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Martin Lewis: Why you shouldn't worry too much about your credit score

edited 14 June at 11:49AM in Martin's Blogs & Appearances & MoneySavingExpert in the News
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MSE_PetarMSE_Petar MSE Staff
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Part of the Furniture 10 Posts Name Dropper
MSE Staff
This is the discussion to link on the back of Martin's blog. Please read the blog first, as this discussion follows it.
Please click 'post reply' to discuss below.

Replies

  • ShenstoneShenstone Forumite
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    Second Anniversary First Post
    I realised how little they meant when having cleared our mortgage it went down and the biggest negative factor was that we did not have an active mortgage. At my age (undefined, but not young) having a mortgage is not a positive thing IMO 
  • TerrancetheCatTerrancetheCat Forumite
    1 Post
    First Post
    MoneySaving Newbie
    I also realised they were not as important as it could be, because the scores are anywhere between 6 weeks and 3 months out of date.  I cleared a loan, but it did not show for over 2 months.  As I was concerned, I sent off emails to ask why, I got back that it takes a minimum of 6 weeks to update. Not great when trying to keep on top of finacnes.
  • FarfetchFarfetch Forumite
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    1,000 Posts Name Dropper
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    I also realised they were not as important as it could be, because the scores are anywhere between 6 weeks and 3 months out of date.  I cleared a loan, but it did not show for over 2 months.  As I was concerned, I sent off emails to ask why, I got back that it takes a minimum of 6 weeks to update. Not great when trying to keep on top of finacnes.

    Did you read the article? The score is a gimmick, no lender ever sees it, it is never a factor in any credit application. Your live report is updated very quickly, the free one takes longer. Just ensure your record is correct and ignore the score - if your loan is paid off, then it'll show that immediately to anyone doing a credit check, even if not immediately on your report.

    He who rejects change is the architect of decay. The only human institution which rejects progress is the cemetery.

    -Harold Wilson


  • phillwphillw Forumite
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    Eighth Anniversary 1,000 Posts Name Dropper
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    Farfetch said:
    Did you read the article?
    Yes.

    Big drops however should be taken seriously. It's a decent indication that your data has changed, suggesting you've committed a real credit sin such as missing a payment, going over your limit or defaulting.

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