No changes to my financial situation, but credit score went down. Why?

MK89

Hi,

this is my first post, I'm new to this.

Recently I signed up for Credit Club to see my credit score, and in my first report my score was Excellent, nine hundred and sixty something points. Now I got my second report and the score is Good, 913 points.

The thing is that there have been no changes to my financial circumstances. I didn't move address, I haven't taken out any new credit, my credit card has pretty much the same balance, maybe even less than before, no changes.

How could this be?

Many thanks for any suggestions

MK89

Ben8282

Who knows. Who cares. If there is no adverse information in your credit files you have nothing to be concerned about.

usefulmale

You have been suckered into worrying about a meaningless number.

Put it out of your mind and carry on with your life.

[Deleted User]

You signed up to see your credit file/report/history.

Not the made up score or rating.

Scores decrease with change be it good or bad so just ignore them

kuratowski

As everyone says, the numerical score isn't that important.

The reasons why it goes up and down every month include changes in use of revolving credit (like the credit cards you mention). But it's also affected by things like length of time you have held each account so trivial things like changing energy suppliers or phone provider can affect it too. Just ignore the score and just check everything on the credit report is accurate and genuine.

badmemory

Your credit score is irrelevant - just what is actually in your report matters. Your "score" will have gone down to encourage you to cough up your hard earned income to pay to "improve" your score. Expect more of this in the future! Please avoid feeding the beast!

sourcrates

MK89 wrote: »

Hi,

this is my first post, I'm new to this.

Recently I signed up for Credit Club to see my credit score, and in my first report my score was Excellent, nine hundred and sixty something points. Now I got my second report and the score is Good, 913 points.


How could this be?

Many thanks for any suggestions

MK89

This is perhaps the most asked question on this forum.

Question : Do credit reference agencies lend money ?

Answer : No, but they act as a broker.

Question : Do Credit reference agencies sell credit improvement products ?

Answer : Yes they do, and to this end they give everyone a number that rises and falls seemingly at random, and so was born another source of income for the CRA`s, the credit score.

MK89

Alright thank you ever so much everyone, that cleared the worry in my mind

tastyhog

if your credit card balance has remained roughly the same that would imply either minimum payments being made or larger payments and additional spending on the card.

both will affect your 'credit score' to some degree, so to say nothing has changes is a bit of a major fib