Credit Score Dropped

Flossy85

Hiya,

Looking for some advice as I'm a bit stumped. My credit score suddenly dropped 200 points a couple months ago and I have no idea why. It says my Argos card has been removed but it's still active and I even used it recently. I'm not sure what to do to bring it back up. 

I've attached a picture of what it says but I have no idea what to do - any help?

MorningcoffeeIV

It's fine. The credit score isn't a a real thing and has nothing to do with lending.

If you're managing your accounts properly, just ignore it.

CliveOfIndia

There's no need to worry.  The score you see on your credit report will drop in response to any change in your credit circumstances - whether good, bad or indifferent.

But since the score pays no part in any lending decisions - it's not even visible to any lender - there's no cause for alarm.

It sounds like Argos have either just started reporting to Equifax (not all lenders report to all 3 credit agencies, maybe they've just started reporting to this one), or there's been a slight change in the way they're reporting.  Whatever, there's no need to worry about the drop in your meaningless score.

Flossy85

Oh amazing thank you both!! I've always been told your credit score is like super duper important so that makes me feel a bit better ☺️

molerat

Flossy85 said:

Oh amazing thank you both!! I've always been told your credit score is like super duper important so that makes me feel a bit better ☺️

Your credit file is important, your credit score is not.

I paid off my stoozed credit card balance of around £5K and my score dropped - go figure.

CliveOfIndia

Flossy85 said:

Oh amazing thank you both!! I've always been told your credit score is like super duper important so that makes me feel a bit better ☺️

Just by way of clarification, the score that's dished out by the CRAs is meaningless.

A lender will give you a score.  They take the raw data contained in your file, churn it through their computer systems, and generate their own internal score - this is what's important.  Each lender will have different lending criteria, different risk appetites, different target customer bases.  So their internal scoring algorithms will be different from their competitors'.  That's one reason why there cannot be a one-size-fits-all score.

And since their lending criteria are highly confidential and commercially sensitive, no-one will know what those criteria are, or how they score you, or why they give you a low or a high score (well, maybe a handful of their IT and risk management guys will know, but that's about it).