What can lower your credit score from your experience?

Its been a year since started using credit card and my current score is 750, i want to maintain this or go higher.

Well missing payments, moving house, taking out new credit or using the majority of your available credit will lower it.

Personally I like having 2 credit cards, it means two 'ticks' a month towards the score. It also means I can bounce the balance between them to take advantage of whatever interest free deals they have.

A bank account with overdraft will count towards credit score as well.

Reply 2

Reality Check

Original post by nanachan123

Its been a year since started using credit card and my current score is 750, i want to maintain this or go higher.

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Keep a low balance - less than 20% of your available credit limit

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Never miss a payment, pay the minimum amount or go over your credit limit.

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Make sure you're on the electoral register.

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Manage any other credit commitments properly

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If you can afford to take on more credit and manage it wisely, then doing so could improve your score. Don't take on extra credit just to attempt to improve your score, though.

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As your credit file 'thickens' with more positive data, your score will improve.

Reply 3

londonmyst

Not being on the electoral roll, a history of late payments/missed payments and going into unauthorised overdraft.

Reply 4

Jack22031994

Volunteer Team

Original post by nanachan123

Its been a year since started using credit card and my current score is 750, i want to maintain this or go higher.

Paying your balance in full every month, not missing any payments or exceeding your credit limit, being on the electoral register, being on utility bills

Reply 5

FutureFinance

Official Rep

Hey there!

Here's a couple of ways you can protect your credit score as a student:

1) Understand the exact terms of your overdraft/credit card. What are the fees, penalties, and how long does your overdraft last?
2) Don’t overuse credit as you might end up with debts that you cannot afford to pay back.
3) Always make at least the minimum payments, to avoid damaging your credit score.
4) Remember that you will have to pay back your overdraft once you have graduated.

And most importantly remember, the first step to managing credit responsibly, is to understand exactly what you’re signing up for!! :biggrin:

Original post by nanachan123

Its been a year since started using credit card and my current score is 750, i want to maintain this or go higher.

Reply 6

ReadingMum

Don't focus on the score - it is just a number. People with no credit history can end up with 999 on Experian as they have never done anything wrong. It doesn't mean that anyone is going to view them as a good bet to lend to.
Focus on building up a good credit history.