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Author Topic: Falling credit score  (Read 3587 times)
Batch
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« Reply #15 on: Wednesday, August 4, 2021, 11:43:43 »

huh. my experian is also 999. Took 3 minutes to do!


clearscore (Equifax) is 506/705
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Barry Scott

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« Reply #16 on: Wednesday, August 4, 2021, 11:50:50 »

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.

Interesting, thanks. I'll do that as I have no intention of using any of the ones I currently have.

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.

And how do I go about removing them? I have 2 sat on my credit score with a zero balance.

900s Bernie!

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

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

My mistake, it is Clearscore not the scummy advertising intelligence company. Which also means it's Equifax I need a report form, not experian as I thought.
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Barry Scott

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« Reply #17 on: Wednesday, August 4, 2021, 12:06:21 »

Just checked the Experian app, it shows me as 934. Think there's a flaw somewhere.
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Samdy Gray
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« Reply #18 on: Wednesday, August 4, 2021, 12:28:31 »

Ignore credit scores. They are vanity and used to flog worthless credit monitoring services. Lenders don't use these scores when assessing you for credit, they all have their own metrics.

Obviously be concerned about missed payments and defaults etc, but don't get worked up about a falling credit score if there's nothing obvious that's caused it
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Nemo
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« Reply #19 on: Wednesday, August 4, 2021, 12:32:39 »

My Experian credit score still thinks I live where I did five years ago, been two house moves since then and been on the electoral register the whole time. They're just not very good, as far as I can see. Got a mortgage a few months back with no issues.
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RobertT

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« Reply #20 on: Wednesday, August 4, 2021, 12:32:58 »

The online free to use scoring systems are a replica of the actual scoring systems used by the main agencies.  None of them are accurate, they are a guide.  You can of course pay to get your actual report, but it will still be marginally different by scoring agency (in all likelihood).

The single biggest factor in your score is payment history.  As Batch described, missing even a single payment is a red flag to the scoring algorithm and takes a long time to recover.  Multiple late payments will savage your score.

Credit cards and any loans that work in a way you can dip into are a bit weird, but are also a major factor.  Having next to zero balance is best <10%, although completely zero balance does very little else because it doesn't help the payment category.  Anything over 10% of total balances starts to knock your score down.  Total credit limit is also used as a factor, which links into Berni's point - having decent credit limit helps with the % of balance score element, BUT, too high a credit limt can start to hit your score if it is above a certain factor of your income.

On to the actual issue you are probably facing - acting as a guarantor in the credit scoring world is, I believe, no different to taking out the loan yourself.  You are essentially tagged to that loan and it will be used to factor in your score.  The act of credit checking you probably occurred during the application.  Credit checks negatively impact your score - that is how that is supposed to work to stop you applying for loads of credit quickly and beating the system.  The ping against your score will recover within two or three months.  You may also get a negative hit once the new loan opens and is registered on your file - each new account brings the age of your credit down on average, which is a factor as well.  The longer you hold credit, the better for the scoring system.  Again, this one recovers quickly.  So long as the loan is paid, within a couple of months you should be back to where you were.
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Berniman
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« Reply #21 on: Wednesday, August 4, 2021, 13:43:22 »

Interesting, thanks. I'll do that as I have no intention of using any of the ones I currently have.

And how do I go about removing them? I have 2 sat on my credit score with a zero balance.

My mistake, it is Clearscore not the scummy advertising intelligence company. Which also means it's Equifax I need a report form, not experian as I thought.

The only way to remove them is to contact the company and ask them to close your account.  They always ask you why, and my answer is always I don't want it affecting my credit score.  Ask them to confirm closeur by post.  It usually takes 3 to 4 weeks to be reflected on your credit score, depending on when you do it in the month.

Unless you have an online account, some of them allow you to close online..  I know I cancelled a Curry's account online from a TV I had brought previously as mentioned above.
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« Reply #22 on: Wednesday, August 4, 2021, 13:51:15 »

Ignore credit scores. They are vanity and used to flog worthless credit monitoring services. Lenders don't use these scores when assessing you for credit, they all have their own metrics.

Obviously be concerned about missed payments and defaults etc, but don't get worked up about a falling credit score if there's nothing obvious that's caused it

If any knows then it's TEF's one and only Martin Lewis.
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Barry Scott

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« Reply #23 on: Monday, August 9, 2021, 09:37:12 »

Thanks all, apps deleted, less fucks soon to be given.
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