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  • FIRST POST
    • delpy1
    • By delpy1 4th Aug 18, 9:37 AM
    • 38Posts
    • 3Thanks
    delpy1
    Why has my score reduced
    • #1
    • 4th Aug 18, 9:37 AM
    Why has my score reduced 4th Aug 18 at 9:37 AM
    Hi Guys


    My score has reduced twice in the last week down by 7 then 14 for below reason

    One or more of your settled non-mail order credit accounts has been removed from your credit report.
    This has had a negative effect on your Experian Credit Score.



    Any ideas on how to reverse the drop in score, Ive also got two credit cards that have a zero balance should I use one of them or both and make small transactions on them and then pay off in full every month
    equifax score 457 and experian is now 902

    any help would be appreciated
    Last edited by delpy1; 04-08-2018 at 9:45 AM. Reason: live link
Page 2
    • sparkey1
    • By sparkey1 7th Aug 18, 8:46 AM
    • 439 Posts
    • 193 Thanks
    sparkey1
    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?
    Originally posted by delpy1
    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.
    • Gary_Dexter
    • By Gary_Dexter 7th Aug 18, 11:02 AM
    • 2,763 Posts
    • 1,569 Thanks
    Gary_Dexter
    Ignore all the scores. Wherever you see them.

    Completely irrelevant
    • delpy1
    • By delpy1 7th Aug 18, 11:12 AM
    • 38 Posts
    • 3 Thanks
    delpy1
    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.
    Originally posted by sparkey1
    Thanks for the explanation but my score has always been good and its never showed 987 on my paid experian,I think I will just ignore in future as its confusing lol
    • Gary_Dexter
    • By Gary_Dexter 7th Aug 18, 11:22 AM
    • 2,763 Posts
    • 1,569 Thanks
    Gary_Dexter
    Just ignore it full stop.

    My Credit Club account was updated on 31st July and shows the various accounts as updated with dates throughout July so mine are certainly not 2 months behind
    • Willing2Learn
    • By Willing2Learn 7th Aug 18, 11:53 AM
    • 1,836 Posts
    • 1,419 Thanks
    Willing2Learn
    Just ignore it full stop.
    Originally posted by Gary_Dexter
    It's so hard to totally ignore. I feel a warm glow when my score goes up, and I feel melancholy when my score goes down.
    I work within the voluntary sector, supporting vulnerable people to rebuild their lives.

    I love my job

    • Gary_Dexter
    • By Gary_Dexter 7th Aug 18, 12:01 PM
    • 2,763 Posts
    • 1,569 Thanks
    Gary_Dexter
    You!!!8217;ll be paying for useless subscription improvement services next
    • sparkey1
    • By sparkey1 7th Aug 18, 12:20 PM
    • 439 Posts
    • 193 Thanks
    sparkey1
    If you are already accessing the MSE site, why pay for the Experian service. Its good to monitor these things, but 180 per year to check your credit report.

    https://www.experian.co.uk/consumer/product-factsheets/CreditExpertBRSOctober2017.pdf

    Cancel!
    • mcpitman
    • By mcpitman 7th Aug 18, 12:27 PM
    • 564 Posts
    • 386 Thanks
    mcpitman
    Excel formula = RANDBETWEEN(1,999)


    There you go the secret to CRA's credit score algorithm!


    Now, whose going to pay me 14.99 a month for that?


    :-)
    Life isn't about the number of breaths we take, but the moments that take our breath away. Like choking....
    • sparkey1
    • By sparkey1 7th Aug 18, 1:11 PM
    • 439 Posts
    • 193 Thanks
    sparkey1
    My Credit Club account was updated on 31st July and shows the various accounts as updated with dates throughout July so mine are certainly not 2 months behind
    Originally posted by Gary_Dexter

    Your account may have updated on 31st July, with the individual accounts that have been updated through the month, but the balances will the balances from when your individual lenders updated.


    It is now 7 Aug.

    My report was available from 18th July.
    It includes an updated balance from Halifax Credit Card dated 8 July.
    That figure is the actual balance from the 24th June statement date.

    A bonus if all your accounts are updated sooner. Just remember the balance for your July ones will in almost all cases be taken from the June, or even May data. I have a TSB account that was last updated in April on MSE, and is displaying the statement balance from March.
    • sparkey1
    • By sparkey1 7th Aug 18, 1:14 PM
    • 439 Posts
    • 193 Thanks
    sparkey1
    Excel formula = RANDBETWEEN(1,999)


    There you go the secret to CRA's credit score algorithm!


    Now, whose going to pay me 14.99 a month for that?


    :-)
    Originally posted by mcpitman



    Well it isn't quite as random as that. However if the OP wanted to get a 3nd snapshot, (or 2nd free snapshot) he could always use the capital one credit wise service.


    Still better than 14.95 per month.
    • Gary_Dexter
    • By Gary_Dexter 7th Aug 18, 1:27 PM
    • 2,763 Posts
    • 1,569 Thanks
    Gary_Dexter
    The balances are not the statement balances.
    • sparkey1
    • By sparkey1 7th Aug 18, 2:17 PM
    • 439 Posts
    • 193 Thanks
    sparkey1
    The balances will normally be the statement balances roundedup to the pound for credit cards. Sometimes it will be the balance taken on the last day or first day of the month.

    Who do you have accounts with? I may be able to tell you the pattern.

    For example Halifax credit card is the statement date.
    HSBC current account balance is last working day of the month.
    First Direct current account is the last working day of the month balance
    Santander Credit card is the first of the month.
    • delpy1
    • By delpy1 7th Aug 18, 4:00 PM
    • 38 Posts
    • 3 Thanks
    delpy1
    Well it isn't quite as random as that. However if the OP wanted to get a 3nd snapshot, (or 2nd free snapshot) he could always use the capital one credit wise service.


    Still better than 14.95 per month.
    Originally posted by sparkey1
    Thanks that's another free account opened but who do they get the information from is it Equifax or experian?
    • Willing2Learn
    • By Willing2Learn 7th Aug 18, 4:05 PM
    • 1,836 Posts
    • 1,419 Thanks
    Willing2Learn
    I think CreditWise is just a CapitalOne tool to sell more of their products
    I work within the voluntary sector, supporting vulnerable people to rebuild their lives.

    I love my job

    • delpy1
    • By delpy1 7th Aug 18, 4:06 PM
    • 38 Posts
    • 3 Thanks
    delpy1
    I think CreditWise is just a CapitalOne tool to sell more of their products
    Originally posted by Willing2Learn
    Ah OK thanks
    • Smellyonion
    • By Smellyonion 7th Aug 18, 4:13 PM
    • 136 Posts
    • 86 Thanks
    Smellyonion
    There is a huge score bashing squad on MSE. Fact of the matter is that the score is reflective of your credit history. Its their own interpretation of your credit history. It is not random, it may not be used by creditors but they will have their own credit 'scores' or risk 'scores'.


    This question is how these credit scores from the credit agencies compare with those from creditors. There needs to be a pieces of work done here.
    • zx81
    • By zx81 7th Aug 18, 4:21 PM
    • 19,692 Posts
    • 21,088 Thanks
    zx81

    This question is how these credit scores from the credit agencies compare with those from creditors. There needs to be a pieces of work done here.
    Originally posted by Smellyonion
    The answer to that question is 'very poorly'.

    That's not to say that some people might not have scores that reflect their credit history, but the glaring errors and inconsistencies mean that as a whole, they are worthless.
    • gionnetto
    • By gionnetto 7th Aug 18, 4:31 PM
    • 44 Posts
    • 9 Thanks
    gionnetto
    This question is how these credit scores from the credit agencies compare with those from creditors. There needs to be a pieces of work done here.
    Originally posted by Smellyonion
    Ditto on this!

    It works like caring about people's opinions. It's generally not a good idea to care about what people think of you unless somebody is checking your references for a job offer

    Different CRAs score you differently - even with the same information - because they assign different weights to the same information, pretty much like your job references do.

    If the lender you want an account with checks, for example, TransUnion it is because they think (right or not, ligit or not) that TransUnion gives them a better picture of the kind of borrowers they want. And therefore you should care of what's on your TransUnion report as well, if you want that specific account.

    If I know my credit file is bigger on one CRA, I'll apply to lenders that check that one primarily (or exclusively). In other words, you don't put your art teacher as a reference for a job that isn't creative. It just makes sense.
    • Gary_Dexter
    • By Gary_Dexter 7th Aug 18, 5:04 PM
    • 2,763 Posts
    • 1,569 Thanks
    Gary_Dexter
    CRA scores are to be completely ignored.

    People who are bankrupt get a 999 score on Experian - how is that someone who is worthy of lending money/credit to?
    • gionnetto
    • By gionnetto 7th Aug 18, 5:51 PM
    • 44 Posts
    • 9 Thanks
    gionnetto
    People who are bankrupt get a 999 score on Experian - how is that someone who is worthy of lending money/credit to?
    Originally posted by Gary_Dexter
    That is precisely what I was saying.

    Assume you got bankrupt 2 years ago and then you have 2 years with no default.
    The sheer facts are:
    1) you messed up big 24 months ago
    AND
    2) you straightened up ever since.

    One CRA primarily sees it as "you messed up big", whereas the another sees it as "you straightened up ever since". Same facts, different weights.

    Take the Electoral Roll as an example. Experian sees being on the Electoral Roll for 9 months as "you got a stable place", Equifax as "you've just recently gotten stable".

    Hence, if a lender checks Experian, it might give you a chance, if it checks Equifax it will not give you a chance (yet).
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