My Experian rating keeps dropping

beerinmind

Hello,


I've been using Experian app to check my rating for some time already and my rating was over 940 points, until in July I decided to switch banks for my current account from Barclays to Nationwide. First time my credit score dropped a bit, I thought that was due to the credit check they did when I applied for the new current account. But today it dropped again (by almost 80 points!), so I started freaking out.



All my direct debits are transferred to the new account and went out on the scheduled day. I signed up for ClearScore today to see more detailed report and I didn't see anything suspicious there, expect for some reason it shows both old and new current accounts as active. Any suggestions?



Thanks!

MovingForwards

Ignore the score, it's not seen or used by financial institutions.

[Deleted User]

Yup

Suggest you ignore the score and rating and concentrate on real numbers

[Deleted User]

beerinmind wrote: »

I started freaking out.

Take some deep breaths and try to relax.

Freaking out should be reserved for events such as finding a corpse in your living room, or a blood stained ransom note nailed to your front door, not a change in a pretend credit score.

cymruchris

Your pretend score will usually go down when you do something like change current account, get a new credit card, or do something else that changes the day to day pattern of your finances. Assuming you don't do anything daft like miss any payments on anything, the pretend score will go back up again in a few months.

gionnetto

beerinmind wrote: »

First time my credit score dropped a bit, I thought that was due to the credit check they did when I applied for the new current account. But today it dropped again (by almost 80 points!), so I started freaking out.

Don't freak out!
In all likelihood, your credit score dropped because of any combination of the following reasons:
1) your credit report was checked when you applied for the switch (it takes 30-40 points off of your score)
2) you opened a new credit account (it takes 70-80 points off)
3) the average age of your accounts dropped
4) your current account comes with an overdraft

Your rating will be back in 6 months provided you run your new account well.

[Deleted User]

gionnetto wrote: »

Don't freak out!
In all likelihood, your credit score dropped because of any combination of the following reasons:
1) your credit report was checked when you applied for the switch (it takes 30-40 points off of your score)
2) you opened a new credit account (it takes 70-80 points off)
3) the average age of your accounts dropped
4) your current account comes with an overdraft

Your rating will be back in 6 months provided you run your new account well.

Or just close your eyes and think of the number you really, really want.

It's about as meaningful

JohnMl88

gionnetto wrote: »

Don't freak out!
In all likelihood, your credit score dropped because of any combination of the following reasons:
1) your credit report was checked when you applied for the switch (it takes 30-40 points off of your score)
2) you opened a new credit account (it takes 70-80 points off)
3) the average age of your accounts dropped
4) your current account comes with an overdraft

Your rating will be back in 6 months provided you run your new account well.

Troll:rotfl:

[Deleted User]

Mine keeps going up!