.

Candyapple

DenProject wrote: »

Wow thanks for the quick reply. My problem is though that I would of been able to get a £25000 loan from Barclays but now they will only lend me £4500. That hinders somewhat my plans.

Thanks

Was this £25k loan guaranteed? As in you applied and they agreed to it and are now rescinding the offer to only £4.5k?

Or were you going to apply for it and after going through their checks the amount they're willing to lend you turned out to be £4.5k?

Lenders do not see your credit score - it's a marketing tool created by credit reference agencies used to sell their premium services.

They do, however, see your credit history which is (should?) be an accurate record of credit accounts and applications for credit.

Your eligibility is not solely based on one factor; any combination of the following factors might be taken into consideration:

- amount of existing debt
- amount of existing available credit
- history of settled accounts
- history of incurring defaults
- number of recent applications for credit
- age
- whether single, married, widowed, separated or divorced
- whether home-owner, tenant or living with parents
- whether you're on the electoral register
- current employment status
- length of time with current employer
- salary

This is by no means an exhaustive list and how each credit-provider assesses you is different; some companies may not consider many of these factors, some may consider even more. Certain factors may not carry any weight and some might dictate the decision-making process completely - you'll never know.

There is no one rule and the only way you'll know is if you apply and are accepted; ultimately, it's up to each company whether they want to give you a loan or not and on what terms. They have no obligation to lend to anyone nor explain or justify their lending criteria.

Have you tried entering your details here:
https://www.moneysavingexpert.com/eligibility/loans-calculator/

DenProject

Thanks. I have used the loans calculator and there!!!8217;s a handful of lenders that will give the required amount at a 95% acceptance likelihood. The only problem being the APR is representative and I!!!8217;m not sure what it would be if I applied.

If I applied to get the loan and was accepted at whatever APR and then did not go ahead with it, would this leave a bad mark in my file?

Thanks

Candyapple

DenProject wrote: »

If I applied to get the loan and was accepted at whatever APR and then did not go ahead with it, would this leave a bad mark in my file?

It would just leave a hard credit search. Too many of these in a short space of time will hurt your chances of obtaining a loan/credit. So if you are going to apply for a loan and don't like the APR, just do 1 more application elsewhere and if that rate is still no good you either need to decide amongst the 2 companies which one to go for, or leave it 6-12 months and then apply again.