Experian huge credit score drop

Alex9384

Without reading all comments.. My Experian score dropped 149 points after I applied for a bunch of new accounts.
On the same month, my Equifax score went up 15 points and my TransUnion score went up to my new all time high, lol.
Despite the significant Experian score drop, American Express sent me a letter offering to increase my credit limit by £1450, Barclaycard is offering me money transfer (and increased my limit by £1000). So you can imagine how accurate these scores are. Probably same as your horoscope.

Ladypopkins

Alex9384 said:

Without reading all comments.. My Experian score dropped 149 points after I applied for a bunch of new accounts.
On the same month, my Equifax score went up 15 points and my TransUnion score went up to my new all time high, lol.
Despite the significant Experian score drop, American Express sent me a letter offering to increase my credit limit by £1450, Barclaycard is offering me money transfer (and increased my limit by £1000). So you can imagine how accurate these scores are. Probably same as your horoscope.

That's mad lol 😆 yes definitely as accurate as my horoscope! Gone are the days where there wasn't really such thing as a credit score. Thanks for your reply, it's helped me feel less worried about the numbers! 

Alex9384

Ladypopkins said:

That's mad lol 😆 yes definitely as accurate as my horoscope! Gone are the days where there wasn't really such thing as a credit score. Thanks for your reply, it's helped me feel less worried about the numbers! 

  You're welcome. Also, if you get an offer to increase your credit card limit, accept it. You can even try it manually after 6 months from the account opening (some lenders allow shorter time, but usually it's every 6 months). It's not hugely important, but still, it shows other lenders that your CC provider trusts you enough to offer you more and more credit over time. For the same reason, never reduce your limit. Other lenders don't see the reason why it was reduced, whether it was you or the lender because they no longer trust you so much.
You can try to get one more card later this year. Two cards will build you better history than just one. It shows that you can manage multiple lines of credit (I personally have 7 credit cards and 14 current accounts. Two cards are easy to manage). Just use them every single month. Do not pay before the statement as this would make it look like you actually didn't use the card at all. Just set up direct debits for every card you have and always make sure you have enough money in the account from which those direct debits go out.
I would also suggest to keep these credit cards for years as they will become your oldest credit cards. Credit accounts (well managed) with long history are seen as a positive on your credit reports.

Ladypopkins

Alex9384 said:

Ladypopkins said:

That's mad lol 😆 yes definitely as accurate as my horoscope! Gone are the days where there wasn't really such thing as a credit score. Thanks for your reply, it's helped me feel less worried about the numbers! 

  You're welcome. Also, if you get an offer to increase your credit card limit, accept it. You can even try it manually after 6 months from the account opening (some lenders allow shorter time, but usually it's every 6 months). It's not hugely important, but still, it shows other lenders that your CC provider trusts you enough to offer you more and more credit over time. For the same reason, never reduce your limit. Other lenders don't see the reason why it was reduced, whether it was you or the lender because they no longer trust you so much.
You can try to get one more card later this year. Two cards will build you better history than just one. It shows that you can manage multiple lines of credit (I personally have 7 credit cards and 14 current accounts. Two cards are easy to manage). Just use them every single month. Do not pay before the statement as this would make it look like you actually didn't use the card at all. Just set up direct debits for every card you have and always make sure you have enough money in the account from which those direct debits go out.
I would also suggest to keep these credit cards for years as they will become your oldest credit cards. Credit accounts (well managed) with long history are seen as a positive on your credit reports.

I certainly learn something new every day lol I will definitely keep everything in mind and confident that the future is bright! 😁 I'm doing everything that I can right now so staying positive. 

Thanks again! 😊👍🏻

[Deleted User]

Ladypopkins said:

Alex9384 said:

Without reading all comments.. My Experian score dropped 149 points after I applied for a bunch of new accounts.
On the same month, my Equifax score went up 15 points and my TransUnion score went up to my new all time high, lol.
Despite the significant Experian score drop, American Express sent me a letter offering to increase my credit limit by £1450, Barclaycard is offering me money transfer (and increased my limit by £1000). So you can imagine how accurate these scores are. Probably same as your horoscope.

That's mad lol 😆 yes definitely as accurate as my horoscope! Gone are the days where there wasn't really such thing as a credit score. Thanks for your reply, it's helped me feel less worried about the numbers! 

There is still no such thing as a credit score, it's a gimmick and must be treated as such, lest we end up with the US system when your score rules your life

sourcrates

DCFC79 said:

Ladypopkins said:

Hello,

I am looking for some advice and would be very grateful for any words of wisdom. My credit score with experian has dropped over 80 points this month, I have no missed payments but I do now have a credit card that I pay off in full and stay under 20% threshold. Is it likely to be due to this? I am hoping that I can re-build this as I had a huge knock back due to a ccj  I wasnt aware of late year (long story but it shows as satisfied oncredit files including trans Union and equifax) I payed that off as soon as I found out (went to the wrong address) now I am facing the negative repercussions of that and trying to set judgement aside (any advice on that would be amazing). I am trying not to obsess over my credit scores but it is stressing me out quite a bit.

Thanks again

No need to stress about a score only you can see.
My score went down as Id moved to a new property.

Re the CCJ I could be wrong but I don't think you can go for a set aside if you have already paid it, with you paying it you have admitted it was yours.
On what basis would you go for a set aside ?

Its possible you can obtain a set aside, but, its going to cost you money.

The current fee is £255.00 without consent, or £100 if the creditor agrees, but, be aware, judges do not like the system used in this way to clear up credit files, and could refuse you point blank, it would depend on the court sitting on the day as to how this would go.

Ideally you should have gone for a consent order originally, before you paid, as a pre-requisite for settling the debt in full.