I tanked my credit rating...

SlovakianGuy

Deleted_User wrote: »

However, cancelling cards can indicate to lenders that you are no longer trusted by other lenders.

That's when lender cancels your card, not if you cancel it yourself. I think there is a distinction between these on your credit file.

SlovakianGuy

Tarambor wrote: »

If you do a search on this forum you'll find plenty of examples of people with perfect 999 scores unable to even get a mobile phone contract. The score means nothing, the contents of the file are what count. On Clearscore, Experian and MSE Credit Club focus on what it says are the positives and the negatives and address the negatives - don't worry about the number.

The number should be a good indication though. Btw, you forgot about Noddle. That's your report from TransUnion.

SlovakianGuy

dealer_wins wrote: »

Start building up a nice savings pot, and laugh in the face of people who rely on credit!! And save £1000s in interest over your life too!!

It's not only about borrowing money any more. It's also about renting a property. Also getting cash incentives from switching current accounts requires at least fair credit score. Earning cashback on credit cards is not a bad thing either.
In some cases even your employer may credit check you, if you want to apply for a job in the financial sector.


I personally don't rely on credit at all, yet I'm using it. If you are financially literate and responsible, you not only build your credit history over time, but also earn cashback on various offers, while not paying a single penny of interest. That's exactly what I've been doing.

[Deleted User]

SlovakianGuy wrote: »

That's when lender cancels your card, not if you cancel it yourself. I think there is a distinction between these on your credit file.

There isn't. We just see a closed account.

[Deleted User]

SlovakianGuy wrote: »

The number should be a good indication though.

It should be.

Unfortunately, it's not.

SlovakianGuy

Deleted_User wrote: »

There isn't. We just see a closed account.

I think one of my credit reports (not sure which one) says that I have no account closed by lender, which is a good thing. Not 100% though. Later I'll have a look if I can find it somewhere.


Edit:

You wrote "We just see a closed account." Does it mean you work for some lender, or by "We" you simply mean when we look at our own report?

System

SlovakianGuy wrote: »

The number should be a good indication though.

It isn't. It is possible to be an undischarged bankrupt and still have a good credit score. I did because when I banked many years ago I'd not missed a single payment. Even after I'd banked for over £20k my score remained good because all accounts showed as settled or closed and only a couple of missed payment markers.

bertiewhite

nubbz wrote: »

So I checked my credit rating and it's dropped by like 120 points.

Like??? Is that actually 120 points then or 119/121?

nubbz wrote: »

I canceled my barclaycard like 2 months ago and my argos one about 3 months ago.

Again - is that actually 2 months ago or something "like" 2 months ago?