# Credit score, first time use



## AndyA4TDI

Natwest now have a link to your credit score, never checked mine before, came back as excellent 669/710. The only negative apparently is that I don't have a mortgage. Hmmm, I had a mortgage and am now mortgage free, :lol:


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## Kerr

How can that score people down? You've shown you can pay off the biggest debt you'll have and own an expensive asset. 

I've never checked for years what mine is doing. 

I've always used my credit card for bigger purchases to keep my credit usage going. Obviously settling the bill every month. I know they like to see people taking on debt and being responsible.

I've heard other people offer the opinion that credit scores are often meaningless.


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## AndyA4TDI

Exactly my thinking, 4 positives, 1 negative being no mortgage, made me laugh


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## Andy from Sandy

Source: Experian

What About Your Credit Scores?
There likely won't be any dramatic change in your credit score as a consequence of closing out your mortgage loan. While closing credit card accounts can hurt your credit score (by reducing the total amount available to you to borrow), closing a mortgage has very little effect. Like paid-off student loans and auto loans, a mortgage that's paid in full will remain on your credit reports at the three national credit bureaus (Experian, Equifax and TransUnion) for 10 years as a "closed account in good standing."

At the end of that 10-year period, if you haven't established any new mortgage accounts, your credit scores may diminish slightly as a result of reduced credit mix—the combination of different loan types credit scoring models see as a sign of a well-rounded credit user. But as long as your other credit accounts (credit cards, car loans and the like) are up to date and continue to be paid on time, your score will also tend to have risen over those 10 years, reflecting greater experience as a credit manager. So while there are many factors to consider when deciding about paying your mortgage off early, your credit score need not be one of them.


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## fatdazza

Ooh Top Trumps - my Experian score is 999 (out of 999)


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## Andy from Sandy

Up to your eyeballs in debt!


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## fatdazza

Bizarrely not.

Small mortgage balance, could pay off tomorrow if I wanted, credit cards paid off in full every month, no overdraft, personal loans or car credit.

The only other money owed is for a sofa, for which there was no discount for cash, so put it on 3 years 0%.


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## mokkaman

Hi,Just checked mine and well pleased,999 out of 999.Feel well chauffed.Cheers Andy


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## kingswood

having no debt is a bad thing. as managing debt shows you can! madness but true.

wife was posh as a kid and saved for everything. car, no student debt etc and when we got together she tried to get a credit card for food shopping etc and was declined due to no credit history.

had to get a adverse credit card to build her credit history up.

things such as paying for a sofa on 0% is a great idea. not only is 3k worth less in 3 yeats time so youre actually saving money youre keeping your credit history going. i did th esame with my latest iphone. £800 unlocked from apple or pay monthly with barcleys at 0% apr. no brainer


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## Juke_Fan

fatdazza said:


> Ooh Top Trumps - my Experian score is 999 (out of 999)


Think they give everyone that as that's my score as well 

I use 5 different reference agencies and all give me a different score :wall:

One of the key things to get a good score is to only use between 15 to 25% of your credit card limit. So getting more cards and increasing your limit is good for your score but this seems wrong to me. I have a £15,000 card limit but keep getting advised to increase my limit every time I spend a bit much on the card - mad £15K is way more than enough IMO.


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## Darlofan

Unless you have lots of defaults the actual score doesn't mean much. All companies are bothered about is giving you as much as they dare to make money on. 
I use loans, cr cards over the last 30 years and see the patterns in what they'll offer depending on what you owe. As soon as balances build up and they're making interest from you the offers dry up. Balances lower and the 0% balance transfers come through weekly. Virtually nil balance and the cash transfer offers then kick in.


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## shycho

Finished paying off a loan last month, which meant I was able to clear my credit card as well. 

A month later and my credit rating drops, because I'm no longer paying off debts. Utter madness.


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## ollienoclue

Cor, Experian, they boiled my **** once. 

Years ago, wanted to get a contract mobile phone, I can't remember how much a month it was, something daft like £30 or something.

Tried to sign up for said phone. Declined.

I was like wtf. The assistant at the shop said: 'you need to contact Experian'.

Rang them up, and they insisted on charging me money to access my own information that I had never consented for them to collect. And this was at a time when my bank were more than happy to lend me £10K for a car purchase. God I was ****ed. Had to pay £2 and then of course the monthly recurring fee which I promptly cancelled.

These credit agencies are shysters- your bank knows more about your financial information than they do.


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## macc70

AndyA4TDI said:


> Natwest now have a link to your credit score, never checked mine before, came back as excellent 669/710. The only negative apparently is that I don't have a mortgage. Hmmm, I had a mortgage and am now mortgage free, :lol:


 We were told to leave £100 owing on our mortgage to benefit from credit scores and cheaper insurances Seems to work too


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## mbarn

fatdazza said:


> Ooh Top Trumps - my Experian score is 999 (out of 999)


As is mine, yet strangely with exactly the same data (I've checked) Experian say 999/999 yet Equifax score me 3/5. 
I have a mortgage, car finance, and sofa as it was 0% apr. 
Haven't touched my overdraft in more than 10 years, and don't struggle with any credit if I need it. Baffling to get such varied scores.


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## Darlofan

macc70 said:


> We were told to leave £100 owing on our mortgage to benefit from credit scores and cheaper insurances Seems to work too


My mum always claimed that whilst oweing on a mortgage the bank would hold the house deeds free of charge too whereas if paid off she'd have to pay solicitor to look after them. Typing this I'm now wondering who has mine


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## macc70

Darlofan said:


> My mum always claimed that whilst oweing on a mortgage the bank would hold the house deeds free of charge too whereas if paid off she'd have to pay solicitor to look after them. Typing this I'm now wondering who has mine


I should have mentioned the deeds after all they are important:wall:


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## fatdazza

Darlofan said:


> My mum always claimed that whilst oweing on a mortgage the bank would hold the house deeds free of charge too whereas if paid off she'd have to pay solicitor to look after them. Typing this I'm now wondering who has mine


Mortgage companies no longer hold deeds. They have all been registered with Land Registry.

The hard copies were for our last house were returned years ago.


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## pxr5

fatdazza said:


> Mortgage companies no longer hold deeds. They have all been registered with Land Registry.
> 
> The hard copies were for our last house were returned years ago.


Correct, just contact the LR and get a copy. Costs a few quid iirc.


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