Mystery drop in credit score

[Deleted User]

Hi all,

Last month, my credit score on Clear Score dropped by 93 points.

I've missed no payments for over 2 years, and have had no hard searches.

Looking at my report gives no insight at all into what has had this negative impact.

What would people advise doing?

Ayr_Rage

Nothing.

It is an arbitrary number made up by Clearscore that nobody but you and them see.

flaneurs_lobster

https://forums.moneysavingexpert.com/discussion/6673331/mystery-drop-in-credit-score

…and what has this dramatic drop in your 'score' prompted? Made you worry and look for ways of how you could make it 'better'.

Reckon the suggestions from Clearscore will be to take advantage of one of the many credit products you can apply for using the conveniently-placed links on their site (for which they will earn commission) so that you can 'build you score back up'.

A cynic might think that the sole purpose of these 'scores' was to promote the use of credit products.

flaneurs_lobster

(Removed by Forum Team)

The contents of the credit reference agencies' reports on your current financial commitments are indeed important and should be checked for correctness.

The 'score' has no relevance to anyone but yourself. It's not seen/used by any external party.

Brie

It will relate to something random in your finances which as already suggested is allowing the credit agency to push you into buying something. It might be buying their enhanced service or getting another line of credit somewhere - they make money either way.

Don't worry about it if there's nothing obvious - you say no hard checks, no missed payments, presumably no (new) CCJs, you're still registered to vote and you haven't moved twice a month since January. So there is nothing to concern a creditor should you apply for credit or renew your mortgage.

sourcrates

Please read the sticky post by Martin Lewis at the top of this forum, it explains more clearly about the importance, or not, of your "credit score".

The_Groat_Counter

https://forums.moneysavingexpert.com/discussion/comment/82042573#Comment_82042573

Absolutely. It's rather doleful seeing the worry that these manufactured, mostly meaningless 'credit scores' cause amongst many people. As stated above, it's not worth anyone's worry at all.

PixelPound

If you are sensible, your score goes down.

• make payments to lower your balance, your score goes down
• close a credit card because you've not used it for a while, your score goes down
• Be careful with your spending and spend less on credit, your score goes down

If nothing new on your report, I wouldn't worry. The contents of the report, not the incredibly vague and unhelpful score is what matters.