Credit Score Dropped by over 100 points

[Creditscoredrop]

I was wondering if anyone could advise me as to why my ClearScore credit score has dropped so much this month. I had a score of about 820 and this month it dropped by over 100 points making it a poor rating, when it was excellent. No late payments or anything like that.

We have recently remortgaged (added money to existing amount for building work) and that completed last month but account only showing as closed this month and that is when the drop happened. I have yet to add the new mortgage to my ClearScore account. Another thing to coincide with this was an automatic credit increase on my credit card. It now has a limit of £11k but I only have £3k on it which I am paying £500 per month until it is cleared. So until now my score was totally stable and my affordability was on the up.

I feel a bit anxious about the sudden drop even though I have no intention of borrowing more money, quite the opposite in fact. I just want my score to be at a high level when we next remortgage (2years).

Is it simply that it looks like I’ve suddenly got more debt because of the mortgage? It is a joint mortgage and despite the increased total our monthly fee is the same.

Sorry for long post, thanks in advance for your help!

You are aware that your clearscore 'credit score' is just a number made up by clearscore and is totally meaningless?

It's your credit history that is important and as you have stated, you have no late payments etc, so it's all fine.

Actually I wasn’t! Thank you for that, it puts my mind at ease. I just didn’t want remortgaging in 2 years to be an issue, if a low score would affect it, wanted to give myself time to sort if it was an issue, etc.
Thanks for the reply.

Clear score credit numbers mean absolutely nothing.
They basically make up a number and use your data.
It's your credit history that is checked

Credit scores are a marketing tool. Pay little attention to the score but do check the report to make sure there is nothing unexpected on there.

Credit scores are not what lenders use when determining whether to give you credit. However that type of drop seems very unusual in the circumstances you have described. Check your full credit report carefully to make sure it is all accurate and challenge anything that doesn't look right or that you don't recognise. I would also recommend checking your credit score with Experian and TransUnion (through credit karma). You will potentially need to raise a dispute with all 3 if you spot a problem.

Thank you, I will do that.