Why has my score reduced

delpy1

Hi Guys


My score has reduced twice in the last week down by 7 then 14 for below reason

One or more of your settled non-mail order credit accounts has been removed from your credit report.
This has had a negative effect on your Experian Credit Score.



Any ideas on how to reverse the drop in score, Ive also got two credit cards that have a zero balance should I use one of them or both and make small transactions on them and then pay off in full every month
equifax score 457 and experian is now 902

any help would be appreciated

[Deleted User]

The scores are made up and not of any interest.

Simply ignore them.

Use your cards regularly to maintain good credit history.

delpy1

Deleted_User wrote: »

The scores are made up and not of any interest.

Simply ignore them.

Use your cards regularly to maintain good credit history.

Thanks very much

SnowTiger

delpy1 wrote: »

My score has reduced twice in the last week down by 7 then 14 for below reason

One or more of your settled non-mail order credit accounts has been removed from your credit report.
This has had a negative effect on your Experian Credit Score.

I'd guess Experian see it like this: a settled account shows you've had credit and settled the debt; that's a good thing because it demonstrates to lenders that you pay what you owe. A record of that has now disappeared from your credit report. Your credit report now contains less evidence that you're a good payer, therefore lenders have less good information on which to make a lending decision.

delpy1 wrote: »

Ive also got two credit cards that have a zero balance should I use one of them or both and make small transactions on them and then pay off in full every month

Use both cards. For both cards: stay within your limit; pay balance off in full after you receive statement and before due by date.

delpy1

SnowTiger wrote: »

I'd guess Experian see it like this: a settled account shows you've had credit and settled the debt; that's a good thing because it demonstrates to lenders that you pay what you owe. A record of that has now disappeared from your credit report. Your credit report now contains less evidence that you're a good payer, therefore lenders have less good information on which to make a lending decision.



Use both cards. For both cards: stay within your limit; pay balance off in full after you receive statement and before due by date.

Thanks for that as that makes sense, although the accounts that have dropped off my report where DEFAULT accounts from 6 years ago

[Deleted User]

That's one of Experian's lovable quirks. Any change, even a positive one such as the removal of a default, is seen as a bad thing.

delpy1

Deleted_User wrote: »

That's one of Experian's lovable quirks. Any change, even a positive one such as the removal of a default, is seen as a bad thing.

Cheers zx81, Im just trying to make sure my credit score is Ok so I can get a car on PCP, Oh the joys! I think I will stop looking at my credit reports, As you said the score does not make any difference

Willing2Learn

delpy1 wrote: »

...I think I will stop looking at my credit reports, As you said the score does not make any difference

Do continue looking at all three credit reports. Check that all the data is correct. When you go for the car on finance, the lender will use the data held by one of the three CRAs, add it to the data you supply in your credit application, and then score you against their criteria and policies. It is really important that the data held by the CRAs is accurate and mistakes do happen.

Edit: I should add, just in case you were not aware, that the 3 CRAs credit reports are all free. Available via MSE Credit Club (Experian), Clearscore (Equifax) and Noddle (TransUnion ex CallCredit)

sourcrates

How can it reduce twice in a week, when its updated on a monthly basis ?

delpy1

sourcrates wrote: »

How can it reduce twice in a week, when its updated on a monthly basis ?

I'm paying 14.99 to Experian and it reduced from 923 to 916 on the 31/07 and dropped again today to 902 , maybe because one was July and the other Aug?Then again my equifax updates every day

delpy1

Willing2Learn wrote: »

Do continue looking at all three credit reports. Check that all the data is correct. When you go for the car on finance, the lender will use the data held by one of the three CRAs, add it to the data you supply in your credit application, and then score you against their criteria and policies. It is really important that the data held by the CRAs is accurate and mistakes do happen.

Edit: I should add, just in case you were not aware, that the 3 CRAs credit reports are all free. Available via MSE Credit Club (Experian), Clearscore (Equifax) and Noddle (TransUnion ex CallCredit)

Cheers Im just waiting on call credit matching both eq and ex as they seem to be very slow at updating the credit details before I try for a car through Arnold clark I'm hopeful as I have been pre- approved for a car loan via Clearscore doing a soft search at a not bad APR