Your Credit Score
Thinking about applying for credit? Check Your Credit Score for free, with no impact on your credit file.
Why has my credit score gone down?
Your credit score and report changes over time, just as your circumstances do.
Reasons your credit score might have gone down
Below we’ve outlined some of the things which could impact your credit score.
Why is a good credit score important?
- The higher your credit score is, the more likely it could be that an application for a mortgage, credit card, personal loan, overdraft or car finance will be accepted.
- Depending on the type of borrowing, the lowest and longest lasting interest rates might be offered to low risk applicants, who’ve shown they can manage credit well over time.
- Your credit score can also affect the amount of credit you’re offered.
- Bad credit might affect your ability to get some jobs, e.g. in legal or financial services.
A summary on why your credit score could go down
A lot of factors can impact your credit score, causing it to increase or decrease over time.
- The reason your credit score reduces, could also influence how long it’ll take for it to recover.
- A good credit score could boost your chances of being accepted for credit when you need it.
- Things which impact your credit score could include new credit applications and missed payments.
- You can build your score in a lot of ways, from making sure you’re on the electoral register and managing accounts well, to correcting errors on your record and limiting new credit applications.