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AIBU?

To wonder why the fuck my credit score is dropping

7 replies

FlowersAndShit · 27/04/2016 22:36

when it should be going up? I moved out of my mum's nearly a year ago, got my own place and bills. When I first moved in my score with Noddle was around 600. I pay all of my bills on time, no debts, have applied for a credit card to build credit history and been accepted 2 months ago but not used it yet. My score is now 550!!!
What the hell is going on? Sad

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Thewinedidit · 27/04/2016 23:05

You've only been on the electoral role a short time at your new address I assume and I think this negatively impacts your score.

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katemiddletonsnudeheels · 27/04/2016 23:06

Use the credit card for something small (fill up a tank of petrol every month) and lay it off in full and your score will improve :)

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Tobebythesea · 27/04/2016 23:07

I would say it's because you have applied for and received a new source of credit. Your source should improve once you have used the card and the bank can see you are trustworthy and successfully pay back credit.

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Tobebythesea · 27/04/2016 23:07

*score

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Ginkypig · 27/04/2016 23:13

Make small regular purchases then repay in full each month it should start climbing

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FlowersAndShit · 27/04/2016 23:20

Thanks, I'll have to start using it. How long until it starts to go up if I use it and pay it off in full?

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smellylittleorange · 27/04/2016 23:27

I would have a look on Money Saving Expert Forum - there is lots of chat on there about building credit etc. They do also say that the "score" is effectively meaningless..

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