Why has my Credit Score dropped so much?

alexl102

Hi!

I recently checked my Credit Score for the first time in a while, and it had dropped significantly from the last time I looked, so I'm now in the mid-range 'yellow' zone (on experian, I don't know how others show it). I'm struggling to understand why.

Our mortgage is currently my only 'debt'; aside from an agreed 3-month payment holiday taken last year during the pandemic, we have paid on time every single month. I have one credit card in my name but always paid off significantly more than the minimum payment (£100 on average each month compared to minimum required of around £30-40) and in March this year paid off the full remaining balance so my balance is now £0.00. I haven't used it at all since as I haven't needed to.

I do occasionally dip into my arranged overdraft on my current account as aresult of a few bills which come out a few days before I get paid, but this is never more than £100 (in fact, it's usually about a tenner at most) and is always repaid within a couple of days if not the same day. Could that have affected it?

Other than that I can't understand why it's so low. Any advice on what might be impacting it and how I can build it back up would be much appreciated!

[Deleted User]

The credit score doesn't mean anything, so don't worry about it too much.

To be seen as lower risk by lenders, stay out of your overdraft and minimise the debt you're carrying. Clear the card in full each month if possible.

The mortgage payment holiday will also be a red flag to lenders.

macman

It's a fictitious figure that lenders don't even see, so ignore it.

Borders2017

Mortgage payment holiday will be likely cause. Try and get that up to date asap