Huge credit score drop

[Ham_and_Jam]

Just curious.

We moved house 6 weeks ago, and my latest credit score update has seen the score reduce from 979 to 538 (-441). Previously similar score for at least 4 years.

All other factors remain, same income / no mortgage, low credit utilisation.

Is it normal for such a big drop for having a new address?

[Mandat]

Ham_and_Jam said:

Just curious.

We moved house 6 weeks ago, and my latest credit score update has seen the score reduce from 979 to 538 (-441). Previously similar score for at least 4 years.

All other factors remain, same income / no mortgage, low credit utilisation.

Is it normal for such a big drop for having a new address?

You won't be on the electoral register at your new address yet, which can have a big impact on credit scores.

[Scabutz]

Yeah, it takes time to catch up. Being on the electoral role at your current address for a while boosts the score as its seen you'll be easy to find if you default.

Ive got a spotless record but after moving a couple of times quickly its now "Fair".

I have also noticed though that lenders see past these things and despite appearing bad you can still borrow.

[Killer2005]

Happens all the time.

[Ham_and_Jam]

Mandat said:

You won't be on the electoral register at your new address yet, which can have a big impact on credit scores.

Ah! Didn’t think of that.

Guess I need to sort that out. Told just about every man and his dog so far

[Ham_and_Jam]

Thanks all.

Updated electoral register. Hopefully will see it come back to normal over the next few months

[asfault]

New house appeared on an episode of "cant pay we'll take it away"?

[SodiumThiopental]

In the U.K. Credit score is not considered as important as income, for the majority of applications. People sometimes get bent out of shape unnecessarily by their ‘credit score’ as long as it isn’t truly dire, your income will be of much more interest to most companies.

[a340driver]

I've never checked my credit score and have never needed to do so.

Why?

[SodiumThiopental]

a340driver said:

I've never checked my credit score and have never needed to do so.

Why?

You’d be right to not do so too I reckon. Big ‘credit reference agencies’ make a lot of money, from scaring people into paying for a service they really don’t need, with advertising and marketing, that leads some people to believe it’s more important than it actually is ( certainly in the U.K.) if you happen to have a ‘problematic’ credit score, you’ll definitely know you have, without having to look at a trumped up randomly generated number, on a money trap website. You’ll have defaults / CCJs / arrears that you’ll know all about anyway.

[Tarby]

The quiet life hack nobody talks about: staying off the electoral roll
Been meaning to share this for a while. I’m not registered to vote and honestly, one of the unexpected perks is never getting summoned for jury duty. Jury service pulls directly from the electoral register, so if you’re not on it, you simply don’t exist as far as the courts are concerned.
The time saving alone is worth considering. Jury service can run for weeks on some cases, with minimal compensation and all the disruption that brings to work and family life. For self-employed folk especially, it can be genuinely punishing.
Is it a perfect system? No. Courts need jurors and civic participation matters — I get that. But it’s a personal choice, and if low-engagement voting combined with jury duty avoidance isn’t for you, the electoral roll is always there waiting.
Just something to think about if you’re weighing it up.

[asfault]

Tarby said:

The quiet life hack nobody talks about: staying off the electoral roll
Been meaning to share this for a while. I m not registered to vote and honestly, one of the unexpected perks is never getting summoned for jury duty. Jury service pulls directly from the electoral register, so if you re not on it, you simply don t exist as far as the courts are concerned.
The time saving alone is worth considering. Jury service can run for weeks on some cases, with minimal compensation and all the disruption that brings to work and family life. For self-employed folk especially, it can be genuinely punishing.
Is it a perfect system? No. Courts need jurors and civic participation matters I get that. But it s a personal choice, and if low-engagement voting combined with jury duty avoidance isn t for you, the electoral roll is always there waiting.
Just something to think about if you re weighing it up.

Interesting.
I'd imagine it keeps less lawful people from serving as a jurer as well.

spade is a spade explanation. criminals and minks dont bother to register to vote.

[Ham_and_Jam]

a340driver said:

I've never checked my credit score and have never needed to do so.

Why?

Ive had a free checker account for a few years.

It s handy to keep tabs on stuff that affects you. Both directly and through bad actors.

For example, I just moved house and it dropped drastically. Seems I dropped the ball in updating my electoral register. Not the end of the world and I m sure I would have caught up with it. But it helps.

For me it’s just curiosity, I don’t need it.

Edited by Ham_and_Jam on Wednesday 22 April 22:20

[Ham_and_Jam]

asfault said:

New house appeared on an episode of "cant pay we'll take it away"?

Unlikely, poor old dear not with us anymore

[Sarnie]

SodiumThiopental said:

In the U.K. Credit score is not considered as important as income, for the majority of applications. People sometimes get bent out of shape unnecessarily by their credit score as long as it isn t truly dire, your income will be of much more interest to most companies.

100% incorrect, it's not 2005.

It's the opposite.

[Sarnie]

SodiumThiopental said:

You d be right to not do so too I reckon. Big credit reference agencies make a lot of money, from scaring people into paying for a service they really don t need, with advertising and marketing, that leads some people to believe it s more important than it actually is ( certainly in the U.K.) if you happen to have a problematic credit score, you ll definitely know you have, without having to look at a trumped up randomly generated number, on a money trap website. You ll have defaults / CCJs / arrears that you ll know all about anyway.

Again, wholly incorrect.

[Sarnie]

Moving house often has a significant effect on your credit "score".

Remember, the "score" is algorithm based.

So;

- The amount of time at your new address is very low, having just moved in, reduction in your score
- Not showing on the credit file at the current address, reduction in your score
- credit accounts not updated to the new address, reduction in your credit score
- old mortgage taking ages to update as settled, means two mortgages showing, reduction in credit score
- Gone from having a mortgage to none (paid it off or now renting), reduction in your credit score

Don't get hung up on the "score" number, just update everything ASAP, don't miss any payments on anything and evetually your "score" will recover....