Experian Credit Score

EllyPS

Hi
I used to have a low credit score with a lot of defaulted accounts and a bankruptcy registered against me. I had a managed bank account with ThinkMoney. My Bankruptcy was deleted from my credit report 2 years ago but I had 3 defaulted credit accounts still showing. These 3 accounts are still on my report and will be for another couple of years. However, in Oct last year my credit score with Experian was just under 800. I managed to change to a NatWest current account from my managed ThinkMoney account and set up a savings account. In November my score dropped to 690 presumable because I had changed my bank account after 10 years. My score stayed the same until March this year. Then it dropped by about 20 points in May. At the beginning of June when it was updated again it dropped by 248 and is now only 424 which is very poor. There is no reason for this. My report shows nothing has changed since October last year. My 3 defaulted accounts are still there but as another 6 months has passed they are less significant. I have a decent amount of savings in my savings account and have not new debts nor have I any applications for credit. I have contacted Experian and no one can explain why this has happened. Anyone have any ideas? Thank you

D3xt3r5L4b

The score isn’t a “thing” lenders use.

Its a marketing gimmick to get you to panic and sign up to “improvement” products and such other nonsense. 

MovingForwards

The credit score / rating are not seen or used by financial institutions, it's the credit history they see and use for their own internal algorithms.

The fake scores we see go up and down with any change. Use a credit card, open a current account, have a credit check it moves. 

DCFC79

You checked your score at Transunion or clearscore ?
They rate you differently or will you not worry about them since they mean naff all ? 

EllyPS

Hi
Thanks for the response.
Funnily enough I did and they hadn't changed at all. My experian score has gone up again now. I've made a complaint as they told me they couldn't answer my query until i joined credit expert for 14.99 a month but I did that and there is still no explanation so I've told them I want a refund...............

D3xt3r5L4b

That was silly.
Youve already been told the score means nothing so just let it go...

MovingForwards

They won't be able to tell you, because the numbers don't mean anything to a financial institution.
All you can do is keep your financial history clean and get a sub-prime credit card to show you can borrow and pay back (always pay in full after the statements come out). I used to just put my food shopping on it, keep the money to one side, or from my next wages, then pay when the statement was produced.

An agency I look at has dropped my score by nearly 100 points today because my 'alias' (maiden name) has dropped off and I've got a small balance on a CC (under 1% of my income).

I'm expecting the number to plummet when two defaults drop off next month.

It just proves the numbers are a farce.

sourcrates

All your debts should have a default date no later than the date of your bankruptcy.
All your defaults should have dropped off your file when your bankruptcy did, I suspect you did not do a credit file clean up.

NatalieAGC

At no point did op ask what lenders do or don’t see in regards to their score.  

The score is made up of creditworthiness on individual account so to many who try to build their credit profile it matters. 

🙄

D3xt3r5L4b

NatalieAGC said:

At no point did op ask what lenders do or don’t see in regards to their score.  

The score is made up of creditworthiness on individual account so to many who try to build their credit profile it matters. 

🙄

No it's not.
Bankrupts and 18 year olds with no credit get 999 scores.
How is that showing ones credit worthiness?
And actually they did mention it - several times...

"In November my score dropped to 690 presumable because I had changed my bank account after 10 years. My score stayed the same until March this year. Then it dropped by about 20 points in May. At the beginning of June when it was updated again it dropped by 248 and is now only 424 which is very poor. There is no reason for this."