Martin Lewis: Why you shouldn't worry too much about your credit score 7 June 2021 at 6:33PM edited 14 June 2021 at 11:49AM in Martin's blogs & appearances & MoneySavingExpert in the news 5 replies 211 views

MSE_Petar

This is the discussion to link on the back of Martin's blog. Please read the blog first, as this discussion follows it.

Martin Lewis: Why you shouldn't worry too much about your credit score – it's not actually a real thing

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Shenstone

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 

TerrancetheCat

I also realised they were not as important as it could be, because the scores are anywhere between 6 weeks and 3 months out of date.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.

Farfetch

TerrancetheCat said:

I also realised they were not as important as it could be, because the scores are anywhere between 6 weeks and 3 months out of date.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.

phillw

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.

ThisnotThat

phillw said:

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.

Meanwhile bankrupts are getting 999 scores.

It might be an indication you've done something wrong, equally it could be another CRA brain fart.

Learn how to interpret your file and ignore the scores.