Years ago I got into a terrible amount of debt and was truly awful. Ive spent the time since then slowly paying off debt and rebuilding my credit score to the point where my score was good and I only had some of my overdraft left to pay off.
I was gifted some money about a month ago and used to clear my overdraft so I'm now completely debt free. Just checked online today and my credit score has gone down significantly. Does anyone have any idea why this could be? I'm completely stumped!
Happened to me when we paid off the mortgage. Seems daft that having paid the mortgage on time every month for 20 odd years, never missing a payment or being even a day late, the minute we clear it, our credit rating drops!
Thank you! I've had a bit of a look and it says it's because I have a new alias (I don't). Then next to it is a name that's not mine. I think I'll email them in the morning to see what that's all about!
My score went UP significantly when I went from never being in my overdraft or using my credit cards to being well into my over draft and in credit card debt.
Its because I became a "profit generating customer" once I was making interest payments and thats more desirable to some lenders than someone who pays everything in full and never incurs any fees or interest or charges.