Credit Score dropped over 100 points?
Options
Comments
-
I have a 2 credit cards and some catalogues I always pay more than the minimum payments on them and the balance is under 30% of the total limits.
I have a decent income too. I don't know what more I can do.0 -
Unless the card and catalogues are on 0%, you should be clearing these in full each month, not just making more than minimum payments.
How do your debts compare to your income?0 -
I can't afford to clear them every month as I've been saving £1000 per month for the mortgage deposit for the past year. I also have rent & childcare bills etc to pay so it is just not feasible right now.
I owe about 3K altogether but this is coming down every month.
The credit card is now 0% I transferred it to a 0% card and lost 100 points on my credit score for doing so.0 -
The points don't matter. No one sees them, no one care about them and you can't exchange them for Nectar points.
Credit scores hate change. It you want a top score, never use a card, never close a card, never get into debt, never clear a debt, never get older, never move house, never change your phone contract, never change utility suppliers. Simply do not move a muscle. You'll have a top score and no lender will ever give you credit.
Any debt will be factored into a mortgage application, so you would be better off clearing anything not at 0% before building the deposit. 3k of your deposit is effectively borrowed.0 -
I can't afford to clear them every month as I've been saving £1000 per month for the mortgage deposit for the past year. I also have rent & childcare bills etc to pay so it is just not feasible right now.
I owe about 3K altogether but this is coming down every month.
The credit card is now 0% I transferred it to a 0% card and lost 100 points on my credit score for doing so.
This is the issue then because if you can't afford to pay off a £3k debt in full after many many months then that is going to be a big negative when you want to get a mortgage.
As Zx81 says you need to clear this with some of the money you have saved for your deposit to show you can actually repay debts in full.0 -
You think I still have my original box?
It's been over 30 years since I came out of my box. Almost as old as this thread.0 -
...with another patronising reply.0
-
I thought if you didn't have something nice to say you weren't supposed to say anything?0
-
Oldskoolflash wrote: »Jeez, there is a lot of vipers on here. As my dear mother says "if you haven't got anything nice to say then don't say anything." Is there really a need for such condescending, sarcastic responses?
From what I can see the IP askes a very reasonable question and snipes are unnecessary.
zx81 get back in your box.:mad::mad::mad:
Nothing wrong with what was said.
In fact the OP didnt come across as being annoyed/angry/upset with the replies so as far as Im concerned theres nothing for you to have a gripe with.0 -
Oldskoolflash wrote: »Jeez, there is a lot of vipers on here. As my dear mother says "if you haven't got anything nice to say then don't say anything." Is there really a need for such condescending, sarcastic responses?
From what I can see the IP askes a very reasonable question and snipes are unnecessary.
zx81 get back in your box.:mad::mad::mad:Deleted_User wrote: »You think I still have my original box?
It's been over 30 years since I came out of my box. Almost as old as this thread.Oldskoolflash wrote: »...with another patronising reply.
I don`t think anyone has been patronising, just trying to add a little humour to the debate if anything, this credit score question is asked ten times a day, i think the regulars just get a little tired of answering the same questions day in, day out, especially when there is a sticky at the top of the forum, written by Martin, explaining exactly what credit scores are all about.
When a lender talks to you about your credit score, they are not referring to the one you see on your credit file, they are referring to the score there company rates you at, based on information given by you, and/or taken from your credit file.
Only you see the score on your credit file, no one else.
We are a nice lot really, try not to judge us too harshly based on this one post.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-letter0
This discussion has been closed.
Categories
- All Categories
- 343.2K Banking & Borrowing
- 250.1K Reduce Debt & Boost Income
- 449.7K Spending & Discounts
- 235.3K Work, Benefits & Business
- 608.1K Mortgages, Homes & Bills
- 173.1K Life & Family
- 247.9K Travel & Transport
- 1.5M Hobbies & Leisure
- 15.9K Discuss & Feedback
- 15.1K Coronavirus Support Boards