99 point dive in credit score and no idea why


Hi,

I got an updated Experian credit report today which shocked me in a big way. After being at the same score for 3 months (since I started the account) I applied for a credit building card and have been using it for 2 months. I went 7p over my 50% limit I set myself this month (accidentally) and I know that apparently spending over certain thresholds can been seen as negative with some lenders. My card is only a £400 limit and in the 2 months I’ve had it I’ve paid off the balance within 2 days of it being available to be paid.

What I don’t understand is what could have caused such a dramatic dive in my score. last week I sent a large amount of money £10k+ to my solicitor for payment on a house me and my wife are buying. Could that have anything to do with it? Is that seen as something that could damage my score? If so I’m astonished, that spending towards a house could cause me basically 100 points in negative credit score.

I haven’t applied for any more cards or any increases in limits, or even for finance with any companies and been rejected so I’m at a loss as to why I’ve been punished.

I was planning on eventually applying for a few more credit building cards to help increase my score even further, but I doubt I’ll be able to as this has driven me into the poor tier.

Any help would be greatly appreciated.



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