Credit score - not as good as I'd thought

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Forums › Finance and wealth management › Credit score - not as good as I'd thought

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jonathan18

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#3070240 2-May-2023 09:09

Out of interest I requested a credit check today (from Centrix); my score has dropped from ‘excellent’ to ‘very good’ (with a drop of 33 points) over just under a year.

It doesn’t worry me as I’m not needing to apply for anything, but I’m interested in having some idea as to why it may have dropped. Are there more generalised/global factors that are taken into account, or is it solely on an individual’s financial situation?

We don’t carry any ‘debt’ other than a credit card that’s paid off in full every month, have paid off the mortgage, never missed a bill payment etc, so I’m not sure what in our own personal situation would have impacted on a reduction. Does getting old play a role?!

Handsomedan

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#3070404 2-May-2023 12:26

jonathan18: Out of interest I requested a credit check today (from Centrix); my score has dropped from ‘excellent’ to ‘very good’ (with a drop of 33 points) over just under a year.

It doesn’t worry me as I’m not needing to apply for anything, but I’m interested in having some idea as to why it may have dropped. Are there more generalised/global factors that are taken into account, or is it solely on an individual’s financial situation?

We don’t carry any ‘debt’ other than a credit card that’s paid off in full every month, have paid off the mortgage, never missed a bill payment etc, so I’m not sure what in our own personal situation would have impacted on a reduction. Does getting old play a role?!

Getting older, having no mortgage, paying off the credit card every month - it all plays its part.

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jonathan18

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#3070409 2-May-2023 12:40

Handsomedan: Getting older, having no mortgage, paying off the credit card every month - it all plays its part.

Thanks, @Handsomedan: so are you saying that, much like not showing a record of successfully managing credit early in life, having fewer or no financial arrangements that provide evidence of managing credit later in life (due to not carrying any debts) can lead to a reduced credit score, in that there’s just no recent data showing your financial management? (Hopefully this makes sense!)

Handsomedan

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#3070413 2-May-2023 12:54

Largely, yes.

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Senecio

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#3070419 2-May-2023 13:06

It does make sense, A credit score is about quantifying known and unknown risks factors. Despite your very good financial position you are a bit of an unknown risk to a potential lender at the moment.

Paul1977

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#3070453 2-May-2023 13:51

I hadn't looked at mine in years. Just logged into Credit Simple to find I have a "perfect" score of 1000.

I think all it really means is I have debt, but I never miss payments.

EDIT: Centrix one just back back at 933

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#3135666 27-Sep-2023 22:49

Just checked my credit score on illion and it has taken quite a dive when compared the month before 896 dropped to 819

The only thing that has changed was I increased the weekly mortgage payment $50 due to the increase in the mortgage interest rate!

Nothing else has changed in a number of years, Credit card balance always paid in full, Nothing on HP

Edit: I am paying $150 extra a week above the minimum payment what is required for the mortgage

Wheelbarrow01

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Chorus

#3135736 28-Sep-2023 09:42

Is anyone else seeing scores above the maximum 1000? At first I thought it was just a glitch but it's remained above 1000 to varying degrees for several months...

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#3135751 28-Sep-2023 10:12

This belongs in Software Gore (Reddit).

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#3136127 28-Sep-2023 21:00

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