Credit rating fallen
in Credit file & ratings
6 replies 181 views
I have done a soft search on a couple of the recommended 0% credit cards andwas very surprised to be told I had little to no chance of getting any of them. Ove the years I've followed the MSE mantra of balance transferring and never had a problem.
I have just checked my credit score on the MSE Credit Club and was shocked to see that my Experian rating, which for many years has been 999, has now dropped to 895.
Is there any way of finding out why this has happened, or does anyone have any ideas? I turned 71 last week, don't know if that would impact. And we moved house last year. But my finances have broadly stayed the same.
I looked at the suggestions for improving the rating but none of them apply.
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Just check that the data on all three of your files is correct. Lending criteria have tightened, so if you've been carrying debt for a long time, you may have run of road. If so, start repaying the debt to lower your risk.
Start paying as much as you can to the highest rate debt or the first one to become interest bearing. The DFW boards will help with addressing the debt and cutting costs.
If you've been following the "mantra of balance transferring" then you'll know you should always have a plan to pay off the debt by the end of the 0% term - the next 0% card is never guaranteed, as you've found out. What was your plan to sort this?
The things likely to be impacting your ability to get new credit are the fact you've recently move house and your levels of existing debt. Are you on the ER at your new address, and does this appear on your credit files? It also sounds like your level of debt is an issue. You'll get some better advice on addressing that aspect on the DWF board as zx says above.