Experian Credit score dropped

MLTrucker

Good morning all.

I am new to be forum so please be gentle

I make a Point of checking my experian credit score every month. I am currently in the process with my partner of saving up a deposit for our first home.

I checked my score last night and found that it had dropped 96 points. To say I was shocked was an understatement.

So I done some digging and it appears as though it has dropped down because the average age of my credit has fallen. What made it even stranger is that experian describe this as a positive. I can’t quite get my head around my credit score going down is a positive?

My concern is that I am worried that this going to affect our chances of being accepted for a mortgage. Even though I have done nothing negative to effect my score.

Can anyone shed some light on this and if it will affect our chances of getting a mortgage?

Cheers

K80_Black

Good morning!

You should largely ignore your score - it's totally made up. What's important is your credit history. If you have a good history where you have stayed within your limits, paid on time etc, you should be fine.

If the average age of your credit has dropped, I'm guessing you've closed an old account, or opened a new one? Both will cause your score to change, but as I said, your score itself is meaningless, no lender see's it, it's just for you.

Next month it'll probably be up again, really, learn to ignore the score itself, and instead focus on making sure the information on the report is correct and you don't have defaults/over limits.


Hope this helps.

[Deleted User]

Don't worry about it.

Your Experian credit score and the ones from Noddle and Clearscore - are made up numbers that don't reflect your credit worthiness.

They are not seen or used by anyone in assessing you for credit. They're simply there to keep you coming back. They always drop on a Sunday because they get a bit depressed about it being the end of the weekend.

Simply manage your credit responsibly and all will be well.

MEM62

MLTrucker wrote: »

I checked my score last night and found that it had dropped 96 points. To say I was shocked was an understatement.

You are shocked that a randomly generated number (issued for entertainment purposes only) has changed?

As advised above, forget it. Run your finances responsibly, keep an eye on the data shown on your reports to ensure that it is correct and your credit standing will take care of itself.

MLTrucker

Hi there.

Thanks for the reply. Nope I haven’t closed or opened any new credit accounts in quite some time now. I have never gone over a credit limit either on my one credit card. I don’t I’ve ever got close to the limit on it :rotfl:.

The only thing that I could think of is that some previous credit accounts/loans which may have been taken into account have now reached the age that they are no longer impacting on my score.

MLTrucker

So basically the long and short of if is. Keep making the payments and it will be fine?

[Deleted User]

Nothing impacts a made up number.

Keep on top of your accounts and that's all that matters

aj2018

I found a similar thing this month, great news that the credit score doesn't really matter!

walesrob

Just to prove how useless Experians credit score is, I moved house 2 weeks ago, and I am not on the electoral roll at my new gaff, yet my score rocketed to 999 when it was refreshed a few days ago.



As others have said on this thread, you can ignore the number, just concentrate on keeping your accounts in good order.