Credit Score Dropped in a month

leegolas

Hi All
I have a question to pose. Myself and my Wife just checked our credit scores and have found they went down form Excellent to Fair in the space of a month. Looking at the reports it looks like the recent amendments with a bank have caused the drop in my case. We made one of my wife's accounts a joint account, we both opened up help to buy ISA's and the bank for some reason gave me a current account even though I said I didn't want one as I had an account with another bank.

Also due to only just recently getting married my wife's credit score has been hit by not all of her relevant accounts being updated resulting in little credit history.

Would the above be the reason for the drastic drop in both our credit scores? IT's just I am now super worried that we won't be able to get a mortgage based on the drop in our credit scores.

All the Best

[Deleted User]

The scores aren't real, seen or used.

They're made up numbers you can ignore, so no need to super worry about it.

Just make sure all the data is correct on your files and that your wife's history gets linked up on the three CRAs.

System

Deleted_User wrote: »

The scores aren't real, seen or used.

They're made up numbers you can ignore, so no need to super worry about it.

Just make sure all the data is correct on your files and that your wife's history gets linked up on the three CRAs.

I see this so often. over and over again.
The smugness of people who think they know more than the general public just repeating the experts mantra over and over again. "The scores are made up, ignore them".

....They aren't "made up". Not at all. They may individually be disregarded as to what they mean but they aren't made up or indeed inconsequential. They use algorithms based on your credit history to determine your score. And you can be sure that if the score says "very poor" you will have a bad credit rating/history. And if the score says excellent you more than likely have a clean slate.

People need to stop being smug and spewing this mantra at every possible opportunity. The scores are not simply plucked out of thin air. Of course the scores are no match to properly looking at your credit file and making informed decisions. But they do have some initial value.

Stop acting smug and saying they are fictional or entirely made up. It is not true.

[Deleted User]

beany_bot wrote: »

I see this so often. over and over again.
The smugness of people who think they know more than the general public just repeating the experts mantra over and over again. "The scores are made up, ignore them".

....They aren't "made up". Not at all. They may individually be disregarded as to what they mean but they aren't made up or indeed inconsequential. They use algorithms based on your credit history to determine your score. And you can be sure that if the score says "very poor" you will have a bad credit rating/history. And if the score says excellent you more than likely have a clean slate.

People need to stop being smug and spewing this mantra at every possible opportunity. The scores are not simply plucked out of thin air. Of course the scores are no math to properly looking at your credit file and making informed decisions. But they do have some initial value.

Wrong - on many, many levels.

Explain how Bankruptee's get a 999 score - is that showing a good credit history?

People with a 999 score get declined for a £20 per month SIM-only phone contract, yet people with a 300 score get a £350k mortgage.

Now tell me how that reflects on ones credit history accurately?

It doesn't. They are made up numbers and the CRA's themselves even admit this.

Lenders use their own in-house confidential scoring algorithms that resemble nothing of the CRA's scoring systems

System

!!! wrote: »

Wrong - on many, many levels.

Explain how Bankruptee's get a 999 score - is that showing a good credit history?

People with a 999 score get declined for a £20 per month SIM-only phone contract, yet people with a 300 score get a £350k mortgage.

Now tell me how that reflects on ones credit history accurately?

It doesn't. They are made up numbers and the CRA's themselves even admit this.

Lenders use their own in-house confidential scoring algorithms that resemble nothing of the CRA's scoring systems

How can you be serious!?! They are not "made up numbers"
If that were the case then every time I log into experian or clearscore then I would be given a random number between 300 and 999!

For gods sake don't be so silly.

I am not saying they are to be held in high regard or worried about when they move. But they are not completely random. That is just ridiculous.

"Lenders use their own in-house confidential scoring algorithms that resemble nothing of the CRA's scoring systems"

I am not denying that at all. It is not the point I am making.

[Deleted User]

It is random.

Much like your "perfect credit rating" and you were rejected for a Tandem card:

https://forums.moneysavingexpert.com/discussion/comment/75057049#Comment_75057049

Lenders don't see or use the scores and they are not an indication of how a lender would score you for their products - the CRA's are not lenders so they cannot categorically rate you for anything

System

!!! wrote: »

It is random.

Much like your "perfect credit rating" and you were rejected for a Tandem card:

https://forums.moneysavingexpert.com/discussion/comment/75057049#Comment_75057049

Lenders don't see or use the scores and they are not an indication of how a lender would score you for their products - the CRA's are not lenders so they cannot categorically rate you for anything

Ok, so it's just a little creepy you have just searched my past posts.

So you are now saying that your credit file/history is also completely made up! Cool.

System

!!! wrote: »

It is random.

It is not random. You are wrong.

[Deleted User]

beany_bot wrote: »

Ok, so it's just a little creepy you have just searched my past posts.

So you are now saying that your credit file/history is also completely made up! Cool.

I didn't say that at all.

I said the score and ratings are - don't put words in my mouth that I didn't say.

System

!!! wrote: »

I didn't say that at all.

I said the score and ratings are - don't put words in my mouth that I didn't say.

You know fine well when I used the word "rating" in that respect I was referring to my history/file.

Yet more smugness based on the public using the wrong word. The experts know better.

[Deleted User]

beany_bot wrote: »

You know fine well when I used the word "rating" in that respect I was referring to my history/file.

Yet more smugness based on the public using the wrong word. The experts know better.

Then try using the words history or file then.

Not rating, which is a completely different terminology