Credit score has fallen

[bubblegumunicorn]

Google's bringing up nothing so thought I'd ask here!

Just looking for some one who's been through similar,

My credit rating has halved in the last 3 months, I had a perfect score and now it's coming in at 350/ 700 🤭 (can only check clear score as Experian is missing all the accounts in my married name 😪) the reason they are giving is that I've been close to my limit three times in as many months. We're renovating our house so using the credit card for the air miles but it is always paid off monthly. We've never missed a payment and have never paid late so google is useless as that's all about coming back after late payments and defaults so if anyones been through this how long did it take you to recover

Your credit "score" is completely irrelevant to lenders. They do their own. If you are not paying your cards off in full every month then that is what is going to count if you are applying for further credit in the near future. If you are paying it off every month then don't worry about it.

Mine went back the following month

I have never known what my credit score is. It doesn’t seem to have had any impact on my life.

the reason they are giving is that I've been close to my limit three times in as many months. We're renovating our house so using the credit card for the air miles but it is always paid off monthly. We've never missed a payment and have never paid late

This just doesn't sound right to me. Maxing out all of your available credit might have some impact on your credit score with the CRAs, but if you're clearing the balance in full every month then that's not what you're doing, because you're clearly demonstrating that you have the available funds elsewhere to pay it off.

For a score of 700 to reduce to 350 in such a short period of time there has to be more going on there. Though as PP said, credit providers don't see the score, so it's pretty irrelevant from that perspective. What you need to get to the bottom of is what the underlying cause is, because that's something that could well be of interest to lenders and have an impact on you applying for credit in future.

Also, have you tried Credit Karma? i.e. TransUnion? Or Equifax?

Credit scores are fairly meaningless but using a high percentage of your limit is seen as a bad thing. They think it's better to have £2k on a card with an £8k limit than it is to have £500 on a card with a £750 limit. Makes no sense whatsoever.

They don't like you using free overdrafts either even if you have savings that can cover the facility many times over.

Best thing to do is to get them to raise your limit even if you don't intend using it because having a high limit but being sensible enough to not use it makes your credit file more attractive.

It’s a meaningless made up number. Don’t worry. Don’t go over your limits and pay your bills on time.