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Author Topic: Falling credit score  (Read 3619 times)
Barry Scott

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« on: Wednesday, August 4, 2021, 09:21:23 »

My credit score is getting increasingly shit for no apparent reason. Until a few months ago my score was touching 400 according to Clearviewscore and that was at it's highest ever.

Since then I dropped 75 points because, I think, I stood as guarantor for someone and their address obviously has shit credit (their address was added to my credit score, should it be?). Then this latest report has fallen another 48 points (down to 275...) and all I've done since is apply for a new bank account, since declined.

I've never missed any payments, have cleared many debts early and all credit cards have a balance of £0. Excluding my mortgage my total outstanding debts are a touch over £3k and will be £0 before too long. I've never had any issues with credit ever - I've behaved impeccably.

Would anyone know why my score is dropping like a stone, when in my opinion everything I'm doing should have the opposite effect?

Thanks
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Sippo
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« Reply #1 on: Wednesday, August 4, 2021, 09:42:15 »

Have you applied for credit cards but still be declined? Every time you apply this affects your credit score.

I'm pretty sure you can pay for a more detailed report.
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« Reply #2 on: Wednesday, August 4, 2021, 09:43:46 »

So in my experience paying off credit quickly seems to negatively affect my score, which seems backwards I must be honest. Same with being a guarantor, as that links you two of you for a moment. If you have become a guarantor and then applied for a new account it could be two hits, as search and checks hit your score negatively, which have combined and slightly snowballed.

Have a look at another site to get another opinion on it, also usually they should highlight where the score has been affected on the website.
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« Reply #3 on: Wednesday, August 4, 2021, 09:58:26 »

In my experience they like people who borrow more - they make more money that way.

A mate of mine, although rather well off, was refused a loan for double glazing once. He had no previous history with loans - which was the problem. He even offered to pay in cash but they refused, he ended up having to use a different company instead.
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« Reply #4 on: Wednesday, August 4, 2021, 10:26:50 »

why was your new bank account application declined? i.e. but adding for the actual reason, but did it contribute to lowering it further?

for reference, In 2017 I missed 1 payment in a cc  by accident. it wiped 55 of my clearscore figure and I didn't get that back for about 18 months

the cc balance was only £20 too!
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Barry Scott

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« Reply #5 on: Wednesday, August 4, 2021, 10:40:37 »

Have you applied for credit cards but still be declined? Every time you apply this affects your credit score.

I'm pretty sure you can pay for a more detailed report.

Applied for no credit cards. Previously have, but not in the window that things went awry.

I'm going to try and get the address removed that I stood guarantor for and I have to pay for a report before I can do that with experian.

So in my experience paying off credit quickly seems to negatively affect my score, which seems backwards I must be honest. Same with being a guarantor, as that links you two of you for a moment. If you have become a guarantor and then applied for a new account it could be two hits, as search and checks hit your score negatively, which have combined and slightly snowballed.

It says my "hard searches" are "off track" as I've had 4 in a year, so maybe that's hit it. I think the account application was the last.

In my experience they like people who borrow more - they make more money that way.

A mate of mine, although rather well off, was refused a loan for double glazing once. He had no previous history with loans - which was the problem. He even offered to pay in cash but they refused, he ended up having to use a different company instead.

This was my experience. When I needed a credit card, I couldn't get one. In the end I got 2, but it took forever. At the time my credit score was better than now.

why was your new bank account application declined? i.e. but adding for the actual reason, but did it contribute to lowering it further?

I think it said credit score and I don't think it had an effect as no hard search was done. Turns out HSBC (First Direct) did a hard search later on and I think they're giving me the new (joint) account.
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Berniman
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« Reply #6 on: Wednesday, August 4, 2021, 10:40:42 »

My credit score is top end 900's and I find I maintain that by ensuring that I don't have cards active with available funds that I don't intend to use.  Even though you don't have any debt on the cards, it still sees it as credit available to you, so if you had say 3 cards with £30k worth of credit available across the 3 cards, that is taken account with your score - so cancel any credit cards you don't intend to use.  This will also help when applying for new cards in the future.

I also have one card that I constantly use (i don't carry much cash).  So i do all of my spending on that credit card and pay it off monthly.  There is the odd month in there where I don't pay it off completely but never more than 2 or 3 months without paying it off.  I also make sure that the credit card I use as "cash" gets me some benefits - i.e. at the moment I use a Tesco cc which I get clubcard points for every pound I spend and pay off..

Also, make sure you have no credit agreements sat dormant that you have forgotten about.  e.g. if you have bought a TV from Currys on the buy now pay in 6 months deal - that credit agreement will still be in place even after you have paid it off - this will also show as credit available to you and will be taken into account with your credit score.

That's my 2 pence worth anyway..
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« Reply #7 on: Wednesday, August 4, 2021, 10:48:55 »

How do you find out your CS? Never bothered before.
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swindonmaniac

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« Reply #8 on: Wednesday, August 4, 2021, 10:55:51 »

How do you find out your CS? Never bothered before.
Ask in the County Ground Hotel,  they'll soon tell you.   Flash's rating is that low he has to put all of his beers on everyone else's cards.
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« Reply #9 on: Wednesday, August 4, 2021, 10:58:41 »

900s Bernie!

that's a different scale from clearscore! they only go to to 705.

edit: oh wait, bazza is using clearview. my mistake
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« Reply #10 on: Wednesday, August 4, 2021, 11:07:28 »

Ask in the County Ground Hotel,  they'll soon tell you.   Flash's rating is that low he has to put all of his beers on everyone else's cards.

I always pay cash. Don't think flash has bought me a pint in there  Hmmm
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swindonmaniac

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« Reply #11 on: Wednesday, August 4, 2021, 11:10:06 »

He's never bought anyone one in there !.
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« Reply #12 on: Wednesday, August 4, 2021, 11:13:11 »

It is an interesting industry. I have never been refused credit, never defaulted on a loan, never flipped a credit card for one with 0% always paid the mortgage in full and on time (except the recent covid deferral window) and always paid loans off. I have never bothered to seek a credit rating and work on the principle that as long as I have access to the credit I need when I need it my score is ok.
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Berniman
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« Reply #13 on: Wednesday, August 4, 2021, 11:25:48 »

900s Bernie!

that's a different scale from clearscore! they only go to to 705.

edit: oh wait, bazza is using clearview. my mistake

I use Experian - the App is very good and sends you an alert every month when the score is updated - FOC as well if you don't want the paid for added options of all of the details - currently on 999 which is the max  Too Cool but it tends to fluxuate between 950 - 999
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“Everything we hear is an opinion, not a fact. Everything we see is a perspective, not the truth.” ― Marcus Aurelius

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« Reply #14 on: Wednesday, August 4, 2021, 11:27:46 »

How do you find out your CS? Never bothered before.

I downloaded the Experian App - only have to input a few details and it does it for you
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“Everything we hear is an opinion, not a fact. Everything we see is a perspective, not the truth.” ― Marcus Aurelius

When somebody shouts STOP! I never know if it's in the name of love, if it's HAMMER TIME, or if I should collaborate and listen...
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