credit scoring?

[lippyzippy]

I have a poor credit rating of 660 yet ive never missed a payment in my life

I was told that your score comes down when you close a credit card account ? regardless if its paid off, it means you have less credit available to you so your score falls?

is this true?

does anyone know more?

[Vicky.]

If you pay off any balance, it increases your credit score, not decreases it. Closing a credit account (providing theres no arrears) wont lower your credit score.

Being late with any payments will though, even if its only a day late.

[Josy]

You can be debt free all your life and still have a low credit score because there is no proof of how you manage payments etc

Also things like any applications for credit in the last 5+ years all get included while working out your score too.

Not being on the voters roll for your current address can even have a negative effect.

[lippyzippy]

well I rent a few properties , could they be damaging my score?

[Vicky.]

Unless your rent is late, no I dont think so. You have to be on the electoral roll at one of them though, or your score will be low based on that.

[Sandz38]

It depends on if you have lots of things on credit as that builds up a score if not then score is lower :)