I get my credit score sent every month and it's gone down. Absolutely nothing has changed. Is this a symptom of the greater financial crisis?
I'm not overly concerned as I'm not thinking of applying for any credit. It's just annoying that it's changed whilst nothing else has π.
use it or lose it lady
shareDoesnβt it automatically go down every time you or someone else checks it?
shareNah you can check your score as often as you like.
It only flags up if multiple loan companies check it in a short space of time as it looks suspicious.
I signed up on the Money Saving Expert site. They just email me every month with an update.
What's the ratio of your current credit debt versus your available credit?
EX: $1000 debt, $1000 available (same card).
If this might be the case: apply for more credit cards (but don't ever use them) or request your credit card service to increase your "available balance" or do both.
You want to have way more 'available balance' than current debt.
I don't owe anything. I don't have credit cards, which automatically lowers my score π€·π»ββοΈ. I save up and pay cash for everything.
All I can think is that because my wage has remained the same then this is why it's gone down because effectively I've had a pay cut when put against the cost of everything else going up.
It's a stupid system π
I dont owe anything either . A credit card should never be used as a loan - people dont seem to realise that.
It IS a good idea , however , in my opinion , to have a credit card , use it, pay it off in full monthly.
I've got a direct debit set to pay my credit card bill in full every month.
Then i just use my credit card wherever I would normally use my debit card.
Because the credits getting used , your score is healthy
My money is with me a little longer so i get some intrest (admittedly neglible)
Best of all - you get all the perks , bonuses and purchase protections that , bizzarly, seems to be enshrined in law to come with a credit card .
This is what I do--I never use my debit card, I always use my credit card, and have it set up to automatically pay the balance IN FULL every cycle (monthly) out of my bank account. I have an excellent score without having a large income.
shareVery concise answer, thanks π.
I got into debt with credit cards in my early 20s and I always said I'd never go there again, even if it does lower my credit score by mot having one.
Having bailiffs knocking the door is not fun.
My circumstances are completely different now though so I may look into this.
Damn. A bailiff coming to someones personal residence for debt sounds like legal loansharking.
moviechatterer's offered some really good advice though. Get a credit card with cashback rewards and pay it off in full each month. Also, make sure the card doesn't have an annual fee.
What the other person said.
And make sure you pay off the credit card bill/statement balance (not the total balance) every month. That way, you never get charged interest. You only pay what you would have spent anyways. And your credit card utilization stays active.
And if you ever run into someone who says it's good for your credit to pay interest, ignore them.
π
shareYou need to use your credit and then pay it entirely off at the beginning of the month. If you never use it, it will slowly go down. Get a 2 or 3% cashback card, put your essentials like bills, gas and groceries on it - nothing else, and pay it off at the end of the month. Builds you credit and puts a little money back in your pocket for paying for things that you absolutely need.
shareI have a very high credit score and pay my balances off each month, but mine always goes up and down a few points based on the amount I have charged each month.
share