Experian score jumped up 397 points

Musicmick

I haven’t done anything out of the ordinary, bank account is always in credit and I pay more than the min payment off 2 credit cards and regular bills are always paid on time BUT... My Experian credit score has jumped from 511 (very poor) to 908 (good) in one month. 397 points! Although this is good I’m wondering how such a jump can happen, is this normal, and more to the point, could fall as quick?

To be honest I always wondered why it was so low with me paying everything on time. Does anyone have any experience of this and the obvious question, if it could fall back that quick.

Thanks

[Deleted User]

Don't worry about it.

The scores aren't based on any accurate interpretation of your credit history and will sporadically move, or stay the same for years.

Just ignore it. It's not seen or used by anyone.

Willing2Learn

Ignore your credit score. Lenders do not see it and do not use it. Your score is for your eyes only. Just focus on successfully managing all your credit accounts, so that you build a good credit history.

And welcome to the forum

Musicmick

Not seen or used by anyone? What’s the purpose of it?

Willing2Learn

Your credit score is just a marketing tool used by Experian and other CRAs, to sell you a product. I hope you are not paying Experian to see your credit score...

[Deleted User]

Comedy value only. It keeps people returning to the CRA sites and drives traffic.

Musicmick

Nope, I just have a free account. I’m not hung up about the whole credit score thing really, I only tried it out of curiosity. Not sure I’ll even look at it again after reading your comments. 😳

phillw

Musicmick wrote: »

Not seen or used by anyone? What’s the purpose of it?

It is supposed to give you an idea on how good or bad your credit file will be judged.

Generally it's bad things on your credit file that make your score go down.

Nasqueron

phillw wrote: »

It is supposed to give you an idea on how good or bad your credit file will be judged.

Generally it's bad things on your credit file that make your score go down.

Though of course the number is meaningless and regardless of how high it is, it does not guarantee you will get a credit package, any more than a low one means that you won't get finance. You should only consider the number as a novelty.


Lenders judge whether you can get credit based on income, current available credit, current debt and past history, not on a number given by the CRAs (lenders never see that number)

[Deleted User]

Nice. You can donate them to people who fuss over them so much.

phillw

Nasqueron wrote: »

Though of course the number is meaningless and regardless of how high it is, it does not guarantee you will get a credit package, any more than a low one means that you won't get finance.

I agree it doesn't guarantee anything, I disagree that it's completely meaningless.

Black and white thinking that it means everything or nothing is unhelpful.

Nasqueron wrote: »

Lenders judge whether you can get credit based on income, current available credit, current debt and past history, not on a number given by the CRAs (lenders never see that number)

And the score is calculated on all of that except your income. I accept that having a high score and a certainty that you can afford to pay back a debt is no guarantee that a lender will feel the same way.

Credit scores are more like an aid to improving your chances of getting credit, like a nicotine patch helps you give up cigarettes.