Credit score gone down a lot for no particular reason?

edited 30 November -1 at 1:00AM in Credit File & Ratings
12 replies 7K views
StuMcBillStuMcBill Forumite
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edited 30 November -1 at 1:00AM in Credit File & Ratings
Hi,

I’ve been keeping an eye on my credit score on ClearScore over the past few months, and from May to June my score went from 464 to 360?

I have moved house (paying off the mortgage and into a rental property), and taken out a new PCP deal on a car, but I didn’t think it would drop that much?

The ClearScore app still says I’m doing everything right and have no problems, so why the huge drop??

Any ideas?

Stewart
«1

Replies

  • binaryuniversebinaryuniverse Forumite
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    It doesn't matter. Ignore it.
  • Willing2LearnWilling2Learn Forumite
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    StuMcBill wrote: »
    Hi,

    I!!!8217;ve been keeping an eye on my credit score on ClearScore over the past few months, and from May to June my score went from 464 to 360?

    I have moved house (paying off the mortgage and into a rental property), and taken out a new PCP deal on a car, but I didn!!!8217;t think it would drop that much?

    The ClearScore app still says I!!!8217;m doing everything right and have no problems, so why the huge drop??

    Any ideas?

    Stewart
    Moving home can have a negative impact on how you are scored by creditors, as a creditor wants to see long-term stability. The credit search and subsequent acquiring of a PCP car will also negatively impact your score.


    Remember, the score you get from Clearscore (Equifax) is only an indicator. A creditor will score you themselves against their own criteria and policies and arrive at their own 'score'.
    I work within the voluntary sector, supporting vulnerable people to rebuild their lives.

    I love my job

    :smiley:
  • sparkey1sparkey1 Forumite
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    Several reasons all fixable.

    1 Not on electoral roll at new address.
    2 Not a homeowner at new address.
    3 Once your mortgage account closure catches up you will climb up a little bit
    4 Maybe you have some of your current credit accounts still showing at old address (As these update your score should improve) but you need to tell all the companies first.
    5 You probably have another search recorded for the rental property.
    6 Depending upon your utility provider you may have 2 sets of accounts for example electric for old and new address still active.

    Remember there is always a lag.

    Finally the CRA credit scores are based on their assessment criteria which is different to the criteria used by a lender.
  • [Deleted User][Deleted User] Forumite
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    Ignore it and carry on

    The CRA scores are made up and are zero indication of your financial goings on
  • badmemorybadmemory Forumite
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    These dodgy outfits depend on you seeing this & going OMG OMG OMG what can I do & they hope that what you will do is cough up some of your hard earned cash to "repair" it, when it isn't broken. If you look on CRAs as trolls then as we all know we don't feed trolls.
  • SnowTigerSnowTiger Forumite
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    StuMcBill wrote: »
    Hi,

    I’ve been keeping an eye on my credit score on ClearScore over the past few months, and from May to June my score went from 464 to 360?

    I have moved house (paying off the mortgage and into a rental property), and taken out a new PCP deal on a car, but I didn’t think it would drop that much?

    The ClearScore app still says I’m doing everything right and have no problems, so why the huge drop??

    Any ideas?

    Equifax, who supply ClearScore with the score and data, are very twitchy.

    I moved home about two months ago and the score they give me has taken a tumble.

    On the other hand, Noddle/Callcredit is still giving me 5/5, although they have knocked three points off my score.

    My Experian score is still up at 999, despite my move and the fact that they're only showing four of the forty, or so, credit accounts I have.

    I received a letter from Barclaycard on Saturday. They plan in increase my credit limit by 50% in September. They've obviously noticed I've been spending quite a lot of money recently, thanks to my move, and want a piece of the action. :rotfl:

    Credit scores offered by CRAs are, at best, indicative. CRAs don't (yet) know important things about you that a lender would; such as your income, your rent/mortgage payments, your household makeup, etc.
  • ciderboy2009ciderboy2009 Forumite
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    Your credit score has probably dropped because:
    a) England didn't win the world cup
    b) It's been sunny
  • DCFC79DCFC79 Forumite
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    As the weathers changed it might go up by 54 points.
  • sparkey1sparkey1 Forumite
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    SnowTiger wrote: »
    Credit scores offered by CRAs are, at best, indicative. CRAs don't (yet) know important things about you that a lender would; such as your income, your rent/mortgage payments, your household makeup, etc.

    CRAs do know your mortgage payments as in most cases your mortgage payments will be reported on.

    They dont know your salary, but they do know the turnover on the currrent accounts. As most people have a sole source of income, they can deduce that what your income is. However I do agree with you that they are indicative. They arent made up, they are the CRAs statisical scoring method. A lender uses that data with their own information to determine their own score. One thing to bear in mind is that the reason CRA now offer those "match your score to particular credit cards" is that they in recent years they have tied their scoring methods more in line with the lenders.
  • RL11RL11 Forumite
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    I know I'll get loads of posts saying ignore the score it's meaningless but I still think your credit score is an interesting topic
    I've actually had very good scores, improving all the time as my mortgage was gradually paid off. Now I have paid off my mortgage and my mortgage account has been closed. My MSE Credit club score (via Experian) has plummeted! Affordability and Hit Rate all down.
    How I can I be less likely to get a credit card, when I've never been better off?!
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