Closing Accounts lowers your credit score?

LSmith15 · 18 May 2017 at 12:31PM

Hoping someone can help as I am really confused.

Last month I had an excellent credit score and recently obtained a decision in principle for a mortgage. After checking my score today it seems as though my score has dropped by 135 points( taking me down to Fair) because my phone contract ended and also my account with British Gas ended. Surely this cant be correct?

Please someone help !!!!!!!

[Deleted User] · 18 May 2017 at 12:33PM

Listen carefully to the following information.

Your score means nothing, It moves with the wind, the tides and the colour of the sky. The one thing is does not measure is how lenders see you.

Ignore it.

Message ends.

National_Debtline · 18 May 2017 at 12:40PM

Hi LSmith15

Welcome to MSE. I wouldn’t dwell too much on the score you can see on your credit reference file. Every lender will have their own credit scoring system, in the same way each of the 3 credit reference agencies create different scores.

It could be worth checking the all the credit reference agencies to see what they show. You can check all 3 for free:

Clearscore https://www.clearscore.com (Equifax)
Noddle https://www.noddle.co.uk (Callcredit)
MSE Credit Club https://www.moneysavingexpert.com/creditclub (Experian)

Susie
@natdebtline

CakeCrusader · 18 May 2017 at 12:50PM

Any change affects your 'credit score' (which is a fictional number anyway). I ignore this part of my credit report

Closing Accounts lowers your credit score?

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