Experian Credit Score

bscm1977

Hi All, I have recently moved taking out a new mortgage in the process. My Experian credit score used to be 999 but is now 879. The reason, I think, is because the age of my mortgage is showing as N/A (as it was only taken up last August). Does anyone know how often mortgage repayment history is published to these agencies by the banks? Do you also know if I can ask my lender (a high street lender) to publish my history? I am a bit miffed as it has affected my credit score through no fault of my own. Any advice will be very welcome. Cheers...

phillw

Don't worry, it's gone down because you took out the mortgage.

It will go down when you do anything. It will go back up eventually.

You bought a house, presumably you'll go on the spend to buy things for the house. Which might make some lenders more cautious.

cymruchris

Your score isn't important - only you see it. Nobody else does.

It gives you a rough indication of your creditworthiness.

Having taken on a new financial responsibility, it has rightfully moved down, as your exposure to debt has gone up.

Over time it'll recover. But then you might take out a new credit card, or buy a sofa at DFS, or finance a new kitchen, and then it'll go down again.

The only important thing is your history. On-time payments, no missed payments, not paying minimum payments for an excessive length of time.If you manage your payment perfectly, and don't overstretch your finance in relation to your income, you've nothing to worry about with a mythical magical number going up and down.

Ebe_Scrooge

bscm1977 said:

I am a bit miffed as it has affected my credit score through no fault of my own. Any advice will be very welcome. Cheers...

There's no need to be miffed at all - as others have said, the score you see is not used, nor even seen, by any lender.  Lenders will look solely at the data contained within your file, and will make their own assessment.

As long as you have no negative flags (late payments, defaults, etc.) then there's nothing to worry about.  All you need is a history that shows you're borrowing within your means and making repayments to all debts on time.  For credit cards (assuming they're not on a promotional rate), paying in full every month is the best approach in terms of your credit history - it also means you'll pay no interest.  For any other loans (including a mortgage), just ensure that each monthly payment is made on time.

The score dished out by the CRAs will drop in response to any change in your credit circumstance, whether good or bad, and will gradually rise over a period of stability.  But since you're the only person that sees it, it's about as much use as a chocolate teapot.

MEM62

bscm1977 said:

My Experian credit score used to be 999 but is now 879. 

You don't have a credit score - at least not one that anyone other than the CRA and you can see.  

Ebe_Scrooge

MEM62 said:

bscm1977 said:

My Experian credit score used to be 999 but is now 879. 

You don't have a credit score - at least not one that anyone other than the CRA and you can see.  

To be horribly pedantic, you do have a credit score - the internal score generated by the lender based on your data.  But only the lender themselves will ever see that.

But you certainly don't have a "universal" credit score (unlike in the USA, which I'm sure is the model the CRAs would like us to adopt!).

Yep, I'm being pedantic, but it may be worth mentioning to clarify the difference between the worthless CRA score and the important (but highly confidential) internal lender's score.  When most people talk about a credit score, they mean the CRA score - but it's worth knowing that lenders will score you internally, and that's the one that counts.

macman

It'll go up once the warm weather arrives, so don't worry...

Shanwick

Note that there is *not* a single universal credit score in the USA. Even within the commercially available scoring products that are available from Fair Isaac Corporation there are many different "FICO" scores. 

https://www.experian.com/blogs/ask-experian/fico-score-versions/

Some USA lenders may use one or more of those scoring models for various lending purposes but some lenders also have their own proprietary scoring systems or may use a commercial alternative to the FICO range such as VantageScore created by Experian, Equifax and Transunion.

https://vantagescore.com/

As an example, Chase USA which is a large credit card issuer in the USA  uses proprietary Chase scoring for its USA credit card accounts and return the score on that scale with their account approval/decline letter. 

Since a credit file can be scored using any of the available methods clearly people can have multiple "scores" and a numeric score should always refer to the scoring method used. At the end of the day the "score" which matters is the one generated by the method used by the lender to score the application.

captnoglos

mmmmm Interesting.    I've recently been using this site to see what I can do to reduce my costs / benefit from deals.   Enjoying the diversity of advice and comments, hoping also to be able to add value to discussion.  Anyway, recently applied for another CrCard following research on cashback / benefits etc.  (I only have two + a charge card after this application)  CrScore has not moved at all.  Earlier comments in history seem very valid.  The other factor is, I believe, actual % of available credit that is used.  Mine is low, which gives me flexibility should something be urgently required, and also a good record.

martinbainbridge1975

Lenders make up their own criteria to suit their own business model, like when they all advertise a low rate loan on tv, you can have a perfect score yet they might well decline you.

Would certainly agree with the other comments above that your score is irrelevant - I score 970 on experian with a spotless payment history, I have a low credit utilisation, a car loan and no mortgage yet my credit offers are crap.

It would be fair to say they lenders are being very picky and cautious in the current climate 

martinbainbridge1975

captnoglos said:

mmmmm Interesting.    I've recently been using this site to see what I can do to reduce my costs / benefit from deals.   Enjoying the diversity of advice and comments, hoping also to be able to add value to discussion.  Anyway, recently applied for another CrCard following research on cashback / benefits etc.  (I only have two + a charge card after this application)  CrScore has not moved at all.  Earlier comments in history seem very valid.  The other factor is, I believe, actual % of available credit that is used.  Mine is low, which gives me flexibility should something be urgently required, and also a good record.

it may take up to 60 days to affect your score depending on the bank / card company