Marc Gander - The Consumer Survival Handbook


A 220 page introduction to all things consumer related by our own BankFodder.

Includes energy companies, mobile phone providers, retailers, banks, insurance companies,debt collection agencies, reclaim companies, secondhand car sellers, cowboy garages, cowboy builders and all the rest who put their own profits before you.

£6.99



Patricia Pearl - Small Claims Procedure - A Practical Guide


An excellent guide for the layperson in how to use the County Court - a must if you are intending to start a claim.

£19.99 + £1.50 (P&P)


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  1. #1
    Basic Account Holder Jim Davis Novitiate



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    Default Credit score reduction

    About two months ago I closed a halifaxicon current account.

    I held the account for five years but never used it at all.

    My credit report has now reduced my credit rating from good to very poor

    due to closing the Halifax current account.

    I am completely confused and puzzled.

    Can anyone explain how this comes about please?


  2. #2
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    Default Re: Credit score reduction

    doubt it
    not got any defaults etc have you?

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  3. #3
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    Default Re: Credit score reduction

    Hi,

    Are you sure that's the only reason.

    Any advice I give is honest and in good faith.
    If in doubt, you should seek the opinion of a Qualified Professional.

    If you can, please donate to this site.


    Help keep it up and active, helping people like you.



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  4. #4
    Basic Account Holder Jim Davis Novitiate



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    Default Re: Credit score reduction

    I have no defaults, no CCJ's and a completely clean credit report. Thanks for the replies.


  5. #5
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    Default Re: Credit score reduction

    any current running credit?

    dx

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  6. #6
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    Default Re: Credit score reduction

    Was the halifaxicon Account your only bank account or source of Credit?
    Are you still listed on the Electoral Roll?


  7. #7
    Basic Account Holder Jim Davis Novitiate



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    Default Re: Credit score reduction

    Hi and thanks for the replies.

    I have no current running credit and no debts at all.
    The halifaxicon account wasn't my only account as I still have a Santandericon account which I've held for many years.
    Yes I am on the electoral roll at my current address and my credit report shows this.


  8. #8
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    Default Re: Credit score reduction

    that's probably the reason then
    lack of running credit
    a bank account is not credit.

    pers iwouldnt worry about it.

    have you checked all providers

    clearscore
    Experian
    noddle

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  9. #9
    Basic Account Holder Jim Davis Novitiate



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    Default Re: Credit score reduction

    Hi DX and thanks for your reply.

    I have checked with Clearscore and Noddle and they both have reduced my credit score.

    I'm not too worried about it as I'm not seeking any credit

    I have heard that a poor credit score can prevent people obtaining employment.

    Now if that is true then the credit reference agencies are out of order in my opinion.


  10. #10
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    Default Re: Credit score reduction

    at right we're getting to the bottom of your enquiry now
    no a poor credit score CANNOT hurt your employment etc etc

    its if there are any CCJ's in most cases
    or in extreme vetting [say like police/etc etc] deafults can harm too.

    bar that it plays NO PART

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  11. #11
    Basic Account Holder Jim Davis Novitiate



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    Default Re: Credit score reduction

    Thanks DX for your reply.

    Good to know that a poor credit score doesn't damage employment propects.

    You mentioned "running credit". I'm sorry but I don't understand what running credit means.


  12. #12
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    Default Re: Credit score reduction

    credit
    where they give you money and you slowly pay it back.
    credit card
    loan
    etc etc.

    your score will be low because theres no proof there you can manage your budget ...

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  13. #13
    Basic Account Holder Jim Davis Novitiate



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    Default Re: Credit score reduction

    OK thank you for explaining what running credit means.
    Still doesn't explain why closing an unused bank account reduces credit score in my opinion.


  14. #14
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    Default Re: Credit score reduction

    does your a/c with Santandericon include an overdraft (available credit)?
    is that your only credit

    IMO

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  15. #15
    Basic Account Holder Jim Davis Novitiate



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    Default Re: Credit score reduction

    Hi Ford,

    My Santandericon account has no overdraft facility and neither did my now closed halifaxicon account.
    I only have a debit card so I can only spend what I have in the account.
    I have never had an overdraft or a bank loan.
    However, in the past I've had mortgagesicon which I paid back text book perfectly.


  16. #16
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    Default Re: Credit score reduction

    Quote Originally Posted by Jim Davis View Post
    Hi and thanks for the replies.

    I have no current running credit and no debts at all.
    The halifaxicon account wasn't my only account as I still have a Santandericon account which I've held for many years.
    Yes I am on the electoral roll at my current address and my credit report shows this.
    Why is your credit score important to you...do you intend taking more credit ?

    The only way to improve your score is to get into more debt.....vicious circle and one which the Credit Registers are manipulating by offering deals with worse credit rates to likes of yourself with poor scores...they are all in it together.

    Andy

    We could do with some help from you

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  17. #17
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    Default Re: Credit score reduction

    basically you are a bad customer for them as how are they supposed to make money if you dont borrow any? That is why you get a lower score, it bumps up the interest paid should you borrow as it is likely that you wont be borrowing for long when you do.
    Borrow 85 billion and you get it guaranteed by the govt and it is interest free.
    Quote Originally Posted by Jim Davis View Post
    Hi Ford,

    My Santandericon account has no overdraft facility and neither did my now closed halifaxicon account.
    I only have a debit card so I can only spend what I have in the account.
    I have never had an overdraft or a bank loan.
    However, in the past I've had mortgagesicon which I paid back text book perfectly.



  18. #18
    Basic Account Holder Jim Davis Novitiate



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    Default Re: Credit score reduction

    Thank you Andyorch and ericsbrother for your replies.
    I think you have both hit the nail on the head.
    My conclusion is that I was daft to worry about my credit score when I have no intention of borrowing
    any money.
    The CRAicon's always say it's very important to have a good credit score. However, they never say that the score
    doesn't matter if you never want to borrow money.
    Some CRAicon's imply that a poor credit score "might" damage job prospects.
    What a dodgy lot they are.


  19. #19
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    Default Re: Credit score reduction

    Some CRAicon's imply that a poor credit score "might" damage job prospects.

    How would a potential employer know ?...they cant access it.

    If you have CCJs and wanted work say in the Financial services Industry then you would have to divulge this data.

    We could do with some help from you

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  20. #20
    Basic Account Holder Jim Davis Novitiate



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    Default Re: Credit score reduction

    Hi Andy,

    I understand that CCJ's are publically available information.
    My credit report lists things like CCJ's and bankruptcyicon as publically available information.
    Therefore any potential employer could use such information and correctly conclude that
    you have a poor credit rating.



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