Change in experian credit scores !watch out!

DRS1ONE

Those who have read my previous threads will know my total unsecured debt is at £63000. ouch....
I am on a good income and have taken action. Now over paying on all loan and credit accounts. I will be debt free!

Just ran a credit score check on myself and since the 01/05 my national rating on experian has changed from 931 to 512. HOW CAN THAT BE?

Well experian have decided to change the way they calculate your score (this week).
If your total unsecured debt is over 50,000 you lose 400 points.

It makes no difference if like me you have never missed a payment.

I now have a new target of clearing £13,000 quick.

Burlesque_Babe

to be honest, the scores offered by experian etc mean absolutely nothing when it comes to your actual credit 'rating'. All lenders have their own inhouse scoring system so take no notice of the figures plucked out of the air by experian.

I wouldn't worry about it.

DRS1ONE

keren29 wrote: »

to be honest, the scores offered by experian etc mean absolutely nothing when it comes to your actual credit 'rating'. All lenders have their own inhouse scoring system so take no notice of the figures plucked out of the air by experian.

I wouldn't worry about it.

Thanks Keren29,

The chap at experian said the same. Thought I would communicate the fact the this change has taken place. I was very worried to begin with. I thought I had missed a load of payments. something to be aware of for others.

Broken_hearted

The scores mean nothing my credit score is great but I can't get credit, DH who is on a DMP get credit thrown at him. Its insane.

Baybee1984

Does anyone know where I can get a completely free online credit check? Ive looked at a couple but for example Experian asked for card details and I currently dont have a bank account..

MB172

DRS1ONE wrote: »

Those who have read my previous threads will know my total unsecured debt is at £63000. ouch....
I am on a good income and have taken action. Now over paying on all loan and credit accounts. I will be debt free!

Just ran a credit score check on myself and since the 01/05 my national rating on experian has changed from 931 to 512. HOW CAN THAT BE?

Well experian have decided to change the way they calculate your score (this week).
If your total unsecured debt is over 50,000 you lose 400 points.

It makes no difference if like me you have never missed a payment.

I now have a new target of clearing £13,000 quick.

sorry to jump in on this thread but just joined and have very similar problem. i have been with experian for a year and managed to get my credit score up to 931 from 511, however i recently applied to extend a loan with my bank over a slightly longer period (5yrs) to pay off 2 cc's and lower my monthly outgoings. i was told that i meet all requirements but was declined due to a low credit score! checked my score today and it is now poor with a score of 612. i have paid all bills on time albeit the minimum on my cc's and have never defaulted or have anything bad on my account. any answers or ideas about this would be greatly appreciated. regards, matt

dancingfairy

Hi MB7 and welcome. Perhaps posting a new thread would help more people see you question. Why you were refused for credit could depend on anything -whether the company thinks they will make money out of you/whether they are targetting your profile of person etc. What with this credit crunch as well I guess they are really tightenting up who they lend to as well. Was it just the one application? Have you moved house recently etc? Have you checked there is nothing untoward on your record?
Also perhaps there is a better way of getting out a financial mess than taking out another loan. Post an SOA and perhaps people will be able to make suggestions to make your life easier without taking out more credit which has led a lot of people on here further and further into debt.
Just a few thoughts!
Best Wishes
df