Don’t know why my credit rating is low

[Pegs11]

Hi, I had a pretty good credit rating until I sold my house in January 2023 and put my mortgage on hold for a few months while I bought a new house and ported my mortgage over to my new property.

There was a gap of about three months where I didn’t make any mortgage payments (because I didn’t own a property during this time) but this was all agreed with the bank and above board.

However, my credit rating dropped to around 370 out of 1,000 points.

This wasn’t entirely a surprise, as I understand the stopping of regular mortgage payments can trigger a drop in credit rating.

However, it’s been almost a full year since I bought the new house and resumed the mortgage payments, and my credit rating hasn’t recovered at all, it’s exactly the same as it was a year ago. I can’t figure out why. I don’t think it should take this long to get back on track, should it?

I would add that I have not ever defaulted on any mortgage payment or other debt. I also have a credit card which I use frugally and pay off in full every month, which is supposed to help keep your credit rating up!

I’m not sure what to do or how to resolve this, any advice?

You don't need to worry about it. Every bank will make its own assessment when deciding whether to lend to you. The score itself doesn't matter.

Are you on the electoral roll and utilities at the new house?

@Precipice I’m named on the utilities. I THINK I’m on the electoral register, but now I’m having doubts…. Did I fill in and send back the form when I moved in…? I’m sure I must have… but I can’t remember. I’ll have to double check that!! Perhaps that’s the culprit.