My “Credit Score” dropped for this reason...

Dandytf

boo_star wrote: »

Mine dropped because I switched a current account (without an overdraft facility on either of them.)

Which can happen if you had some time with previous account v new account

femalemonarchfemalecanine

I had 'your credit score has dropped because:'
no changes

????

drops if you do something, drops if you don't, then equally randomly goes up again. tripe!

Rich2808

Unless you are about to take out a massive mortgage or a huge unsecured loan these minor changes in scores are just noise.

Don’t stress about them and the odd changes - which seem in this case to be more about timing and cash flow than substance.

gionnetto

!!! wrote: »

According to Credit Monitor, it dropped 18 points because:

Your score has dropped because you're using more of your credit compared to three months ago. This could signal to lenders that you may struggle to make repayments.

Despite me paying my cards back in full every month and the payment statuses showing as such.

The same thing happened to me, Gary. So I can have 2 bank accounts, 2 credit cards, a phone contract but... my application for renting a tumble dryer was unsuccessful. I'll buy it with my 0% purchase CC I guess

David555

I always found the Halifax credit checker advice rather laughable..

“Main factor(s) influencing your current score


Things that you are doing well

You do not have any CCJ's, Bankruptcies, IVA's or accounts in default
You have financial accounts that have been open for more than 12 months which can positively impact your credit score
You are using less than 50% of your available credit, which can positively impact your credit score

Things that you could improve

You do not have an active mortgage”

So, get in 100k+ of debt and pay insane amounts of interest to increase some random number?! I’m already a home owner without a mortgage. What great advice, however I think I’ll pass.

Ben8282

David555 wrote: »

I always found the Halifax credit checker advice rather laughable..

“Main factor(s) influencing your current score


Things that you are doing well

You do not have any CCJ's, Bankruptcies, IVA's or accounts in default
You have financial accounts that have been open for more than 12 months which can positively impact your credit score
You are using less than 50% of your available credit, which can positively impact your credit score

Things that you could improve

You do not have an active mortgage”

So, get in 100k+ of debt and pay insane amounts of interest to increase some random number?! I’m already a home owner without a mortgage. What great advice, however I think I’ll pass.

I agree that in your context that this is insane advice and nobody in their right mind would mortgage an unmortgaged home simply for this purpose.

However, the advice MAY be factually correct. I have a mortgage. It is reported to Experian. It is not reported to Equifax. Experian score me 999. Equifax score me barely into excellent.. The CRA's appear to like mortgages, the older the better it would seem as the age of my mortgage is also remarked upon as a positive factor.

PixelPound

Rich2808 wrote: »

Unless you are about to take out a massive mortgage or a huge unsecured loan these minor changes in scores are just noise.

Don’t stress about them and the odd changes - which seem in this case to be more about timing and cash flow than substance.

I guess that's what this thread is about, to show the futility in tracking your score. However it won't prevent future postings, mostly because many new posters don't read the threads first, or because their situation is slightly different it's worth commenting. Unfortunately it may mean they get ascorbic replies from veterans who are giving same advice time and again. We need a bot on here that when seeing someone do a first post in the forum asks "are you posting because your credit score is low / dropped, then see thread xxxxx"

calleyw

nic_c wrote: »

I guess that's what this thread is about, to show the futility in tracking your score. However it won't prevent future postings, mostly because many new posters don't read the threads first, or because their situation is slightly different it's worth commenting. Unfortunately it may mean they get ascorbic replies from veterans who are giving same advice time and again. We need a bot on here that when seeing someone do a first post in the forum asks "are you posting because your credit score is low / dropped, then see thread xxxxx"

People are just so focused on their credit scores though. Adverts on the tv don't help. Someone on a FB group, told me that your credit score was very important. I replied its a made up number that only you could see. And was told it is important but would not tell me why. But they had all the facts as to why.



I told them to pop over here and have a chat with posters here.As you will say the same as me. But I doubt they will.


Sad that people are passing on such bad advice. Mind you I suppose its like the the old wives tale that people spout about if you live with your partner for more than a couple of years, you are common law spouses :undecided again utter tripe.


Yours


Calley x