Tracking your credit score

Sweet_Girl_x

Hello,

Just wondered who checked their credit score regularly? I know the credit score itself has no meaning really but it's an idea of how lenders see you.

I am paying off debts and saving for a mortgage for early 2021 and I'm hoping to see my score increase every month.

Does anyone else do this? How much does your score tend to increase or go down by?

I am using the MSE credit club which uses Experian.

Thanks in advance
Natalie

[Deleted User]

I wouldn't track it at all as it behaves very differently to how lenders score you. The score will normally drop when you clear debts as it's a significant change.

You"ll end up making very poor decisions if you follow it.

Sweet_Girl_x

Deleted_User wrote: »

You"ll end up making very poor decisions if you follow it.

What do you mean?

[Deleted User]

Your credit score isn't something seen or used by lenders.

Don't look at it, track it, worry about it, fret about it when it drops or jump for joy when it goes up.

It bears no reflection on how lenders will view you

sourcrates

Sweet_Girl_x wrote: »

I am paying off debts and saving for a mortgage for early 2021 and I'm hoping to see my score increase every month.

Hi Natalie,

To be honest, you may just as well ask a random stranger in the street to give you a number between 0 and 999.

Its quite likley to be as accurate as the number displayed on your credit file, credit reference agencies do not lend money, all they do is store information, credit scores were dreamed up as a way of predicting your financial behaviour, thus determining what kind of risk you represent.

The scoring system used by creditors differs from the system used by the CRA`s, the CRA system is more geared up to be used as a marketing tool to sell you credit improvement products, look at the bottom of all the CRA websites and you will see they are all licenced as credit brokers, its just another way for them to make money.

[Deleted User]

Sweet_Girl_x wrote: »

What do you mean?

You may do something positive such as clear a debt. Your score then drops which worries you and you figure you should stop clearing debts.

Or you go bankrupt and get a 999 score. It would be foolish to think that bankruptcy is a good idea.

Just manage your credit well and do the sensible thing.

molerat

This month, all new reports in the last week :

My Equifax score has gone up
My CreditKarma score has gone up
My Experian score has fallen


Go figure

MEM62

Sweet_Girl_x wrote: »

I know the credit score itself has no meaning really but it's an idea of how lenders see you.

It's not even that.

jimbo26

As others have don't fret about the score.

Make sure.

1. You are on the Electoral Roll
2. You continue to pay off debt
3. Don't miss any payments.
4. Check your reports from all 3 CRAs to make sure data is accurate.
5. Old negative stuff you can't do anything about so don't worry. Father time will take care of that

MissMollyJ

I’m absolutely astonished to hear this. I’ve been tracking mine through credit club too and have been dismayed by it! I have saved and worked really hard to buy a house and as soon as I did my credit school went from in the 900s to in the 500s and it’s really freaked me out. I look at it and everything is positive and smiley faces apart from that I am utilising most of my credit at the moment.

I can’t believe it doesn’t mean anything after it’s been worrying me for months!

[Deleted User]

At least now you can stop worrying about it, so that's a positive.