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    • Devonbiker
    • By Devonbiker 11th Apr 18, 9:46 AM
    • 3Posts
    • 2Thanks
    Devonbiker
    Credit Score Insight please
    • #1
    • 11th Apr 18, 9:46 AM
    Credit Score Insight please 11th Apr 18 at 9:46 AM
    Hi,
    So my credit rating seems to be dropping every time I look at it lately and I have no idea why.
    I am on the electoral roll, havent moved around a lot, I have been in two jobs in the last 7 years, I have had credit that has been paid on time, no defaults, I still have credit (not lots) that I pay on time and not just the minimum and have cancelled unused cards and closed unused accounts.
    I recently came into some money and paid off a personal loan in full and currently have no outstanding debt, apart from a PCP on a bike that I pay on time every month, I also use a personal credit card for work expenses, which I reclaim and pay off regularly.
    Just reading the reasons your credit rating may not be great, I dont fit any of the criteria. It would seem that I should have a great rating.
    Any insight please?
Page 1
    • Gary_Dexter
    • By Gary_Dexter 11th Apr 18, 9:57 AM
    • 2,125 Posts
    • 1,185 Thanks
    Gary_Dexter
    • #2
    • 11th Apr 18, 9:57 AM
    • #2
    • 11th Apr 18, 9:57 AM
    Because the scores and ratings are made up and are to be ignored.

    Just concentrate on the history and raw data on your file.

    Check your report with all 3 CRA's as well
    • Ben8282
    • By Ben8282 11th Apr 18, 10:36 AM
    • 2,408 Posts
    • 1,103 Thanks
    Ben8282
    • #3
    • 11th Apr 18, 10:36 AM
    • #3
    • 11th Apr 18, 10:36 AM
    From what you have written there does not appear to be any adverse information on your credit files. Stop worrying about this number. If you experience actual problems with credit applications then start to look into what might be the problem.
    • RG2015
    • By RG2015 11th Apr 18, 10:52 AM
    • 1,303 Posts
    • 773 Thanks
    RG2015
    • #4
    • 11th Apr 18, 10:52 AM
    • #4
    • 11th Apr 18, 10:52 AM
    Hi,
    So my credit rating seems to be dropping every time I look at it lately and I have no idea why.

    I am on the electoral roll, havent moved around a lot, I have been in two jobs in the last 7 years, I have had credit that has been paid on time, no defaults, I still have credit (not lots) that I pay on time and not just the minimum and have cancelled unused cards and closed unused accounts.

    I recently came into some money and paid off a personal loan in full and currently have no outstanding debt, apart from a PCP on a bike that I pay on time every month, I also use a personal credit card for work expenses, which I reclaim and pay off regularly.

    Just reading the reasons your credit rating may not be great, I dont fit any of the criteria. It would seem that I should have a great rating.

    Any insight please?
    Originally posted by Devonbiker
    Hi Devonbiker,

    Sadly the credit reporting agencies (CRAs) do not tell you everything. There have been numerous reports on this site of credit scores falling after doing something positive like repaying loans early or cancelling unused cards.

    It appears that any change to your credit history will result in a reduced credit score. Hence the advice on this site is to ignore the score. It is not reported to lenders and only benefits the CRAs by generating interest in their products.

    The CRAs do charge for their premium products which update every day but you can also get them free of charge as follows although they are only updated monthly.

    1) Experian via MSE Credit Club
    2) Equifax via Clearscore
    3) Callcredit via Noddle

    You can also access your Callcredit report free from GiffGaff without any GiffGaff product and this updates every day.
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