My credit score keeps going down.

Yac

Hello Everyone,

I am fighting my way out of debt. I was with Step change (great charity) and paid my creditors within three years. Since then I opened an online account with Jacamo (Everything is fine, I am paying big payments and have my last payment next month with should clear the account!).

For the last six months I have been paying on time and have been paying more then I need to. Every month my credit score keeps going down! I understand that if some accounts were in arrears (when I was with stepchange) it will affect my credit score for the next six years. However, why is it going down every month? I now pay on time, pay more on accounts etc (not paying min payment), not applying for new credit etc. Does anyone know why this is the case? thanks

[Deleted User]

The temperature is starting to drop again so will your score

Seriously though, ignore the score as it’s made up and concentrate on the data and history you have.

Do you have any other debts?

[Deleted User]

Credit scores hate change, even good change.

That is why no one uses them for lending purposes.

Ignore them.

sourcrates

Time and time again this question, or similar, gets asked.

The credit scores are generated by the credit reference agencies, non of whom are lenders, they actually act as brokers if you read the small print.

Generally the score is no indication of your credit worthiness, what matters the most is a good, stable credit history.

So ignore the scores, creditors like people who pay on time, who dont default, dont max out there credit cards, who have a stable address history and who are on the electoral role.

Of course they also have there own qualifying criteria as well, but as long as you do the above, your giving yourself the best chance of acceptance.