Credit Score significantly impacted by Covid Mortgage holiday

Villagepig76

At the start of March my credit score was excellent.  In March, when the lockdown started, our business asked for volunteers to drop to a 4 day / 80% salary to help them preserve cash.  I volunteered and, when the opportunity to take a mortgage holiday and a payment holiday on a loan, was offered, I accepted.
i have maintained all other payments, my credit card utilisation is at 22% of credit available.  I haven’t missed any payments for changes my spending habits, if anything I have avoided paying for things with credit and have replied on my salary and savings instead.
this morning, I checked my credit score and it has dropped by +100 points! Dropped from excellent down to good and no explanation for it.

has anyone else noticed this?

Villagepig76

(Apologies for the typos. Angry phone typing is never a good thing)

penners324

What changes are showing on the CRAs?

bradders1983

The score is just a pretty number for the benefit of the consumer, it bears no relevance to what is looked at during a credit check.

D3xt3r5L4b

It doesn’t matter if the score has dropped.
Its likely dropped as it’s not seen a balance decrease in the mortgage.

Is the payment holiday you arranged a standard payment holiday or one offered due to the COVID pandemic?

Who is the mortgage lender?

RelievedSheff

Payment "holidays" should only ever be used as a last resort. They cost you more money in the long run.

Malkytheheed

Payment holidays were meant for those who had been made redundant, not those on 80% salary. Your finnances should easily be able to cover your mortgage on 80% salary. Just take from your "fun money" pot.

MinuteNoodles

Malkytheheed said:

Payment holidays were meant for those who had been made redundant, not those on 80% salary. Your finnances should easily be able to cover your mortgage on 80% salary.

This. The reduction in travel to work costs and not doing things like buying a Starbucks or a Greggs etc for lunch at work coupled with the fact that all of the leisure stuff they spent their money on, lowering the outgoings for many offset the take home pay they were losing. The lack of any childcare costs alone more than compensated for any who were paying for childcare.

comeandgo

Yes, that's normal.  You have shown you have nothing saved for rainy days, you are not reliable for repayments.

Villagepig76

penners324 said:

What changes are showing on the CRAs?

No changes at all.  If anything, the rest of my credit balances have continued to decrease.

[Deleted User]

In that case, they've probably just done a wholesale drop of numbers across the board.

Nothing to worry about, beyond the potential risk of the mortgage holiday, but what's done is done.