Credit Card stopped and credit score plummeted...

Hi all

Not sure if anyone can give some advice.

A while ago JAJA contacted me to say they were withdrawing my credit card and that it was a 'business decision'.

I have just now noticed that my credit score has plummeted by around 200points in the last few months....

I assume these two things are linked? If so, what can I do about it? Do I need to take out new cards?

Many thanks!

Comments

  • the score means diddly squat. what is actually on your credit reports is what counts.
  • molerat
    molerat Posts: 31,577
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    200 seems a big drop.  I closed 2 cards and opened 1 and my score dropped by 16 points with Transunion but stayed the same with Equifax and Experian.  So check the detail in the reports to see if there is anything else in there.
  • la531983
    la531983 Posts: 1,672
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    edited 17 November 2023 at 2:46PM
    molerat said:
    200 seems a big drop. 
    You mean a big drop in the comedy meaningless score that lenders dont see, isnt used for lending decisions, and changes even when "good" things happen?  That score?

    People need to stop obsessing about it. This isnt the United States where it is actually relevant.
  • joej80 said:

    I have just now noticed that my credit score has plummeted by around 200points in the last few months....

    I assume these two things are linked? If so, what can I do about it? Do I need to take out new cards?


    If you want another card, get another card. 

    But don't do it purely to collect ponts. They can't be exchanged for anything and have no cash value.

    Collect Nectar points or air miles instead.
  • MeteredOut
    MeteredOut Posts: 1,125
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    edited 17 November 2023 at 3:06PM
    The sooner people realise that these "credit scoring" websites are there primarily to gain commission by referring customers to financial products, the sooner they'll realise that using their credit score as some sort of vanity/status thing is a waste of time.

    They are useful to highlight what's going on with your credit records, but the score each provide is indicative at best.
  • joej80 said:


    I assume these two things are linked?
    Highly likely - your meaningless score will drop in response to any change in your credit circumstances, whether good, bad or indifferent.
    It's always a good idea to check all 3 of your credit reports anyway, just to make sure that there are no negative marks on there that you're unaware of - or any incorrect data that's been recorded.
    But you don't need to do anything about your score - it'll gradually rise over time, assuming no further changes to your credit circumstances.  If it does rise, that'll give you a nice warm fuzzy feeling - but that's all it'll do.  The score you see plays no part in any lending decisions, and is not even visible to a prospective lender.

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