My credit score suddenly dropped??

[FingersInTheBin]

I have had an email from Experian today and my credit score has dropped from 998 to 816. I haven’t done anything with my money, except that I had an account which I didn’t realise had gone overdrawn as I thought it was dormant. Something has come out and I didn’t realise, I meant to close it down. Is this the problem? It’s £50 overdrawn and has been like that for a few months without me realising - idiot! I don’t want to spend £15 a month signing up to fill Experian to find out. I don’t have any other credit, no loans or credit cards etc. I’ve always been so careful, I lost track of this due to life getting on top of me.

thanks

You can sign up to Credit Karma to get a free credit report. I am with them and get one every month.

@Flumpywoo it won’t let me sign up, says you have to be in the US?

Okay so I’ve managed to get a free full report and there is NOTHING wrong with any of my information….really panicking, what could be going on?!

You might need to type in Credit Karma UK, as it's regulated by the FCA etc, so you might be on the US site.

Irving is going on. It's a made up number that means nothing to anyone who you are likely to want credit from. Pay off the OD and forgot about the number.

It sounds to me like you have identified exactly why it’s dropped - why is it a mystery to you? Unauthorised borrowing is bound to have an effect, I would have thought.

Oh that's odd. Have you clicked around as there is a section about how to improve my score and next to each area it will categorise 'keep going' 'more to do' 'lots to do' etc. for example my credit card limit is £4000 and it says a limit of over £4000 would give me a higher score.

I second Credit Karma my score has dropped a few points recently and ots easy to see on Credit Karma why (I opened a Very account to buy DS2s Christmas present)

NOTHING is going on

Clear score is free and useful, but nothing is wrong, you have incentivised the issue, pay the over draft and in a month or two it will correct itself.

An unpaid overdraft, left for several months may well be it. Was it an arranged or un-arranged overdraft?

If it is that it will probably go back quite quickly once it's sorted.

The scores don't always match across platforms. But it's most likely the unpaid overdraft- especially if its been like that a few months

Also mine goes up and down all the time for insignificant things. Sometimes if I have a £0 balance on my credit card for a couple of months, it will recommend utilising more of my credit. So it's better to spend something on it and pay it off. Yours is likely to be the £50 overdraft but I'm sure your score will rise again soon enough. It's all so complicated how they work it out.

It was an arranged overdraft, not unarranged. That account has an overdraft of £150 and I’m into it by £50. So I guess that’s why I’m surprised because on the credit report it would have flagged that up as being the issue but it hasn’t?

Thank you, I’ve never had it drop before, I check it sporadically and it’s always above 980 so this me me worried! Then I checked all my accounts and discovered this overdrawn one. Feel silly!

Pay it off, give it 6 months and it'll right itself.
Credit Karma is useful but isn't necessarily upto date (and neither is Experian) my credit card section never shows the current situation but lags by a couple of months.

Do double check nobody has taken anything out in your name etc.

Thank you. I can’t get on credit karma it won’t let me so this was via transunionsupport. That’s what I was worried about, was that someone was using my details but I can’t see anything at all. I’ll right the account and keep checking in.

thanks

I got the same email yesterday and nothing has changed with my finances. I haven't even checked to see how much it's dropped by.

I signed up to the Credit Club via Money Expert (Martin Lewis) I get a monthly credit check through them, via Experian and I have been tracking it for 18 months or so. Its a great service as it easily shows changes, I can view my full report with a click and it also gives % of likelihood for balance transfers etc, to save you applying with low likelihood of acceptance (which affects credit score). Highly recommend.

On clear score it will list every bank you are linked to and any black marks on your credit. Thames water put a debt on mine incorrectly, I had them correct it and write me a letter saying it was there error incase a search ever found it.
its all very well having a score but are you reading your report every month?

I have gone through all the accounts old and new and no red marks, everything is good. That’s why I can’t understand it. I read it sporadically, very few months, so no I don’t read it monthly. I’ve never been lower than 980 before.

I’ve just had a look on clear score and everything is perfect. The only thing it says is consider getting a credit card. So I guess there’s nothing wrong, I’m just being penalised for having no credit.

I recently asked to pay for a £550 British Gas bill in instalment's, they advised me it would be on my credit score and will remain there for 3 years the hit my over all score took was shocking. Have you done anything like this recently?

No nothing. But I can’t believe BG have done that to you, that’s disgusting!

My credit score is never incredibly high as I am using no credit. Just a mortgage. Can’t say it’s ever caused me any issues.