What your credit score really means

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Comments

  • GM1880
    GM1880 Posts: 169 Forumite
    PPI Party Pooper
    Silly I apprecaite, but just enjoy seeing how silly these scores are.

    Clearscore now at 390, it's dropped about 60 points since 4 months ago.

    6 months ago, I had a CCJ, a low credit card limit with Vanquis. Now I have a high(ish) limit AMEX and a Barclaycard to replace the Vanquis all with low utilisation and I don't have a CCJ.

    So, basically what this score is suggesting is that having a CCJ is looked on considerably more favourably than having two newish, credit card accounts with low utilisation.

    Just proves once again how they're a load of rubbish.
  • My Clearscore has reduced from a consistent 511 to 378 with no changes in the last month and no negative factors



    Load of rubbish
  • MABLE
    MABLE Posts: 4,080 Forumite
    First Anniversary First Post
    Just checked and my score is 908 with exp. Also did a eligibility check on the MBNA site and am now pre approved for all their credit cards.
  • My Clearscore has reduced from a consistent 511 to 378 with no changes in the last month and no negative factors



    Load of rubbish

    They are indeed a load of rubbish.

    That's why the scores and ratings are to be ignored
  • MABLE wrote: »
    Just checked and my score is 908 with exp. Also did a eligibility check on the MBNA site and am now pre approved for all their credit cards.

    Meanwhile people with a 999 "score" can't even get a £20 per month phone contract
  • host-two
    host-two Posts: 6 Forumite
    Debt-free and Proud!
    I've just ordered 2 phones, one in my name and one for my partner and looks like my credit scores dropped by about 50 points :/
    Removed by Forum Team
  • host-two wrote: »
    I've just ordered 2 phones, one in my name and one for my partner and looks like my credit scores dropped by about 50 points :/

    What do you think it means?
  • Franx
    Franx Posts: 2 Newbie
    First Anniversary
    edited 10 June 2018 at 11:01AM
    CREDIT SCORE SWINGING UNCHARACTERISTICALLY?

    Hi, new forum member posting for the first time.

    I've been keeping an eye on my credit report through the Credit Club for a few years but have really been checking it regularly (once a month) since January.

    In January, I was pleasantly surprised to see my rating had shifted from Fair (which it had been for some years) to Good. I had not done anything differently and had not really made any sort of meaningful impact on my debts, simply repaying monthly.

    Later, around March/April I checked again and my report was back to 'Fair'. The only thing I'd done differently since January was to make some purchases, the first in a while, which I had paid most of the amount off within the first month and all of the new purchase amount by the second. There was still an ongoing balance on the card which I continued to pay monthly. It was on one of the longstanding cards I have for purchases so it didn't upset any special offers etc.

    Some other changes I have made since January: switched mobile phone provider (no outstanding balances etc, nice clean switch), switched bank accounts via a pay to switch deal (switch went smoothly. The only potentially negative event in the initial switch application was I requested an overdraft facility as part of it for which I was declined. The request for overdraft was because one of the accounts I as considering to switch has a small overdraft facility so this was necessary to decide which of my existing accounts was best to switch), applied for and got a 0% balance transfer card (which I have not yet used and which was applied for after the overdraft rejection).

    This week I was unpleasantly surprised to find that my report is now sitting at 'Poor', the first time it has ever been this status.

    To clarify my query, I'm confused as to why my credit report has swung from a steady "Fair' rating to "Good', back to Fair' and now to 'Poor' all within 6 months with little change in my spending/payment behaviour, only a utilities switch, bank account switch and a new card. Any helpful insights welcome, thanks!
  • [Deleted User]
    [Deleted User] Posts: 35,242 Forumite
    First Anniversary Photogenic Name Dropper First Post
    The simple answer, as said repeatedly, is that your credit rating is a pretend score made up by the CRAs.

    Ignore it.
  • nic_c
    nic_c Posts: 2,928 Forumite
    Name Dropper First Post First Anniversary
    The simple answer, as said repeatedly, is that your credit rating is a pretend score made up by the CRAs.

    Ignore it.
    and the cynical answer they've got you on a hook tempting you with a higher rating with the aim of selling add-on subscription services
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