Credit score dropping month on month

Two

I know credit scores aren't the end of the world, but mine seem to be dropping month on month since getting a mortgage last September.

I have changed my address for all banks, utilities, electoral roll, etc. I have no loans, 1 credit card with no debt outstanding on it, no missed payments for anything and no overdraft use.

I did recently make a payment on the cc which was just over £400 on a £500 limit because I wanted the extra protection from paying by cc, but this was paid off by direct debit at the end of the month.

I now need to take out a small loan for a new kitchen (approx £5k) but am scared to apply for one in case I get a refusal which drops my rating further.

Any one have any ideas?

Thanks

Willing2Learn

Have you checked your three credit files to ensure that all the data recorded is accurate?

A regularly dropping 'credit score', though pretty meaningless in itself, could indicate problems with the data

[Deleted User]

Ignore the score.

Check the data on all three files. What negatives do you see? What makes you think you may be declined? Is it your lack of history?

Once you've ensured everything is correct, apply for a loan. All that will show is a search.

[Deleted User]

Your score and rating isn’t used by lenders at all - it’s not that they’re “not the end of the world” - they’re worth even less than that.

It’s probably “dropping” as the accounts update with the address details.

Scores tend to (stupidly) reacts negatively to any changes.

Two

This evening I've had a look at the credit reports through both the mse tool and clear score. Neither have my new address updated, nor are showing that I've registered on the electoral roll, although clear score shows that I've been removed from my last address.

Neither are showing my mortgage or utilities on file, but what is concerning is that credit and bank account files have been removed from clear score, so it now looks like I have no credit at all.

I've raised a query about the electoral roll info through mse tool, but can't figure out how to query any more details. Any further suggestions?

bazzyb

Is the property a new build?
Just to clarify, if I’ve understood you correctly - are you saying that when you check your file using your new address there is nothing showing against it and you can only see your linked (previous) address with historic account data?

It sounds like a possible address mismatch hence the question regarding if it’s a new build.

Two

The house I've bought is a 1950's house, so there shouldnt be an address issue in that regard.

On mse tool, it is showing my current address as the house I lived in previously and the electoral roll info matches that. I have updated the electoral roll to the new address and received polling card to the new address for the last election.

On clear score, again it shows my current address as the house I lived in previously, but, is says I am no longer on the electoral roll for any address.

I have put in a query through mse tool highlighting that the electoral info is incorrect, so hopefully that will be updated, but there is no way to do this either through clear score or Equifax.

bazzyb

Ah, ok I think I understand now. I thought you were putting in your new address and nothing was coming back for it, but it sounds like you’re still using your old address and expecting it to somehow match to your new address?

The tools are only as good as the data you put in so you will need to update your address, on the MSE tool click on your profile top right hand corner, then edit your details, you’ll see a prompt asking if you’ve moved address. Follow the details there to update it all.

Once you’ve updated your address your score should miraculously improve, which in itself shows how useless a score is in that respect! Don’t get hung up on the score itself, it can give a very very rough idea as to your potential creditworthiness but lenders don’t see it or use it, they have their own internal scoring systems which will calculate things differently.