Has your credit score dropped over the last few months?

[Thatbitchcarolebaskin]

Hey

Has anyone else had a recent significant drop in their credit score without having much change in their circumstances due to coronavirus?! Mine has dropped 31 points over the last 2 months, taking my score from excellent to good.

The amount I’ve been paying myself via my company has been the same, so my current account has noticed no drop in income. I haven’t used my credit cards in about a year, I’m out of my overdraft after 2 years stuck in it, I recently used my next account and paid it off before interest would accrue and I recently made a chunk of payment off towards my loan. I can’t imagine that sort of activity would warrant such a drop?

Anyone else?

No, if anything it’s gone up. It was 680 and now 930. We paid quite a bit of on a credit card though.

mine had gone down as soon as i paid of my overdraft and a £3k credit card. i was expecting an increase

I started out in the UK with zero. I couldn't even get a phone contract. So I got a sim only contract. I registered to vote. From the sim only contract and having a bank a/c and having an address, I then progressed to employment and got a contract on my phone. I then went on to get an overdraft and a credit card and started using the credit card and paying it off in full. Everything was purchased on the credit card, but never spending beyond my wages (you need to be disciplined about this). Never miss a minimum payment. Mine went from very poor to Good in 5 years.

@Devlesko given that you've a mortgage, a stable history and a long standing bank a/c, you might be better positioned than you think. If you don't need credit etc., it won't affect you, but unless you're very well off, I find having access to credit cards in case of emergencies, a good life-line to have.

Mines only marked out of 710. How is everyone getting such a high out of score?

Hmmmmm. I’m reluctant to use my credit cards as I’m really proud of the fact they’re all paid off. I imagine cancelling them will reduce my score even more?

Mine has gone down but that's due to a new mortgage I think. Interestingly though I think lenders are becoming cautious. I have two credit cards that I used for balance transfers that are both empty. On one of those I have had a letter saying it will be closed as I have not used it recently. Another card I had has done same (Barclaycard weirdly used to issue 2 cards and I only ever used one) PayPal credit have also reduced my limit - again I only used it once. I expect this will impact my score as my credit utilisation will go from 14 to 40% ish of my available credit.

But on a side note I wonder if they are being cautious in expectation of people maybe getting into trouble in the next year - I generally have two 'spare' credit cards from paid off balance transfers that I keep active to avoid another credit check if I wanted to take advantage of a zero% deal. Or I guess I could maybe be triggered by increasing my mortgage by 50%

AFAIK, credit agencies don't look at your assets or your savings. Just your credit history. Open to correction on that.

And it's never happened before in probably 20 years I should have added to that last post!