Credit score dropped 100pts on ClearScore??

Between June and July this year my credit rating on ClearScore has dropped from 532 to 414 despite my debt actually decreased and all payments being made on time.
During this time the only change that has been made is that I took out a new credit card to do a balance transfer of £2k. Since then my debt on that has dropped significantly but my credit limit has gone from £13 to to £21k (the £2k my only short term debt). 
Is it normal for this to have dropped my credit score this much? I’d never have done the balance transfer has I realised.


  • MovingForwardsMovingForwards Forumite
    16.2K Posts
    10,000 Posts Fourth Anniversary Name Dropper Photogenic
    Please ignore the credit score and rating as they are not seen, or used, by financial institutions.

    Credit report scores go up and down with any change.

    Double check payment history and ensure your accounts are right. The balances will probably never tally with statements due to monthly reporting date by companies and when your new report is generated.
  • balbsbalbs Forumite
    94 Posts
    Part of the Furniture 10 Posts
    Yes formumite is right - ignore all those credit score numbers... Martin has written about this before on the site.    You will probably see the numbers climb back up after a couple of months but in any case they dont have much relation to your ability to get credit.
  • Ebe_ScroogeEbe_Scrooge Forumite
    7.3K Posts
    Part of the Furniture 1,000 Posts Name Dropper Combo Breaker
    As per the above, the score issued by the reference agencies is nothing more than a marketing gimmick designed to allow them to sell you products you don't need - and it has no bearing whatsoever on how lenders view you (they can't even see it).
    The score will have dropped due to the new credit card - the score drops in reaction to any change in your credit circumstances, good or bad.  But it matters not one jot - as long as you're paying what you owe each month, this is what counts.
  • PeterT39PeterT39 Forumite
    3 Posts
    First Post
    Well, the score may or may not be used by a variety of lenders, insurers and others to decide on whether to offer you products and at what price if so, but many look at the raw data and build their own scoring on the basis of that.  Clearscore uses Equifax's rating, though I understand they're about to move to a score out of 1000 instead of just 700, so you'll see it go up shortly.
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