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My ClearScore score has dropped, but why?
So, being somewhat paranoid about my credit rating (times were really tough, in the past) I keep an eye on my 'report summary', which has shown a drop of over 100 points, about 10% of the maximum score of 1000. But there's no apparent reason, other than not having a mortgage.
I am retired and in receipot of my state pension and a couple of private pensions, and I owe nothing, but I do have a credit card, which I pay off every month.
Whty the sudden drop? Because I don't have a mortgage (I own my house ooutright) or a secured loan.
Should I worry about the dropped score?
Thanks
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The CRA scores are entirely made up and will drop for almost no reason. I can't recall which CRA it was but they claimed to have "boost" button on the app that increased your score, it really showed what a farce the number is. Secondly, no one else (literally no one) but yourself can see this number.
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They do like to push 'special offers' for credit cards, though!
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It would be really handy if MSE had a pinned post explaining the irrelevance of credit scores......…
https://forums.moneysavingexpert.com/discussion/4974939/what-your-credit-score-really-means#latest
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I'm conflicted about these, I know credit checks are done, I'm just not sure how much of what you see is what a lender sees, I think there's a gap in transparency that makes them not worth your while. For some reason reports about me stopped in 2024, no record of my mortgage, credit card, or any account I've opened.
I'm FTB, not an expert, all my comments are from personal experience and not a professional advice.Mortgage debt start date 11/2024 = 175k (5.19%)... Q1/2026 = PAID (3.94%)1 -
I'll ask about getting this pinned. I agree it could be helpful.
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Enquired about this previously, there seems to be some contention as to what lenders can actually see on your credit report, as all operate in strict confidentiality, its very difficult to get a definitive answer on this.
The original post is now 12 years old, think how far things have progressed in other areas in that time, it would be safe to assume this information may need an update.
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-letter1 -
Have you opened any savings accounts apparently this can have downward effect.There's usally a reason given
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A savings account should leave no trace outside of an identity check, there should be no effect on scores.
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Whty the sudden drop?
Probably because of the change in weather….. or it could be because we are nearing the end of May.
Either way the 'score' is meaningless and is seen only by the CRA and you so I would not give it a second thought.
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Lenders do not see the score, but it can be assumed they see everything else on your file and run it through their own scoring systems. I suspect MSE / Martin wouldn't want to get into a bunfight with the CRAs by constantly ramming home the point about the marketing gimmick
Sam Vimes' Boots Theory of Socioeconomic Unfairness:
People are rich because they spend less money. A poor man buys $10 boots that last a season or two before he's walking in wet shoes and has to buy another pair. A rich man buys $50 boots that are made better and give him 10 years of dry feet. The poor man has spent $100 over those 10 years and still has wet feet.
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