I was 647 for about a year but for some reason last month it crashed down to 625 last month. I think cos I accidentally put a forex through a credit card.
About 10% utilisation of credit cards and no other debt or phone contracts so not sure what else it could be…
You don’t happen to write the anti Brexit scare stories do you?
I wouldnt worry about a drop from 647 to 625 and it isn’t a “crash”. It is fairly normal for the score to fluctuate but you are doing right by keeping an eye on it just in case.
Of course the usual warnings should come with any topic like this
In the UK banks don’t see your so-called “credit score” when they query a credit reference agency, they just see your credit history details and decide on their own internal score based on their current appetite as a lender. You can compare that to the US where the FICO score is much more universal and used by banks and therefore more important.
So while a credit score from any of the UK credit reference agencies might be interesting to see (and see how it changes), it isn’t something lenders see and can be very different from one agency to another. Not all banks report to all agencies, and not all lenders query all agencies which leads to very different outcomes when you apply for credit with one organisation compared to another.
Well seeing as I was solidly at 647 for over a year and now it’s 625. I think it went from excellent to average and it’s a much bigger shift than I’ve ever seen.
But you’re right, it’s not anywhere near as big a crash as what’s happened to sterling or our economy from Brexit.
I’m mainly concerned I will no longer qualify for various credit cards I want to get.
The credit score always fluctuates (regardless of the data on the report) to keep you hooked and make sure you check back every month, so you can get exposed to their “offers” which is how they make their money.