Your score will ultimately be based on how responsibly you use your credit facilities.įor example, you lose 130 points with Experian if you fail to pay a bill on time but will gain 90 points if you use 30% or less of your credit card limit. Your data will be processed in accordance with our Privacy policy What affects my credit score?
#FREE CREDIT REPORT FREE#
This newsletter delivers free money-related content, along with other information about Which? Group products and services. For example, a score of less than 560 is 'very poor' with Experian, but 'good' with Equifax. However, a good credit score from a credit reference agency is no guarantee that your application will be successful.Īnd confusingly, each credit reference agency uses a slightly different scale. The higher this number, the higher your chances of getting access to market-leading credit deals. To give you a better idea of how your application might be viewed by lenders, credit reference agencies produce their own version of your credit score. Each lender has its own system in place to decide whether or not to accept you as a customer, meaning you could be turned down by one, but successful with another.įind out more: all you need to know about credit reports Why does my credit score change on different sites?
There's no such thing as a universal credit score. The rating is calculated using a points system based on the information in your credit report which can reveal how you've managed your debts and bills in the past.Ĭredit reports are compiled by credit reference agencies - the three main agencies in the UK are Experian, Equifax and TransUnion. Your credit score is a three-digit number that indicates how reliable you are at borrowing and repaying money.
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