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Martin Lewis: Why you shouldn't worry too much about your credit score
edited 14 June 2021 at 11:49AM
in Martin's blogs & appearances & MoneySavingExpert in the news
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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.
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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
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.
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.