Discussion
Yes, I know the figure doesn't actually mean anything and providers use their own calculations. But I'm nevertheless curious to know why my score is crap. 755 out of 1000, excellent starts at 811. It used to be mid 900s.
I've no missed payments on my record. No CCJs ever. No debts. Rarely use more than 20% of my credit card limits and usually nearer 5%, paid off every month. Own my own house, on the electoral register and have lived there over 10 years. Salary a bit crap but over the median national average.
Two things that might have affected recently was that I got a Sainsbury's Mastercard because I only had Amex and Visa, they put a credit limit on greater than my Visa and Amex put together. But that makes my utilisation even lower.
Also I paid of a recent PCP which I only took out for the sake of a dealer discount.
Could it be the fact of having applied for the card that's knocked it down, in which case it might bounce back in a few months. Or is it just having 5 figures of new credit limit might scare other lenders?
I've no missed payments on my record. No CCJs ever. No debts. Rarely use more than 20% of my credit card limits and usually nearer 5%, paid off every month. Own my own house, on the electoral register and have lived there over 10 years. Salary a bit crap but over the median national average.
Two things that might have affected recently was that I got a Sainsbury's Mastercard because I only had Amex and Visa, they put a credit limit on greater than my Visa and Amex put together. But that makes my utilisation even lower.
Also I paid of a recent PCP which I only took out for the sake of a dealer discount.
Could it be the fact of having applied for the card that's knocked it down, in which case it might bounce back in a few months. Or is it just having 5 figures of new credit limit might scare other lenders?
FriedMarsBar said:
you could take out a month Experian (£15) and get your full report then cancel.
Sign up for Money Saving Expert's "Credit Club" (it's free - https://www.moneysavingexpert.com/creditclub/ ) and you can get access to your full Experian report updated monthly.Won't help the OP too much though as ClearScore uses Equifax, but it's all different strings to the bow.
ClearScore don't seem to update the scores that often though, mine has stayed static at around 960 for months and months.
Dr Jekyll said:
Yes, I know the figure doesn't actually mean anything and providers use their own calculations. But I'm nevertheless curious to know why my score is crap. 755 out of 1000, excellent starts at 811. It used to be mid 900s.
I've no missed payments on my record. No CCJs ever. No debts. Rarely use more than 20% of my credit card limits and usually nearer 5%, paid off every month. Own my own house, on the electoral register and have lived there over 10 years. Salary a bit crap but over the median national average.
Two things that might have affected recently was that I got a Sainsbury's Mastercard because I only had Amex and Visa, they put a credit limit on greater than my Visa and Amex put together. But that makes my utilisation even lower.
Also I paid of a recent PCP which I only took out for the sake of a dealer discount.
Could it be the fact of having applied for the card that's knocked it down, in which case it might bounce back in a few months. Or is it just having 5 figures of new credit limit might scare other lenders?
"No debts" (meaning almost no history to assess)I've no missed payments on my record. No CCJs ever. No debts. Rarely use more than 20% of my credit card limits and usually nearer 5%, paid off every month. Own my own house, on the electoral register and have lived there over 10 years. Salary a bit crap but over the median national average.
Two things that might have affected recently was that I got a Sainsbury's Mastercard because I only had Amex and Visa, they put a credit limit on greater than my Visa and Amex put together. But that makes my utilisation even lower.
Also I paid of a recent PCP which I only took out for the sake of a dealer discount.
Could it be the fact of having applied for the card that's knocked it down, in which case it might bounce back in a few months. Or is it just having 5 figures of new credit limit might scare other lenders?
"Paid off every month" (See above)
"Own my own house" (assuming no mortgage)
"Got a Sainsburys Mastercard" (Recent credit application)
"Paid off a recent PCP" (See first two points)
All of the above is why your score is lower than you think it should be........if you want a high/strong credit score you need to take on, maintain (not pay off early) credit agreements to build a history of managing debt. You get zero credit for having no debt, no mortgage etc etc......
Sarnie said:
"No debts" (meaning almost no history to assess)
"Paid off every month" (See above)
"Own my own house" (assuming no mortgage)
"Got a Sainsburys Mastercard" (Recent credit application)
"Paid off a recent PCP" (See first two points)
All of the above is why your score is lower than you think it should be........if you want a high/strong credit score you need to take on, maintain (not pay off early) credit agreements to build a history of managing debt. You get zero credit for having no debt, no mortgage etc etc......
But what's caused it to plummet recently?"Paid off every month" (See above)
"Own my own house" (assuming no mortgage)
"Got a Sainsburys Mastercard" (Recent credit application)
"Paid off a recent PCP" (See first two points)
All of the above is why your score is lower than you think it should be........if you want a high/strong credit score you need to take on, maintain (not pay off early) credit agreements to build a history of managing debt. You get zero credit for having no debt, no mortgage etc etc......
t so who cares.I signed up a couple of years ago, mainly to wind up my little sister, who lives on credit.
I earn less than average, haven't had any loans for years, pay my credit cards in full each month, never missed a DD payment, never used my overdrafts.
My score is consistently around 910 to 920.
I spotted something a bit worrying last week though - a financial connection to someone I've never heard of.
I've requested more info on who this person is.
I earn less than average, haven't had any loans for years, pay my credit cards in full each month, never missed a DD payment, never used my overdrafts.
My score is consistently around 910 to 920.
I spotted something a bit worrying last week though - a financial connection to someone I've never heard of.
I've requested more info on who this person is.
Sarnie said:
Dr Jekyll said:
But what's caused it to plummet recently?
You took out a credit card and paid off a PCP agreement.....Each credit application will trigger a "hard" search and these impact your score - lenders may conclude that you are applying for credit indiscriminately so are less likely to accept any application.
Last month, I opened a Monzo account just so I could switch it to the new Santander account I've just opened so I'm expecting some impact on my scores for a few months even though I have no intention of borrowing money on the account.
Give it six months or so and you should be back to where you started.
AL83 said:
I sold a property and paid the mortgage off. My score went down by around 150 points as I no longer had the debt which I was servicing monthly.
And this is irony - a 'credit' score is actually a debt score. In other words, how good you are to make money from. But people now actually work on improving their 'score' - so they can take on more debt and so pay more interest. I have no idea what my score is and no interest in finding out.Simpo Two said:
AL83 said:
I sold a property and paid the mortgage off. My score went down by around 150 points as I no longer had the debt which I was servicing monthly.
And this is irony - a 'credit' score is actually a debt score. In other words, how good you are to make money from. But people now actually work on improving their 'score' - so they can take on more debt and so pay more interest. I have no idea what my score is and no interest in finding out.Sadly they exist and seem the only viable way of finding out if someone is using your credit identity to borrow money etc.
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