[JD6]

I have been able to see my Experian credit score for quite a few years - initially via my Barclaycard app and now via the free Experian app.

It was always been pretty high and doesn’t change - typically about 970 in the Excellent category. There is no reason it should change either - I have 3 credit cards paid off in full each month, I have lived in the same house owned outright for more than a decade, I have healthy bank balances, and no debt.

For some reason last month my score dropped into the higher end of the Good category. I assumed this to be a blip and ignored it. It has been updated again recently to the lower end of the Good category. I’m starting to wonder if something odd is going on, although I have seen no other indication of that.

I’m wondering what is the best approach to find out more. Should I download an alternative app (which one?) to compare. Should I pay Experian for more detail? Or something else?

Perhaps this is just a game Experian is playing to get me to pay to see more detail. Any advice welcome...

[EvilDrPorkChop]

Even though you pay off your Credit Card bill in full, do you leave it so it shows the Statement amount (So you get your statement then pay off in Full or via Direct Debit), or do you pay it off as you go along.

Credit scores work strange, mines actually gone up these last two months...

[DB118D]

There are plenty free ways to see your reports

Credit Karma
Clear Score
Money Saving Expert Credit Club

Gives you access to every version I think

[JD6]

Originally Posted by EvilDrPorkChop

Even though you pay off your Credit Card bill in full, do you leave it so it shows the Statement amount (So you get your statement then pay off in Full or via Direct Debit), or do you pay it off as you go along.

Credit scores work strange, mines actually gone up these last two months...

Each credit card is just set up to direct debit the full statement amount, so I have nothing to do.

[SkyJawa]

The less credit you have the worse your score gets. It’s a credit report, so if you don’t have any it’s nothing to go on.

A colleague of mine is financially fine, pays for most things by cash and the only credit he had was his mortgage, he struggles to get any sort of 0% deal like dfs (which highlighted the issue as they said they could do a better deal if he applied for the credit then paid it off) as he doesn’t do credit, so his score is shit.

[Sennen]

Have you been keeping the repayments up on that leased 840i

[JD6]

Originally Posted by SkyJawa

The less credit you have the worse your score gets. It’s a credit report, so if you don’t have any it’s nothing to go on.

A colleague of mine is financially fine, pays for most things by cash and the only credit he had was his mortgage, he struggles to get any sort of 0% deal like dfs (which highlighted the issue as they said they could do a better deal if he applied for the credit then paid it off) as he doesn’t do credit, so his score is shit.

I only have the 3 credit cards which are always paid in full, but i haven’t had any other debt for about 15 years and the score has always been fine.

[JD6]

Originally Posted by Sennen

Have you been keeping the repayments up on that leased 840i

That has just made me think - Leasys somehow managed to cock-up taking the first payment as they hadn’t set up the direct debit correctly despite having the correct bank details. When I noticed I contacted them and they sorted it out. I do wonder if they issued some kind of notice which would be entirely unjustified as they were the sole cause of the problem. I will speak to them on Monday.

[EvilDrPorkChop]

Originally Posted by JD6

Each credit card is just set up to direct debit the full statement amount, so I have nothing to do.

My point was, your credit score will take into account the Statement amount. So if you've been spending Less on these cards then your statement will be less, so using less of your overall limit.

If you've been spending more you Statement will be higher, therefore using more of your overall credit limit.

These will both affect your score in one way or another, even though they get paid off every month in full.

Also i'd of thought the 840 shows on your score? Even though it's a lease?

[Sennen]

Originally Posted by JD6

That has just made me think - Leasys somehow managed to cock-up taking the first payment as they hadn’t set up the direct debit correctly despite having the correct bank details. When I noticed I contacted them and they sorted it out. I do wonder if they issued some kind of notice which would be entirely unjustified as they were the sole cause of the problem. I will speak to them on Monday.

It was a tongue in cheek comment JD6, what i know about such things you could write down on the back of a postage stamp

I hope you get it sorted

[JD6]

Originally Posted by EvilDrPorkChop

My point was, your credit score will take into account the Statement amount. So if you've been spending Less on these cards then your statement will be less, so using less of your overall limit.

If you've been spending more you Statement will be higher, therefore using more of your overall credit limit.

These will both affect your score in one way or another, even though they get paid off every month in full.

Also i'd of thought the 840 shows on your score? Even though it's a lease?

I see your point about the cards, although my spending has been fairly constant.

I can’t see any sign of the lease deal on the Experian app - it shows 3 credit cards and nothing else.

[Wills2]

Originally Posted by JD6

I have been able to see my Experian credit score for quite a few years - initially via my Barclaycard app and now via the free Experian app.

It was always been pretty high and doesn’t change - typically about 970 in the Excellent category. There is no reason it should change either - I have 3 credit cards paid off in full each month, I have lived in the same house owned outright for more than a decade, I have healthy bank balances, and no debt.

For some reason last month my score dropped into the higher end of the Good category. I assumed this to be a blip and ignored it. It has been updated again recently to the lower end of the Good category. I’m starting to wonder if something odd is going on, although I have seen no other indication of that.

I’m wondering what is the best approach to find out more. Should I download an alternative app (which one?) to compare. Should I pay Experian for more detail? Or something else?

Perhaps this is just a game Experian is playing to get me to pay to see more detail. Any advice welcome...

Experian and the credit rating, mine has gone from merely good to excellent, back to good then back to excellent over the last 3-4 months clearly they are doing something odd.

But and this is a big but, the credit score isn't the main factor, lenders make their own decisions based upon their criterion not a credit score per se.

As an example you may have 60k available to use on credit cards and then apply for a 25k loan the lender may not like the 60k open credit and refuse the loan based upon you having too much credit available to you, conversely if you have no credit cards they may well refuse to lend as there isn't much of a credit history etc.

But given the position you outline, your credit score whether good or bad shouldn't worry you, most would love to be in that position.

If you're worried about any adverse info on your file regarding the lease payments then check your credit file (not the score) and see if any late payments have been registered, although files often take a while to update.

[JD6]

Originally Posted by Wills2

But given the position you outline, your credit score whether good or bad shouldn't worry you, most would love to be in that position.

If you're worried about any adverse info on your file regarding the lease payments then check your credit file (not the score) and see if any late payments have been registered, although files often take a while to update.

I don’t have any particular need for credit, except my new found awareness that some car lease or PCP deals are actually far better value than buying outright. In about 18 months from now I’ll start the search for a new toy and don’t want a rogue dent in my credit score to stop me being accepted for an 840i / M850i / M5 / M3 / M550i - whichever happens to be on offer at the time!

I think that’s a good point- I need to see the full file. It was actually the first £3,200 ish that they failed to take. My bank contacted me within an hour to let me know. I called Leasys who said it had gone through fine so I did no more. 2 weeks later Leasys sent me a default notice! I called them and made an instant bank transfer and got them to correctly set up the direct debit. I will be very annoyed with them if this is the cause.

[JustChris]

Originally Posted by JD6

That has just made me think - Leasys somehow managed to cock-up taking the first payment as they hadn’t set up the direct debit correctly despite having the correct bank details. When I noticed I contacted them and they sorted it out. I do wonder if they issued some kind of notice which would be entirely unjustified as they were the sole cause of the problem. I will speak to them on Monday.

My in laws had a car on order due right about time lockdown hit 520D so zzzzzz but

Somehow the wrinklies got into the fact that the lease co checked their credit rating about 6 times due to delays etc. I think that makes small difference, could be something as insignificant as that?

[Wills2]

Originally Posted by JD6

I don’t have any particular need for credit, except my new found awareness that some car lease or PCP deals are actually far better value than buying outright. In about 18 months from now I’ll start the search for a new toy and don’t want a rogue dent in my credit score to stop me being accepted for an 840i / M850i / M5 / M3 / M550i - whichever happens to be on offer at the time!

I think that’s a good point- I need to see the full file. It was actually the first £3,200 ish that they failed to take. My bank contacted me within an hour to let me know. I called Leasys who said it had gone through fine so I did no more. 2 weeks later Leasys sent me a default notice! I called them and made an instant bank transfer and got them to correctly set up the direct debit. I will be very annoyed with them if this is the cause.

That's piss poor on leasys part and I would make sure they confirm nothing adverse will show up, better to proactively chase that confirmation down.

I don't think the fluctuations you've seen are tied to that though.

[SantaEugence]

Experian do a free trial for full version so sign up to that if you haven't used the offer already.
If you have the full version (including trial) they're also very helpful on the phone, so you could then phone up and they'll talk through any questions you have around your file or score.

[ciscopete822]

That cannot be fooking right!🤣😁

[Armaan]

Originally Posted by JustChris

My in laws had a car on order due right about time lockdown hit 520D so zzzzzz but

Somehow the wrinklies got into the fact that the lease co checked their credit rating about 6 times due to delays etc. I think that makes small difference, could be something as insignificant as that?

Yea it could well be. Any number of 'hard' checks can be done within 14 days and not effect your score as it allows you to search for credit with multiple companies.

However, spaced out checks over time and it does make a difference as it looks more suspect to credit history.

This is when I looked at it a few years back.

Armaan

[Hooded]

Just checked mine, it’s currently on the high end of Good.
I’ve seen my rating on Credit Karma and Clear Score fluctuate for no apparent reason over the last year.

For some reason one of the credit reports shows I’m not on the electoral Roll but the others show that I am. I am registered to vote!