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One hard recent hard search severely hit credit score!
KellieR
Posts: 11 Forumite
Hi All
I am in the process of moving house and will need to borrow additional funds for the new house. I've usually got a fairly good credit score (use clearscore) of 836. In the last month I have paid off £3000 on a credit card but have also taken out a phone contract which has significantly hit my score by 76 points now down to 760! This seems quite a severe drop, is this normal? How long will it take to recover? Will this impact my mortgage borrowing?
Thanks
😊
I am in the process of moving house and will need to borrow additional funds for the new house. I've usually got a fairly good credit score (use clearscore) of 836. In the last month I have paid off £3000 on a credit card but have also taken out a phone contract which has significantly hit my score by 76 points now down to 760! This seems quite a severe drop, is this normal? How long will it take to recover? Will this impact my mortgage borrowing?
Thanks
😊
0
Comments
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Lol.
Your credit score is a made up number and has nothing to do with the chances of you getting credit
Just ignore it. One search will have next to no impact.0 -
I’ve had the same problem. Lost 126 points after opening a current account (no overdraft) with same bank I’m already with. That was four months ago and so far I’ve got ten points back.Start Date 02-09-2024CC1 £569
CC2 £1,036
L1 £1,621
L2 £938
L3 £9360 -
IIRC, the effect of hard searches wears off over 12 months as they usually drop off after this.HeavyMetalFan said:I’ve had the same problem. Lost 126 points after opening a current account (no overdraft) with same bank I’m already with. That was four months ago and so far I’ve got ten points back.If you want me to definitely see your reply, please tag me @forumuser7 Thank you.
N.B. (Amended from Forum Rules): You must investigate, and check several times, before you make any decisions or take any action based on any information you glean from any of my content, as nothing I post is advice, rather it is personal opinion and is solely for discussion purposes. I research before my posts, and I never intend to share anything that is misleading, misinforming, or out of date, but don't rely on everything you read. Some of the information changes quickly, is my own opinion or may be incorrect. Verify anything you read before acting on it to protect yourself because you are responsible for any action you consequently make... DYOR, YMMV etc.1 -
Please do read the sticky thread at the top of this board, before discussing credit scores.
It will help save you time and effort chasing something you don’t need to worry about.I’m a Forum Ambassador and I support the Forum Team on the Debt free wannabe, Credit file and ratings, and Bankruptcy and living with it boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.For free non-judgemental debt advice, contact either Stepchange, National Debtline, or CitizensAdviceBureaux.Link to SOA Calculator- https://www.stoozing.com/soa.php The "provit letter" is here-https://forums.moneysavingexpert.com/discussion/2607247/letter-when-you-know-nothing-about-about-the-debt-aka-prove-it-letter6 -
Given that some posters can't even be bothered to read the post immediately before theirs, when they write about meaningless scores, I suspect you are on a hiding to nothing heresourcrates said:Please do read the sticky thread at the top of this board, before discussing credit scores.
It will help save you time and effort chasing something you don’t need to worry about.
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