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Sudden drop in credit score
RichyRich
Posts: 2,091 Forumite
I know, I know. It's just a number and it's the history that matters not the score. But I got my new ClearScore (Equifax) score this morning and it's dropped enormously.
My score has consistently been between 456 and 510 for as long as I've had ClearScore (multiple years). This month it has dropped right down to 393.
The list of "things you're doing well" is identical to last month. There are no negative factors. The only difference from last month is the closure of two bank accounts (Bank of Scotland, closed a while ago due to the interest rate drop, but only showing this month).
Could the mere drop of two accounts, neither of which has an overdraft facility, really cause such a large plummet?
It's mainly academic, as I have no forthcoming major credit applications, but I am completely stumped as to why the drop is so steep given that none of my positive factors have changed and I have no negative factors. Anyone have any experience of this happening and can I expect it to recover?
My score has consistently been between 456 and 510 for as long as I've had ClearScore (multiple years). This month it has dropped right down to 393.
The list of "things you're doing well" is identical to last month. There are no negative factors. The only difference from last month is the closure of two bank accounts (Bank of Scotland, closed a while ago due to the interest rate drop, but only showing this month).
Could the mere drop of two accounts, neither of which has an overdraft facility, really cause such a large plummet?
It's mainly academic, as I have no forthcoming major credit applications, but I am completely stumped as to why the drop is so steep given that none of my positive factors have changed and I have no negative factors. Anyone have any experience of this happening and can I expect it to recover?
#145 Save £12k in 2016 Challenge: £12,062.62/£12,000.00 Beginning Balance: £5,027.78 CHALLENGE MET
#060 Save £12k in 2017 Challenge: £11,03.70/£12,000.00 Beginning Balance: £12,976.79 Shortfall: £996.30:eek:
This is the secret message.
#060 Save £12k in 2017 Challenge: £11,03.70/£12,000.00 Beginning Balance: £12,976.79 Shortfall: £996.30:eek:
This is the secret message.
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Comments
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Who knows and who cares?
If there is no negative information in your credit files (missed/late payments, defaults etc) then there is nothing to be concerned about.
You start your post saying you know it's just a number and it is the history that counts then you spoil it by ending your post 'can I expect it to recover?'.0 -
Yes the scores will react negatively to any change including account closures.
But I wouldn’t worry about it.
I can lend you some of my points if you need them back?0 -
I know, I know. It's just a number and it's the history that matters not the score. But I got my new ClearScore (Equifax) score this morning and it's dropped enormously.
My score has consistently been between 456 and 510 for as long as I've had ClearScore (multiple years). This month it has dropped right down to 393.
The list of "things you're doing well" is identical to last month. There are no negative factors. The only difference from last month is the closure of two bank accounts (Bank of Scotland, closed a while ago due to the interest rate drop, but only showing this month).
Could the mere drop of two accounts, neither of which has an overdraft facility, really cause such a large plummet?
It's mainly academic, as I have no forthcoming major credit applications, but I am completely stumped as to why the drop is so steep given that none of my positive factors have changed and I have no negative factors. Anyone have any experience of this happening and can I expect it to recover?
It's because of the good weather - people are outside enjoying the sun so not checking the credit report and not seeing the CRA adverts, so they drop the score to get you back inside and worrying, hoping to tempt you into paying for their improvement "service" to improve the score they themselves give you.
You say at the start you know the score is meaningless, any change in your financial history can affect it, just ignore it, it's as valid as a horoscope.Sam Vimes' Boots Theory of Socioeconomic Unfairness:
People are rich because they spend less money. A poor man buys $10 boots that last a season or two before he's walking in wet shoes and has to buy another pair. A rich man buys $50 boots that are made better and give him 10 years of dry feet. The poor man has spent $100 over those 10 years and still has wet feet.
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I will be the closure of the two accounts. But as everyone else has said. Doesn't matter.This is a system account and does not represent a real person. To contact the Forum Team email forumteam@moneysavingexpert.com0
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I know, I know. It's just a number and it's the history that matters not the score. But I got my new ClearScore (Equifax) score this morning and it's dropped enormously.
My score has consistently been between 456 and 510 for as long as I've had ClearScore (multiple years). This month it has dropped right down to 393.
Check if by any chance you too have had your electoral roll info dropped from your report... It's beginning to sound like a trend.Your cholesterol levels are not seen, or used, by your heart and arteries, so ignore it.
:eek:.0
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