Why has my score reduced

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  • Willing2Learn
    Willing2Learn Posts: 6,294 Forumite
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    sourcrates wrote: »
    How can it reduce twice in a week, when its updated on a monthly basis ?
    delpy1 wrote: »
    I'm paying 14.99 to Experian and it reduced from 923 to 916 on the 31/07 and dropped again today to 902 , maybe because one was July and the other Aug?
    Searches are recorded and updated on a daily basis. That could cause fluctuations to your score as Experian would say it was a negative having credit searches recorded. Just a guess. But as has been said before, the score is totally meaningless and lenders don't use it. :)
    I work within the voluntary sector, supporting vulnerable people to rebuild their lives.

    I love my job

    :smiley:
  • MABLE
    MABLE Posts: 4,080 Forumite
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    Mine went from 908 to 958 and no changes for the last month.
  • worried_jim
    worried_jim Posts: 11,631 Forumite
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    delpy1 wrote: »
    I'm paying 14.99 to Experian and it reduced from 923 to 916 on the 31/07 and dropped again today to 902 , maybe because one was July and the other Aug?Then again my equifax updates every day

    Stop wasting your money!
  • delpy1
    delpy1 Posts: 39 Forumite
    worried_jim wrote: »
    Stop wasting your money!
    Already cancelled Experian and in the process of stopping Equifax, I will use all the free reports instead :)
  • gionnetto
    gionnetto Posts: 234 Forumite
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    MABLE wrote: »
    Mine went from 908 to 958 and no changes for the last month.

    It usually means one of these things:
    1) your revolving balance is below 30% OR
    2) your loan repayment is above 70%, OR
    3) any of your accounts is older than 6, 12 or 18 months
    Your cholesterol levels are not seen, or used, by your heart and arteries, so ignore it.
    :eek:.
  • worried_jim
    worried_jim Posts: 11,631 Forumite
    Combo Breaker First Post
    gionnetto wrote: »
    It usually means one of these things:
    1) your revolving balance is below 30% OR
    2) your loan repayment is above 70%, OR
    3) any of your accounts is older than 6, 12 or 18 months

    And there is also a "Y" in the day of the week.
  • sparkey1
    sparkey1 Posts: 444 Forumite
    First Post
    sourcrates wrote: »
    How can it reduce twice in a week, when its updated on a monthly basis ?

    The reports obtained through MSE credit club, Noddle and Clearscore are single snapshots taken once in a month.

    The experian report changes when they receive an update from the lenders. That offers a daily snapshot. So on day 1, lender A may update. Day 2 no one updates so report stays the same. Day 3, maybe another lender updates and so forth.

    Credit cards, mortgages and current accounts normally update once per month with the CRAs, but of course they will possibly update on different days depending on who the credit is with. Searches and most pay day loans update daily.
  • delpy1
    delpy1 Posts: 39 Forumite
    Hi all just checked my credit score with the credit Club and its 987, but my experian (subscription) score is still showing as 902, anyone had this before?
  • [Deleted User]
    [Deleted User] Posts: 35,242 Forumite
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    Yes. Lots of people.

    Ignore both in equal measure.
  • sparkey1
    sparkey1 Posts: 444 Forumite
    First Post
    delpy1 wrote: »
    Hi all just checked my credit score with the credit Club and its 987, but my experian (subscription) score is still showing as 902, anyone had this before?

    Your credit club score is a snapshot taken at some point in the last two months.

    Your experian score using credit expert is their rating for today.

    So same data, assessed at different times.

    If you look in depth at the account balances you find that they are different for the same account across the two products. Taking a guess your credit club data is probably showing what your experian report showed on a day last month or even in June.
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