Credit Score Query

14
Found 16th Jul
Hoping somebody can help me here as I'm a little bit confused...

Basically, my credit score has dropped on Experian from 985/999 by 23 points and on Equifax etc it's had a similar drop.

I had a car lease running until mid June 2018 and payments are no longer taken. This seems to be the only thing that's changed but I don't know if that would cause this.

There isn't any negative factors showing on my report either.
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Is that the only thing you’ve got on credit? Having no active credit can have a negative effect on your report.
Have you changed electricity/gas supplier lately ? That knocked mine similarly last year for 3 months . I guess they do a credit check on application and that temporarily knocks your score .
new application for bank account, utility account, interest free loan, credit card etc etc all clock checks and can affect scoring

And think about who else lives in your house. Any kids doing interesting things? Your score includes co-residents at your address
If your car lease ran out did you perhaps do insurance quotes for a new vehicle? I think these can effect your credit score.
Could be anything really, could even be the amount of credit you have but don’t use.
jayonline854 h, 51 m ago

Is that the only thing you’ve got on credit? Having no active credit can h …Is that the only thing you’ve got on credit? Having no active credit can have a negative effect on your report.


rogparki3 h, 20 m ago

Have you changed electricity/gas supplier lately ? That knocked mine …Have you changed electricity/gas supplier lately ? That knocked mine similarly last year for 3 months . I guess they do a credit check on application and that temporarily knocks your score .



ccnp2 h, 58 m ago

new application for bank account, utility account, interest free loan, …new application for bank account, utility account, interest free loan, credit card etc etc all clock checks and can affect scoringAnd think about who else lives in your house. Any kids doing interesting things? Your score includes co-residents at your address



666FU2 h, 23 m ago

If your car lease ran out did you perhaps do insurance quotes for a new …If your car lease ran out did you perhaps do insurance quotes for a new vehicle? I think these can effect your credit score.



cmdr_elito13 m ago

Could be anything really, could even be the amount of credit you have but …Could be anything really, could even be the amount of credit you have but don’t use.



Thanks for the help guys.

So I only have a few phone contracts that are all showing green on the report and paid on time - these also haven't changed for years.

I did apply for car finance and got accepted but have yet to proceed with the order due a dealership mess up.

I also don't have any available credit - no overdrafts, credit cards etc but then again I never have so that hasn't changed.

Let's say I go ahead and get a car on PCP, will the score actually go up in the coming months and counter the affects of this drop?
calum.c1 m ago

Thanks for the help guys.So I only have a few phone contracts that are all …Thanks for the help guys.So I only have a few phone contracts that are all showing green on the report and paid on time - these also haven't changed for years.I did apply for car finance and got accepted but have yet to proceed with the order due a dealership mess up.I also don't have any available credit - no overdrafts, credit cards etc but then again I never have so that hasn't changed.Let's say I go ahead and get a car on PCP, will the score actually go up in the coming months and counter the affects of this drop?


It’ll go down initially but as you make payments it’ll recover. Having a score over 900 is very good anyway so I wouldn’t worry too much about a few points lower
calum.c13 m ago

Thanks for the help guys.So I only have a few phone contracts that are all …Thanks for the help guys.So I only have a few phone contracts that are all showing green on the report and paid on time - these also haven't changed for years.I did apply for car finance and got accepted but have yet to proceed with the order due a dealership mess up.I also don't have any available credit - no overdrafts, credit cards etc but then again I never have so that hasn't changed.Let's say I go ahead and get a car on PCP, will the score actually go up in the coming months and counter the affects of this drop?



Could be the car finance that did a credit check that will knock you 20 odd points on Experion . I am on 999 most of the time so was shocked when it went down to 978 . Phoned Experion to ask why , they wouldn't say (free Barclaycard member) but wheedled it out of them that a credit check would have that effect -the only possible one was when switching power to NPower a couple of months back .

As previously stated anything over 900 is pure gold - but just annoyed me (a little) after being 999 for years
rogparki16 m ago

...but just annoyed me (a little) after being 999 for years


Impressive. Most people peg out well before hitting 100.
calum.c46 m ago

Thanks for the help guys.So I only have a few phone contracts that are all …Thanks for the help guys.So I only have a few phone contracts that are all showing green on the report and paid on time - these also haven't changed for years.I did apply for car finance and got accepted but have yet to proceed with the order due a dealership mess up.I also don't have any available credit - no overdrafts, credit cards etc but then again I never have so that hasn't changed.Let's say I go ahead and get a car on PCP, will the score actually go up in the coming months and counter the affects of this drop?


A hard search will 100% knock points off your score. To many hard searches within a timeframe will have an even worse impact.
rogparki36 m ago

Could be the car finance that did a credit check that will knock you 20 …Could be the car finance that did a credit check that will knock you 20 odd points on Experion . I am on 999 most of the time so was shocked when it went down to 978 . Phoned Experion to ask why , they wouldn't say (free Barclaycard member) but wheedled it out of them that a credit check would have that effect -the only possible one was when switching power to NPower a couple of months back .As previously stated anything over 900 is pure gold - but just annoyed me (a little) after being 999 for years


jayonline853 m ago

A hard search will 100% knock points off your score. To many hard searches …A hard search will 100% knock points off your score. To many hard searches within a timeframe will have an even worse impact.



Yep, beginning to realise that... The worst thing is that the car I was getting has went a bit up in the air due to dealership issues so if I need to get the finance company to do an application for different vehicle, will that be another credit search?
calum.c11 m ago

Yep, beginning to realise that... The worst thing is that the car I was …Yep, beginning to realise that... The worst thing is that the car I was getting has went a bit up in the air due to dealership issues so if I need to get the finance company to do an application for different vehicle, will that be another credit search?



Don't worry it only lasts a couple of months . My Barclaycard freebie only updates every 90 days - went down to 980 then 90 days later went back up to 999 . A bit miffed but no worries .
It’s all hypothetical anyway. Credit Scores do not exist. That is just a common misconception, propagated by credit reference agencies. To funnily enough, get you to spend money with them.

Every credit search leaves a record on your profile. Too many searches, put lenders off as it could be a desperate person desperate for cash.

Credit payments prove worthiness and reliability. No payments reduce your visibility to account for reliability.

Technically all this can be made into a score but actual lenders do not look at the Experian/Equifax/Noddle/etc scores. They look at the profile lines of history and make an educated guess on risk level before lending.
You are concerned about that? Very made mine drop 30 points for a payment of 9 quid which I had paid straight after receiving a reminder text.

I complained about that but Very ( shop direct) has the most useless customer services in UK.

they claimed that the statement sent 2 weeks before the payment date is good enough as a reminder.
Edited by: "gcmarcal" 17th Jul
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