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Credit score dropped 200+ points!
blathers
Posts: 14 Forumite
I've been checking several free credit scores monthly for years. I also have a subscription with Equifax.
My score with experian has dropped 231 points in the past month, their incredibly cryptic reasoning online was "your credit lending has increased in the past month" which is not true, I opened a credit card in April (£1,200 limit) and have used it in an emergency. However, I called Experian and was told "everyone and their mum knows you must use over 25% of your credit limit, or else your score will drop"
What kind of advice is this? I think it's absurd.
Should I just stop taking notice of my score, it's different everywhere and feels more like reading a horoscope sometimes.
So bloody frustrating as it feels like jumping through hoops most of the time.
My score with experian has dropped 231 points in the past month, their incredibly cryptic reasoning online was "your credit lending has increased in the past month" which is not true, I opened a credit card in April (£1,200 limit) and have used it in an emergency. However, I called Experian and was told "everyone and their mum knows you must use over 25% of your credit limit, or else your score will drop"
What kind of advice is this? I think it's absurd.
Should I just stop taking notice of my score, it's different everywhere and feels more like reading a horoscope sometimes.
So bloody frustrating as it feels like jumping through hoops most of the time.
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Comments
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this; "Should I just stop taking notice of my score, it's different everywhere and feels more like reading a horoscope sometimes."
regards
Rob0 -
Just choose your favourite and go with that one.0
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Also, cancel the paid subscription to Equifax. It's money down the drain when you can check your Equifax file for free on Clearscore.0
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Experian or Equifax - you mention both?
Either way it matters not as lenders do not see, care about or use your score.
It's purely for entertainment and unnecessary panic purposes only.0 -
My score with experian has dropped 231 points in the past month, their incredibly cryptic reasoning online was "your credit lending has increased in the past month" which is not true, I opened a credit card in April (£1,200 limit) and have used it in an emergency. However, I called Experian and was told "everyone and their mum knows you must use over 25% of your credit limit, or else your score will drop"
What kind of advice is this? I think it's absurd.
If you think your score doesn't matter, then stop taking notice of it. If you think it does matter, play by their rules to improve it. There's no in-between, it's either or.
If you have opened a card in April and you have used it, your credit lending has, indeed, gone up. So why are you saying it is not true? If you care about your Experian score, yes, if you use more than 25% your score will drop, usually it drops (albeit just minimally) if you go above 20%. In all likelihood, the drop in your score is due to credit check from lender before opening your account + opening a new account + using too much of the credit you have available.Your cholesterol levels are not seen, or used, by your heart and arteries, so ignore it.
:eek:.0 -
If you think your score doesn't matter, then stop taking notice of it. If you think it does matter, play by their rules to improve it. There's no in-between, it's either or.
If you have opened a card in April and you have used it, your credit lending has, indeed, gone up. So why are you saying it is not true? If you care about your Experian score, yes, if you use more than 25% your score will drop, usually it drops (albeit just minimally) if you go above 20%. In all likelihood, the drop in your score is due to credit check from lender before opening your account + opening a new account + using too much of the credit you have available.
TLDR - ignore the score as it means nothing in reality.0 -
They stated I had used more credit than I actually have. I haven't used much, just over 25%. However your advice is rather pointless "either or" clearly you don't know either, do you?If you think your score doesn't matter, then stop taking notice of it. If you think it does matter, play by their rules to improve it. There's no in-between, it's either or.
If you have opened a card in April and you have used it, your credit lending has, indeed, gone up. So why are you saying it is not true? If you care about your Experian score, yes, if you use more than 25% your score will drop, usually it drops (albeit just minimally) if you go above 20%. In all likelihood, the drop in your score is due to credit check from lender before opening your account + opening a new account + using too much of the credit you have available.
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I always think credit scores offer a bit of a 'quick & dirty' benchmark in so far as if it drops it's an indicator that I need to check the underlying report to see why it has dropped, particularly if I can't think of a good reason for a drop (new line of credit for example).
If my score remains static or goes up then I can probably just check the underlying report every 6 months.0
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