Loads of things can affect it, including things like cancelling credit cards.


But don't get too hung up on the number. If it had dropped down to 100 i'd be more worried.

 

Could be the number of hard searches in a small amount of time?
After a few month it’ll start going up again, after about 6 it should be back to where it was.

 

Depending on where you get your credit rating from the reason is probably:

1. An increase in the number of credit applications (ie. you now have ONE in the last 6 months)
2. If your new 0% card has a lower limit than the old one, your overall credit utilization will have gone up, and if that's more than a certain percentage, it'll hit your credit rating.

 

Being a slave to a largely arbitrary number is absolutely pointless. The credit companies have successfully 'gamified' this rating so now people really care when they shouldn't, and are acquiring all sorts of data to sell more effectively as a result.

 

I get a free update from Barclaycard every 3 months, but I don't pay much notice to it, it's generally between 997 and 999.

For affordability of things like Mortgages and the like, it only one small factor.

 

also by cancelling a card your overall usage of credit goes up (assuming you have a balance on the remaining card), which i believe has an impact on socre.

But 900+ is a great rating, nothing to worry over

 

I don't think credit rating has any effect on affordability?
Affordability is based on income and outgoings and will determine how much you can borrow. Your credit record might effect whether you get accepted for the mortgage or not.

 

Sorry, that's what i meant.

 

Yeah these things swing all time

Closing account can go download
Opening account usually down
Application down

But as others have said, anything in 900 is nothing to worry about otherwise no one would open any accounts!

 

I think they like you in debt and paying it off to have a good credit rating.

 

Because it shows you can manage credit.

You wouldn't get much of a rating if you had never had any debt for them to assess your ability to manage it.

 

I fell into this trap by canceling an unused card, and couldn't get a big enough balance transfer offer on my other one a few weeks later. Now I leave a card with 5k limit with 0 balance active, which reduces my debt utilisation.

 

As above, i keep a number of large balance cards with nothing on them just so my credit utilization stays low, even if i need to use a card in an emergency.

My experian “score” seems to change with the wind however. So far this year its been 999, 991, 999, 991 and now 999 again, with no hard searches or applications in that time. That said, the experian “score” as meaningless as it is, at least makes more sense than the other agencies who always seem to score me as a 3 or 4 out of 5 which goes against what experian think (and what my experiance of getting good credit rates shows).

In short, I don't think the “score” is particularly relevant at all. As long as you are managing your money/debt correctly, on time, and the affordability fits, then you’ll be accepted for the better credit deals more often than not.

 

Some lenders don't even view your credit score as a decision maker. Its classed on how you pay back things and your credit behaviour what they are interested in the most. For instance the high % lenders won't lend to you if they see you pay everything off each month etc. But if you are like that then you wouldn't be looking for a loan from sharky loans etc

 

Yes, if you spend almost up to your credit card limit and pay it off every month you will have a higher rating than somebody who doesnt use their credit card at all.

 

Or taking out credit cards

 

Average age of account is a factor as well according to MSE, a long running account shows stability of finances, closing down an old account and opening a new one is obviously going to bring that average down significantly