Unsecured loan - credit score dropped

[Cacla132]

Hello,

I didn't realise that getting a new handset on contract would show on my credit file as an 'unsecured loan'. It's caused my credit score to drop by 70 points and go from excellent to good. This will potentially cause big problems as I need to apply for a mortgage soon. Is there anything I can do to rectify this? Is it possible to pay it off and close the account? Im outside the cooling off period before I noticed unfortunately. 

[bristolian]

---

@Jez2024 wrote:

I just been informed  by Clearscore that having taken out a  year sim only deal with EE has had a profound 'negative' effect on my credit score to the tune of 76 points .

---

What explanation have Clearscore given, for them dropping their score by 76 points?

[Jez2024]

Hi,
I think you may have jumped the Gun a little bit, although appreciate you reaching out so promptly.
 I'd just posted that comment on the EE notice board no more than  10 mins a go, including the comment 'I have subsequently raised a case with Equifax, and will await the result' - (await being the operative word)
I personally think (and from my experience) its a piece of information that is prudent and relevant, and based on my experience alone.
And the idea of a Community is to both share and acknowledge other people points of view and information that is valuable to said community, wouldn't you  agree?
Kind Regards
Jeremy

[bristolian]

No gun-jumping or premature posting with my last reply.

Check your statutory credit file with all 3 main CRAs, this is a free process and allows you to conduct a line-by-line check of all entries. Pursue any incorrect entries.

How individual lenders score against their criteria, is confidential to those lenders.

[Jez2024]

Hi 

Many Thanks, and already done, reason -

A new CreditApplication search by BTG (BT, EE, PLUSNET) was added to your  December 2024 report

Which is correct, as i have indeed taken out a Sim only contract

As I've previously stated -

I appreciate 'Credit scoring' is purely a Guide, and is simply designed to help you understand what your credit report might mean to a lender 

And should I, having taken out a simple 2 year contact with EE, be chasing consumer credit reporting agency to request amendments  to this unjustified drop - I personally think not! 

A lesson duly learnt, but not one i would have wished for.* 

*Disclaimer -The information supplied above is purely given for informational purposes and represents, the personal experiences of Jeremy L****, a customer of EE/BT, and should not be taken as defamatory in meaning or any way interpreted.