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Help please. My Noddle credit rating has gone from 4/5 to 3/5

7
Found 16th Apr 2013
I use two bank acc and one has couple of K in credit and other was unfortuntely in agreed O/D for few days in end feb and credit report created today is showing this as balance.
Could this affect my credit rating??

I also cancelled one unused credit card with £3K limit last month..

Not sure why credit rating when down and what should I do to improve this.

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7 Comments

Not an expert opinion, but it could be because you have cancelled your unused credit card - I think your credit rating is partly based on what your available credit is and how much of that you are using. So, in other words, if you had £3k available to you but weren't using it, that's a relatively good thing. If you no longer have £3k credit available, then that affects your score.

Original Poster

meandog101

Not an expert opinion, but it could be because you have cancelled your … Not an expert opinion, but it could be because you have cancelled your unused credit card - I think your credit rating is partly based on what your available credit is and how much of that you are using. So, in other words, if you had £3k available to you but weren't using it, that's a relatively good thing. If you no longer have £3k credit available, then that affects your score.



Thanks. So are you saying if you have credit cards with good limits should keep it even if unused and available by banks rather than cancel it to keep credit score?
Won't lenders see how much you are already exposed to ratherthan how much you use.
I really need to do something to improve rating..
Edited by: "adi0604" 16th Apr 2013

Adi, take some better advice than I could probably give you - maybe google it for starters. My understanding though is that you are more 'attractive' to lenders if you have say, £3k credit available, but not necessarily using it - rather than having no credit card available with obviously, no credit at your disposal.

My credit rating is poor - partly because I have cards available to me and they are more or less maxed out, in terms of balances. If my balances were very low or zero, but the cards were still current, I'm sure it would improve.

Original Poster

meandog101

Adi, take some better advice than I could probably give you - maybe … Adi, take some better advice than I could probably give you - maybe google it for starters. My understanding though is that you are more 'attractive' to lenders if you have say, £3k credit available, but not necessarily using it - rather than having no credit card available with obviously, no credit at your disposal.My credit rating is poor - partly because I have cards available to me and they are more or less maxed out, in terms of balances. If my balances were very low or zero, but the cards were still current, I'm sure it would improve.



Had a quick search and mostly are saying cancelling would boost rating. I had five CC now have four. Will keep on searching for answers as haven't rec'd any another advises here.

I realise this won't be much help to you but last month my Noddle rating dropped to 3 for no apparent reason (no changes from the previous month) and this month it has returned to 4.

Banned

I didnt think credit agencies could get that level of information (bank account balance). Just an indication of bill payment history etc

Original Poster

csiman

I didnt think credit agencies could get that level of information (bank … I didnt think credit agencies could get that level of information (bank account balance). Just an indication of bill payment history etc



Apparently they do have exact information. Even it was within agreed overdraft limit.

May be as -KnacK- said noddle rating may return to 4 next month. As I have search over internet and both the thing O/D (within agreed limit) and C/Card should not have negative impact.
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