Credit Score - Why isn't it going up

CreditScoreIncrease

I regularly check my credit score with all the relevant agencies, I haven't missed a payment in four months on my Credit Card, I have never missed a payment on a Credit Union loan and all of my utilities are at £0.00 balance. How can I get it to increase faster or am I doing something wrong?

TadleyBaggie

It's a made up number, stop obsessing with it.

DE_612183

https://www.examinerlive.co.uk/news/cost-of-living/martin-lewis-issues-warning-over-30515064

elsien

CreditScoreIncrease said:

I regularly check my credit score with all the relevant agencies, I haven't missed a payment in four months on my Credit Card, I have never missed a payment on a Credit Union loan and all of my utilities are at £0.00 balance. How can I get it to increase faster or am I doing something wrong?

Does that mean you have previously missed payments, because that is going to have far more impact on any future potential  borrowing than any random score. 

It’s about your credit history and your affordability. Those are the important factors. 

CliveOfIndia

elsien said:

CreditScoreIncrease said:

I regularly check my credit score with all the relevant agencies, I haven't missed a payment in four months on my Credit Card, I have never missed a payment on a Credit Union loan and all of my utilities are at £0.00 balance. How can I get it to increase faster or am I doing something wrong?

Does that mean you have previously missed payments, because that is going to have far more impact on any future potential  borrowing than any random score. 

OP, this is it in a nutshell.  From what you've written, the inference is that you have missed some payments on your credit card very recently.  This will be a major red flag to any lender who looks at your credit report.

The score itself is utterly meaningless, and in fact is not even visible to lenders.

Brie

Positives
Are you on the electoral register? 

Negatives
Do you constantly use your overdraft?
Do you have a phone contract?
Do you have a high broadband and TV programmes contract?
Do you pay monthly for motor and home insurance?
Do you have any CCJs?

35har1old

Brie said:

Positives
Are you on the electoral register? 

Negatives
Do you constantly use your overdraft?
Do you have a phone contract?
Do you have a high broadband and TV programmes contract?
Do you pay monthly for motor and home insurance?
Do you have any CCJs?

Have you open new accounts?
It sames it doesn't make a difference even if you haven't asked for overdraft 

ManyWays

Apart from previous problems, are you using a very high percentage of your credit limit and are you spending on the card? If you are, then you need to clear more and also stop using the card to get your credit score to improve. 

MEM62

CreditScoreIncrease said:

How can I get it to increase faster.

Going bankrupt sometimes works.  Either way, unless your hobby is collecting numbers it makes no difference what the 'score' is as you are the only one that sees it. 

CreditScoreIncrease said:

I doing something wrong?

Probably not - other than worrying about a number that has zero impact on your life. 

CliveOfIndia

ManyWays said:

Apart from previous problems, are you using a very high percentage of your credit limit and are you spending on the card? If you are, then you need to clear more and also stop using the card to get your credit score to improve. 

But what benefit is there to increasing one's score?  As has already been stated, and has been reiterated countless times on other threads, the score is utterly meaningless.

In terms of improving your credit history then yes, you're right - reducing the amount of debt outstanding (ideally, clearing the card in full every month) will make make lenders look a lot more favourable on you.

Nasqueron

ManyWays said:

Apart from previous problems, are you using a very high percentage of your credit limit and are you spending on the card? If you are, then you need to clear more and also stop using the card to get your credit score to improve. 

Utilisation is another silly CRA metric that has more nuance - a high utilisation on a 0% promo rate isn't an issue vs carrying a lot when you're paying interest which makes your credit record look worse. Using a lot and paying off in full every month is fine.

Stopping using a card is also debatable depending on how it's used