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Updated my address and credit rating plummeted. Any advice?

(14 Posts)
CelestialGreen Fri 22-May-15 19:43:10

Any advice at all gratefully received!

I'm hoping to move house and apply for a mortgage in the next six months. I've never applied for a mortgage before and so only new to the concept of credit rating housekeeping and going about making sure it's all in good order.

I was a postgraduate student for many years and moved around a lot, so kept my bank details at my parents' house which was still 'home', rather than change details with every new lot of student digs (with people coming and going and me not wanting my bank letters getting sent there if I moved). I thought I was being sensible!

I then graduated (4 years ago) moved again and started a permanent job, but still never changed my bank address details as I'd long got into the habit of keeping it registered to my home (parents'g address, it was still 'home', so it didn't even occur to me to change it.

Anyway - now I realise the importance of having everything watertight, so I've updated my bank details and addresses on Experian, and my credit eating has now plummeted, due to one 'negative score factor'. It says I 'do not have enough historic revolving credit account data available to calculate a balance trend'.

I have never had a late payment, nothing. My credit score before was 984 (Excellent) and it's now gone to 869 (Fair).

Does anyone have any thoughts about how I can improve this and how long it might take?

Am a bit worried! sad

CelestialGreen Fri 22-May-15 21:10:28

Wee bump

spuduk1982 Fri 22-May-15 21:53:52

Your 'credit rating' is a made up number concocted by a marketing company who use it to get you to spend money.

Ignore it

CelestialGreen Fri 22-May-15 21:55:55

Thanks Spud. That would be great if so! But the mortgage broker I'm using has asked me to get my Experian credit rating (hence checking it out and trying to get it sorted)...

spuduk1982 Fri 22-May-15 22:09:15

I would have expected him to ask you to get your credit report - a detailed overview of all your accounts and payment history.

The 'credit rating' is just a gimmick sold by experian, etc to generate extra revenue and isn't used by any mortgage advisors or banks.

CelestialGreen Fri 22-May-15 22:26:05

Hmm is that true? He sent us the link to Credit Expert (Experian).

PervyMuskrat Sat 23-May-15 01:26:37

Are you on the electoral roll at your new address? That can make a surprisingly huge difference

spuduk1982 Sat 23-May-15 08:21:04

Nothing wrong with experian, they hold valuable information in your credit report. You can get this for a one time fee of £2.

Unfortunately the score they charge £15 or so per month for is meaningless and nobody sees it except experian. Gimmick ��

Quitelikely Sat 23-May-15 08:28:57

Don't worry about it. As long as you have no defaults on your report it will not affect a bank lending to you.

Definitely get yourself on the electoral roll

MissSmiley Sat 23-May-15 08:31:47

We just moved into a rented house while we look for next house and I lost 50 points off my credit rating over night for no longer having a mortgage. Staying at the same address for a long time and being a home owner (albeit with a mortgage) helps your credit rating.

CelestialGreen Sat 23-May-15 10:21:20

Thanks all - that's very helpful! Spud didn't know about the £2 one off charge for Experian. All you see on their website is that 'free trial' then £15 forever more till oblivion.

Miss Smiley that's helpful to know yours dropped 50 points by going into rented. I'm not sure how mine dropped so much. Maybe because updated two more interim addresses (which the website asks you to do) and now they've screwed me for it!

Quite that's encouraging - I am on the electoral roll already though, so unfortunately can't add that to pull me up.

Does anyone have experience of turning their score around in just a few months? <hopeful>

HubertCumberdale Sat 23-May-15 10:25:15

I just got accepted for a mortgage and my credit score was 700 and something due to house moves. Don't worry about it

RightSideOfWrong Sat 23-May-15 10:33:05

The score doesn't matter. The report does.

The report is probably showing your address as amber now, because it likes you to have been at the same address for 4 years. It's no big deal, in reality.

They just make changes have a drastic effect on your score so that you keep subscribing to it. If nothing changed it by very much, you'd soon stop paying for it because you'd know it was always around the same amount.

Buy your credit report. Check that all the accounts and information shown is correct. Fix anything that isn't. That's what the mortgage broker wanted you to do. Ignore the score completely, and stop paying for it. It's the most meaningless thing.

CelestialGreen Sat 23-May-15 11:07:50

Thank you all! Feel much much better now! flowers

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