Is 700 a Good Credit Score?
Everyone in the world wants to have a good credit score. In this society, it takes credit to get the things that most desire. How do people know if they have a good credit score or not? The credit rating system was created to help lenders understand the risk to lending to consumers. The credit rating system has stood the test of time and is used by the majority of lenders in the country.
Yes, a 700 credit score is good these days. Lenders will generally lend money to consumers with this credit score. A 700 credit score usually entitles consumers to the best interest rates on their loans. For example, if consumers wish to purchase a vehicle, they may qualify for a low interest rate of 2% due to their good credit instead of 12% interest rate or higher. It saves consumers money when they have a good credit score.
A 700 credit score does not guarantee that lenders will extend loans to consumers. When consumers wish to make big purchases such as a home, they may be required to be within a certain range of debt. For example, mortgage lenders may require that consumers only have 40% of their income going toward paying debt. A consumer with several automobile loans, student loans, and credit cards may stretch their debts over this limit. Mortgage lenders may deny consumer credit without an additional signer on the account. The additional signer must meet the credit requirements, and the combined incomes must also meet the 40% debt to income ratio.
This information may come as a surprise to consumers, but there is such a thing as having too much credit. Even with a perfect payment history, lenders may overlook consumers for loans because they may see the excessive amount of debt as in indicator of possible problems with repaying debt in the future.
- Manage debt -The worst thing that those with good credit can do is use their credit irresponsibly. Consumers should not use their credit unless it is a last resort. Maxing out credit cards to go on shopping sprees is not a good idea. Imagine applying for a home loans and receiving a high interest rate because of the credit cards with high balances.
- Use a mix of credit вЂ“ Lenders look for a good mix of revolving debt (credit cards) and installment debt (auto loans and mortgages). They want to see that lenders use their credit responsibly over many years, and they want to see that lenders are capable of paying their bills on time. Credit mix accounts for 10% of consumersвЂ™ credit score so it is very important to maintaining good credit.
A 700 credit score is an excellent credit score to try to attain. Consumers need to make sure that they balance their credit and use their credit responsibly. A 700 credit score can save consumers a substantial amount of money when they try to apply for credit with credit lenders.
- 1 If my credit score is 771 and I'm in good standing then why am I getting denies for a credit card?
- 1.1 Your credit scores are an important aspect of your financial profile.
- 1.2 How your credit scores are set
- 1.3 How to go from good to great (or bad to good)
- 1.4 What TransUnion credit score can you see on Credit.
- 1.5 Check credit monitoring off your to-do list with Credit.
- 1.6 The newcomer’s guide to building credit in Canada
- 1.7 How to update information on your credit report
- 1.8 How a good credit score is worked out
- 1.9 What affects your Credit Score?
- 1.10 What doesn’t affect your credit score
- 1.11 128 thoughts on “ What is a good credit score? ”
- 2 771 Credit Score - Good or Bad? (2018 Update)
- 2.1 771 Credit Score - Is it Good or Bad?
- 2.2 You Probably Got a "FAKE" Credit Score
- 2.3 How Does a 771 Credit Score Rate?
- 2.4 What does "Excellent Credit" mean to you?
- 2.5 How Is A Credit Score Calculated?
- 2.6 Different Credit Score Range Scales
- 2.7 Knowledge Is Power - Especially With Your Credit
If my credit score is 771 and I'm in good standing then why am I getting denies for a credit card?
If my credit score is 771 and I'm in good standing then why am I getting denies for a credit card?
Two years ago i had no credit and applied for a Best Buy credit card, i was denied so i got a college card to start building, I had that credit card for a year and got another credit card. I have never been late one of my cards is paid off and the other has a low balance. I would like to buy a new.
Your credit scores are an important aspect of your financial profile.
They may be used to determine some of the most important financial factors in your life, such as whether or not you’ll be able to lease a vehicle, qualify for a mortgage or even land that cool new job.
And considering 71 percent of Canadian families carry debt in some form (think mortgages, car loans, lines of credit, personal loans or student debt), good credit health should be a part of your current and future plans.
High, low, positive, negative – there’s more to your scores than you might think. And depending on where your numbers fall, your lending and credit options will vary. So what is a good credit score? What about a great one? Let’s take a look at the numbers.
How your credit scores are set
Canadian credit scores are officially calculated by two major credit bureaus: Equifax and TransUnion.
They use the information in your credit file to calculate your scores. Factors that are used to calculate your scores include your payment history, how much debt you have and how long you’ve been using credit.
Pro Tip: You can view sample credit scores summaries from each bureau (see Equifax here and TransUnion here) to get a sense of what to expect.
In Canada, your credit scores generally range from 300 to 900. The higher the score, the better. High scores may indicate that you’re less likely to default on your repayments if you take out a loan.
Below you’ll see a general breakdown of credit score ranges and what each range means in terms of your general ability to qualify for lending or credit requests, such as a loan or mortgage.
Note that the ranges can vary slightly depending on the provider, but these are the credit score ranges you’ll see on Credit Karma. The best way to know where your scores stand is to check your credit report:
● 800 to 900: Congratulations! You have excellent credit. Keep reaching for the stars.
● 720 to 799: You have very good credit! You should expect to have a variety of credit choices to choose from, so continue your healthy financial habits.
● 650 to 719: This is considered good to lenders. You may not qualify for the lowest interest rates available, but keep your credit history strong to help build your credit health.
● 600 to 649: This is fair credit. History of debt repayment will be important to demonstrate your solid sense of financial responsibility.
● 300 to 599: Your credit needs some work. Keep reading for some improvement suggestions below.
How to go from good to great (or bad to good)
To borrow from Leo Tolstoy, all great credit scores are alike, but all bad credit scores are bad in their own way. That is, ideal credit scores are built on a similar set of healthy financial habits, but your scores can be damaged by any number of factors. There are many different issues that can hurt your credit, such as:
● Late or missed payments.
● Too many (or too few) open credit accounts.
● High credit card balances.
● High balances on loans.
● Too many credit applications.
The first step toward improving your credit health is avoiding getting trapped in the highs and lows of managing your credit.
Heather Battison, vice president of TransUnion Canada explains how consistency is key: “The most important factor for building and maintaining your scores is to pay your bills on time and in full each month. This activity demonstrates your ability to responsibly manage credit and can positively impact your credit scores.”
It’s also key to remember that your payment history isn’t just about paying your credit card bill. “It also includes things like your cellphone bill,” says Trevor Gillis, associate vice president of account management at TD Credit Cards.
Gillis says building good credit scores is “based on using your credit card responsibly, which means making at least the required monthly minimum payment (if you can’t pay off the balance in full), making your payments by the payment due date and keeping your credit card utilization low.”
Beware of third-party companies that claim they can quickly boost your scores. According to the Office of Consumer Affairs, only your creditors are able to alter the information on your credit file. When it comes to building good credit, there are no shortcuts.
Here’s the good-to-great news: Improving your credit health isn’t only achievable, but also the steps involved can help you establish an overall healthy financial life. Read our tips for everyday ways you can improve your credit health.
Help keep your credit scores as healthy as possible by reviewing your credit reports regularly to ensure they’re accurate. Making the decision to apply for a loan or credit card is a big deal – don’t let surprise scores get in the way of it.
There are ways to check your credit scores directly from TransUnion and Equifax. However, you’ll either be waiting for snail mail delivery (with the added risk of loss or theft in transit), or paying a fee for one-time online access (or a recurring cost for continued access).
Credit Karma gives you free online access to your credit score and report from TransUnion any time. Score!
What TransUnion credit score can you see on Credit.
Check credit monitoring off your to-do list with Credit.
The newcomer’s guide to building credit in Canada
How to update information on your credit report
© 2007–2018 Credit Karma, Inc. Credit Karma™ is a trademark of Credit Karma, Inc. All Rights Reserved. Product name, logo, brands, and other trademarks featured or referred to within Credit Karma are the property of their respective trademark holders. This site may be compensated through third party advertisers.
A “good” credit score depends on the scoring system used by your particular lender – there’s no one credit score or magic number – different lenders score differently.
However, if you have a good credit score from one of the main credit reporting agencies such as Experian, you are likely to have a good credit score with your lender.
- The Experian Credit Score runs from 0-999 and is an indication of how lenders may view you.
- It is based on the information in your Experian Credit Report
- The higher your score, the greater the chance you have of getting the best credit deals
To get your Experian Credit Score FREE forever, sign up to CreditMatcher, a free independent service that helps you compare credit deals you’re more likely to get, based on your credit information. We are a credit broker not a lender, working with selected lenders.†*
How a good credit score is worked out
When you make an application for a loan, credit card, mortgage or other type of credit, lenders work out a credit score for you, based on factors such as:
- information on your credit report
- information you’ve given on your application form
- information they may already hold on you
- public record information (such as CCJs)
- and their own lending policy, which may differ from other lenders.
Usually, a higher score means you’re seen as lower risk – the more points you score, the more chance you have of being accepted for credit, and at better rates.
They’ll look at your credit history, which is based on your credit report and will show things like if you have a mortgage, how much you owe on credit cards and if you’ve missed payments in the past.
They do this so they can decide for themselves if they think you’ll be a responsible borrower, and likely to repay what you owe them.
The Experian Credit Score is a guide to help you understand your credit report, and how the way you’ve managed the credit you’ve had in the past might affect applications you’re making now.
What affects your Credit Score?
- The lower your overall balances (not including mortgage), the better – so try to stay within credit limits and keep balances low.
- Too many new applications for credit can make lenders think you need to live off credit – each application is recorded on your credit report for 12 months, so the fewer you’ve made in the last 6 months, the better.
- Missed or late payments can have a big impact, but paying on time can really help your score – so try to make sure all bills are paid on time.
- Register to vote at your current address – lenders use the electoral roll to help confirm who you are and where you live.
- Review your credit report regularly – make sure it’s up to date and in good shape for when you’re ready to apply for credit.
Your Experian Credit Score is not set in stone – it’s a living, breathing thing and it changes along with your own financial behaviour. Getting your credit score up could open up the potential chance to get better loans – and at better rates.
Essentially, if you manage your finances responsibly, and you are not reliant on credit, and you are easily identifiable (e.g. you are on the electoral roll and have a thorough address and credit history), this is likely to stand you in good stead for getting the credit that you want.
What doesn’t affect your credit score
Credit scoring never considers any of the following:
- your religion, race, sex, or marital status
- your age or your marital status
- your salary, employer, or occupation (though your lender may take this into account)
- where you live, who lived there before you, or who lives with you now (unless you are financially associated – see here for more about that)
If you have questions you’d like answered about your Experian Credit Report and Score, our Twitter and Facebook customer service teams are online Monday to Friday 9am to 8pm. Saturdays 9am to 5pm.
†Experian acts as a credit broker and not a lender in the provision of its credit cards and personal, car finance and guarantor loans matching services, meaning it will show you products offered by lenders and other brokers.
Experian acts independently and although CreditMatcher shows products for a range of lenders and other brokers it does not cover the whole of the market, meaning other products may be available to you. CreditMatcher services are provided free however we will receive commission payments from lenders or brokers we introduce you to.
CreditMatcher is provided by Experian Ltd (Registered number 653331). Experian Ltd is authorised and regulated by the Financial Conduct Authority (firm reference number 009743). Experian Ltd is registered in England and Wales with registered office at The Sir John Peace Building, Experian Way, NG2 Business Park, Nottingham, NG80 1ZZ.”
Copyright © 2017, Experian Ltd. All rights reserved.
128 thoughts on “ What is a good credit score? ”
My score is 626 its poor is not being on the electric roll affecting this badly and there is 3 items to be removed 24.11. 16 will this improve once theu have been removed.
many thanks B HOughton
Hi Bernadette. Your Experian score is calculated from all of the information on your credit report so it will depend on what other information is recorded as to how much your score will change when the items are removed. If there is no other negative information then we would expect the score to increase, if there are other accounts with missed payments or defaults then it may not increase dramatically. Registering on the electoral roll will help your Experian credit score, if you visit About My vote website you can find out if you can register and how to do so. Kind regards Neil
How long does it take for a credit score to start to go up. Credit scores seem to go down a lot quicker than they go up
Hi Andrea, thanks for your question! Whenever information on your credit report changes your Experian Credit Score is automatically recalculated, this is regardless of whether the change means that your score goes up or if it goes down. If there is negative information on your report such as a default then it can take a while for your score to recover this is because lenders will be reluctant to offer further credit while a default is recent, as they will be concerned that you could default again. As the default gets older it will have less impact on your score, but it does take time for this to happen. Kind regards Neil
Hi thank you for your quick response. Is it true that when an account is defaulted but the balance is paid before the six years are up can you request that it be removed from your credit file by the company who recorded the default originally
Hi Andrea, lenders are obliged to record accurate information on your credit report, if a default is paid they should update it to read as satisfied. Anyone searching your report would then know it has been paid, however the lender would not remove the default if it is accurate. Kind regards Neil
My partner has a default that is due to come off next year the balance was paid back in 2014 and is showing as 0 but the last time the company updated it was back in 2014 when it was paid in full, however it is still recorded as a default and rated a 6. It does not say satisfied.
Hi Andrea, satisfied means cleared, so the 0 balance reflects that the account has been satisfied. As the account has been satisfied now it is unlikely they will need to send any further updates for the file. The default will have less impact as it gets older over time until it is removed from your report 6 years after the date of default.
I live with my son in local authority housing. We have applied to the Council for the right to buy and have been accepted & given a purchase price.
My son & his partner will be applying for the mortgage to buy the flat, I will not be providing any of the finances involved.
However,I am concerned that because I have been bankrupt within the last 3 years and although as I say I will not be financially involved, that my credit limit may affect my son and his partners chances of being accepted for the mortgage. I was released from the order 2 years ago.
I would appreciate your help and advice
Hi, I have edited out your name in your post as per your request.
Credit reports are based on an individuals credit history only and not based on people in the same household. The only situation where someone else’s report may effect an individuals is if they are financial connected on the report.
A financial connection would only be made if two people make a joint application for credit. From your post it doesn’t sound like your report would impact your sons application.
If you have been financial connected in the past and no longer are you can fill out the disassociation form here.
I have paid all my debts off in full after being with st pchamge for some time when will this be reflected in my credit score . I was trying to build up my score and was doing well and then went on money supermarket to comoare car insurance prices and every single company did a credit check so my score went down nearly 300 points … How can this be fair ?
Hi Kelly, lenders send us monthly updates every 4-6 weeks about the previous months information so if you’ve paid off accounts recently you should see the accounts change in the next month. As for the insurance quotations, these would be soft searches and such have no impact against your Experian Credit Score. This post explains further about insurance quotations.
Thanks for your reply Joe , despite these being soft searches they have actually lowered my credit score by a considerable amount I have checked on experian and the searches were done by a number of different car insurance companies so surely by lowering my score they are impacting me a great deal it has taken me from 790 to 582 in a matter of days .
Insurance searches have no impact against the score so something else must have changed on your report at the same time which will have impacted your score. If you contact us we can look in to this and help you. Our contact details can be found here.
My score is being affected by an.IVA I had. I made all the payments on time and then almost 6 years ago paid a limp sum into the IVA and agreed a settlement with my creditors. How long will this keep impacting my score? I haven’t been overdrawn nor owed anyone for over 10 Yeats now but still cant get a bank account other than a basic one.
Hi Paul, provided an IVA is completed it will be removed from your credit report 6 years after the date it was issued. Overtime an IVA would have less impact against your Score until it is removed after the 6 years.
Thanks for the reply. Do you mean 6 years after completing or from the date the IVA wad first issued?
Hi Paul, it will removed six years from the date the IVA was issued, as long as it has been updated to show as completed. Kind regards Neil
Thanks again for such a quick response. I checked with the Insolvency Service and my IVA doesn’t show which ties in with your advice. But my credit score from you is 677 and you state that this is due to the IVA. How can this be and how can I correct your information?
Sounds like we may need to look at your report and possibly query this information for you then. If you are a CreditExpert customer you can call or email us. Our full contact details can be found here. If you are emailing please include your name, dob, address and report reference number (if you have it).
Hi I am just 9 points off the next level of credit scoring and wanted to know what I am can do to improve credit now.
Hi Joanne, this blog post here contains lots of helpful tips on how to improve your credit score.
Please explain why my score is poor?
I have a car on finance showing as £32000
A few cards probably 4K owing and no missed, late or defaulted payments or ccjs
Hi David, thanks for getting in touch. You score is calculated from all of the information on your credit report so it will depend on what other information is recorded as to why the score is low. For example if you are using a high percentage of your available credit then this would lower your score or if you have a high number of recent searches. For tips on how to improve your score please take a look at our guide. Kind regards Neil
I have had a defaulted account for 4 years. I am due to make my last payment so this account will be fully paid. Does this mean the default will be removed from my credit report? Or will it remain on for 6 years?
Hi Peter, the default would be removed 6 years after the date the account defaulted not from when its been repaid. Once repaid it will appear on your report as a satisfied default to show it is no longer owed then once the 6 years is up it will be removed automatically.
Ok thanks. Once it is repaid will this have a positive impact in terms of my score?
Your score is effected by the time frame of the default not its balance, as they get older they would have less impact against the score until they are removed after the 6 years. It’s worth remembering your score is not seen by lenders and is an indication from us on how we feel a lender may score you. It will vary from lender to lender how they view defaults on your report and some may look more favorable at paid off defaults to others however this would be depend on their own lending criteria.
I have read your tips and replies to visitors questions and found that a lot of info: was very interesting reading and direct replies to people’s queries were answered immediately.
Hi Kathleen thank you for your kind words. Were possible we like to help people as quickly and efficiently as possible.
But you take 2 weeks to respond to email requests…..
I recently applied for credit with a finance broker as I was considering buying a particular car. The broker passed my details to 4 lenders and each of them has searched my Experion credit report resulting in me dropping 80 points from a good score to a fair score.
As it turns out I have decided to buy a cheaper car for cash so no longer need to apply for credit.
Is there any way of getting my score back up or will I be punished now for the next 12 months because I made the mistake of applying for credit?
Hi Ben, when lenders see a number of recent searches they can be concerned that you could become over-committed if you were take out additional credit.
Your Experian score drops when searches are recorded to reflect this. As the searches were made with your consent then they would stay on your report for the next 12 months. However they would only have a negative impact on your score for the next six months, after this they would no longer reduce the score. Kind regards Neil
Hi there, my credit score is good at the moment, 922 however it has recently dropped 30 points and gone from excellent to good because I am using a lot of my available credit but I have now ammended this but there is no change in my score and I really want it back up to excellent, when or how will this improve? Thank you
Hi Johnathan, lenders send us monthly updates every 4-6 weeks about the previous months information. The score is based on numerous aspects of your report so you will not always see the same score change every time. This guide contain further help on how to improve your score.
I have recently taken a vanquis credit card to improve my credit report further as I needed to show transactions and opted for full amount that I use to be direct debited every month..just need to confirm if I’m on the right track.
Hi Anahita, having a well run account on your report will help your Experian Credit Score and is something most lenders like to see. Although your Experian Score may dip initially while the account is new as it becomes more established it should improve your Experian Score. Paying by direct debit each month should also ensure that there are no missed payments! Kind regards Neil
Why do credit searches hit your score immediately YET when you clear off an account it takes 4-6 weeks to reflect this on your file. I have paid of my mortgages the companies have acknowledged this YET they still show as outstanding balances on my file so now I am worried to apply for the finance for my new car as if its rejected due to this I lose the car. I could raise disputes against companies but that may take to long. Not exactly fair in this computer age.
Hi Stuart, when a lender runs a credit check on you they are requesting the data from us so the search mark is left there and then to say they’ve accessed it almost like a guestbook. As for account information the lenders send this to us every 4-6 and we would update this within a few days of receiving it as we have to check data before we can load it. We update the reports whenever the lenders send us the data, if they were to send a file over quicker then we would action this. The 4-6 weeks rule is an industry standard that was agreed between the various governing bodies and lenders.
Hi Adam, the score factors that we provide are to let you know what information on your report is affecting your Experian Credit Score. A limit of £600 is something that lenders may look at when considering you for credit. Some lenders may see this as low, and may be concerned about this, but it is always up to the lenders themselves. Kind regards Neil
Thanks for your response so would you advise to increase my credit limit on my credit card as this is affecting my score?
Hi Adam, we can’t give financial advice so I couldn’t say whether you should increase your card limit or not. Having a higher limit can help your Experian credit score, but all lenders will have there own method of scoring. Kind regards Neil
I divorced my husband 6 years ago but still have a mortgage in both our names. He has terrible credit and therefore can’t get a mortgage in his own name hence it still being in joint names.
I now want to buy a house with a new partner. How much will my ex affect my credit rating and ability to get another mortgage?
Hi Bethan, thanks for getting in touch. I appreciate that this must be a difficult situation to be in. While you have an active joint mortgage account lenders are going to consider you as financially linked so will be likely to look at his information when considering you for credit.
In addition as your name is still on the joint mortgage then the lenders could also take this existing mortgage into account when you make further mortgage applications even it you are not currently making payments towards it.
The good news is however that we would be able financially disassociate you from your ex-husband so that you would no longer be financially linked, as long as you have no other active accounts apart from the mortgage and you have been living separately for a while, as you have.
To do this you would need to complete a financial connections questionnaire and send it to us. You can find this here.
Kind regards Neil
my credit score was good, almost 900 but when i checked now its 486 and very poor. Can u imagine it dropped down so quickly? So i paid 14.99 to experian and the reason is because i bought a brand new car worth £43.000 and upgraded my mobile to iPhone 7 (i am with my operator for 10 yrs)
No missed payments and have £9520 of £9600 available credit (£5K overdraft and £4.6K credit card). Not using more than 2% of credit monthly and aleays repaying in full.
So i dont understand why experian changed my credit score because i took new car and upgraded my phone contract.
The reason is: You have opened 2 accounts in last 6 months and 4 searches in last 2 months (i was hunting for better car quotes and i was successful with better one). So really why is experian threating me as someone with a very high risk.
Hi Peter, I understand your concern following a score drop. Any changes to your report can lead to a change in score. Taking out a new line of credit for a car will make a difference to your score as it is a substantial financial commitment. In addition lenders will be wary of the additional searches as you may have further new accounts on top of this. As a result your Experian score will drop.
The score drop is not permanent though and as the searches get older (over six months) they will no longer impact the score. Once the new account is established and lenders can see that you are able to meet this financial commitment without difficulty then your Experian score should start to rise again.
Kind regards Neil
Thanks but in this situation i got 2 credit searches from Mercedes Finance and 2 credit searches from BMW Finance.
I bought a car through BMW as it was better deal at the end. So at least you should count those 2 BMW Finance searches to make it fair as i got a huge credit from them.
And aswell i didnt know upgrading a phone contract will make a new accoun on my file, that is strange because then old accound should be satisfied and closed right?
And i checked my score on Equifax and there are 0 negatives because of that and my score has increased by 22 points so i just guess something in your formula is not very right. I would understand small drop but from Good to very poor this is too much.
In terms of the credit applications which were made with Mercedes Finance and BMW Finance, we can contact the lender on your behalf regarding these if you feel these shouldn’t be listed on your Experian Credit Report.
If you want to contact us, you can find our contact details available here.
Furthermore, in regards to upgrading of a phone contract, some phone service providers will list a new account on your report when you upgrade a phone contract. This is because you are starting a agreement for that phone. The lender may still keep another account open however which is specific to your line rental as well. Again, if you contact us we can look at this for you.
Also, in regards to the different score you see with Equifax, I would like you to be aware that each credit reference agency would have it’s own scoring criteria. You can find out more about credit scoring here.
Thank you for your answers.
But maybe you must admit that if someone is hunting for a better price and get a credit at the end it is not the same like making many credit applications and be declined. That is my concern.
The mobile phone operator is O2 and i see they have 2 accounts on my number so maybe they still didnt close the old one before i have upgraded.
So what is clear for me if i open 2 accounts at the same time my credit history will get very poor for next 6 months
Hi Peter, some lenders will be able to perform a “soft search” to provide a quotation rather than a full search following an application. A “soft search” would appear on your report but would not be seen by other lenders and so does not reduce your Experian Credit Score. If you are looking for the best deal then checking with the lender to see if they can perform a “soft search” initially can help prevent your Experian Score being reduced.
Opening new accounts will reduce your Experian Score initially and lenders like to be able to see that you can manage your existing commitments without difficulty before offering further credit. As the accounts become more established then they will start to add to your Experian Credit Score.
dont believe in this bogus experian website. I just logged in to my free account and it shows “Your score is up 189 points this month” to 993. Considering my income has not changed, never applied for credit, never missed any payment or let my account go to overdraft, one would argue to get a score of 993. But since nothing changed in my circumstance for a long time, how would my score change from just one notch above poor to the top of excellence? Such a fake site with fake scoring system trying to pretend they are selling a “service”.
I understand that you are concerned about a recent change to your Experian Credit Score. The Experian Credit Score is based on all the information which is listed on your Experian Credit Report, such as information about the accounts which has been shared with us, applications made for credit or credit being used.
I would like to clarify however that details such as your income would not impact your Experian Credit Score as this information is not shared with at this time.
Without seeing a copy of your Experian Credit Report, I am not able to say what may have caused your Experian Credit Score to change, we can, however, look at this for you if you do contact us. You can find our contact details available here. You can also learn more about how your Experian Credit Score is calculated here.
I am wanting to buy half of the house that as been left to my husband and his brother I have poor credit score because I have nothing in my name I have been building this up I get £30000 wage a year I got all the way when putting in to buy the rest of the house then they said I couldn’t have it because of my credit score what can I do because If I don’t got it we will have to sell the family home
Hi Sabrina, I appreciate that this is a difficult situation to be in.
If you have little information in your name lenders may decline an application as they don’t know if you will manage the account responsibly. If you hold current accounts you may want to check with your bank to see if they are sharing the information with credit reference agencies, as this could be an account that you already have that could help to build your credit history.
You may want to check to make sure that your electoral roll details are showing on your credit report as lenders will often use this to help confirm ID.
Our Ask James page covers the issue of having little credit history in more detail here.
You may also find our guide on preparing for a mortgage application useful here.
Kind regards Neil
Good Evening, great site btw, very informative and helpful.
My current score with Experian is 824 (Fair), I have 2 x Defaults on my report due to redundancy in 2011 that will be removed in March this year thankfully. I’ve worked hard to sort my finances and have been advised my score will increase significantly when these are removed. Hoping to secure a self build mortgage in April/May but have read worrying reports regarding Payday Loans recently and how they can affect mortgage applications.
I took out around 10 of these between 2014 to July 2016 after being led to believe this would improve my score further, all loans were minimal & paid off in full on time.
We have have a large deposit to start build but can you advise if these Payday Loans will affect my applications?
Hi James, it sounds like you have been working hard to improve your score and we would definitely expect your score to increase further once the defaults are off. It is always up to the lender as to how they view pay day loans and there has been some debate around this. A loan that has been run well and closed without any problems can help your Experian Credit Score, so it would be up to the lender if they have a policy regarding pay day loans. Our Ask James page covers this in more detail here. I certainly wish you all the best with your application when you are ready to make it. Kind regards Neil.
My credit score dropped 29 points last month and nothing has changed on my credit report, I have 1 loan which is up to date, 1 mortgage which is up to date and a credit card which is paid off every month. There are no new searches on my account other than insurance quotes so why has my score dropped?
Hi Sam, for your score to have changed there will need to have been a change somewhere on your credit report, as the score is calculated from the information recorded. I can take a look at it for you. Please email your details (name, DOB and address) to me at [email protected] I look forward to hearing from you, kind regards Neil.
So i have have had a few issue in the past, i earn a good wage each month but i’ve just had my new credit score through and its dropped from fair 729 to 555 is this a glitch in the system as nothing on my credit file has changed?
Hi Conor, for your Experian Credit Score to have changed something on your credit report will also need to have changed. This could be the balance on your accounts, the percentage of credit you are using, or a late payment among other things. If you have your Experian credit report email your details to us at [email protected] and we can get this checked for you. Kind regards Neil.
I pay my credit card each month by the automated telephone service, I do not have a direct debit set up. I make sure my payments are paid before the due date and I have never missed a payment. Will paying by the automated service and not having a D/D set up effect my credit score?
Good question to ask in terms of if various payment methods can affect your Experian Credit Score. In terms of the information which lenders would see, the method of payment for the account is not shared with us and so lenders would not see this when viewing your report.
Essentially, whatever payment method you make should not affect your Experian Credit Score at this time.
Can you advise please, I have 2 defaulted accounts which will be removed after 6 years in 2019, I have agreed a paymet with them and pay monthly and have kept to my payment, I owe aprox £1700 between them both, would I see a increase in my credit score if I was to pay them off or should I just carry on paying monthly since its still defaulted and will be to 2019, basically will a settled defaultimprove my score with only 2 years left, since to my knowledge default accounts have less impact on your score the older it is, also when a CCJ is reomved from your account (next week) will my score increase alot.
Kind regards and thanks for your help
Hi, although lenders will usually prefer to see a paid default over an unpaid one your Experian Credit Score would not increase when the default is paid, this is because having the default whether paid or unpaid would still be seen as negative. I also wouldn’t expect your Experian Credit Score to increase greatly when the CCJ comes off, as having defaults still on the report will still have an impact on your score. Once the defaults and CCJ are off then we would expect the score to increase significantly. King regards Neil.
I have two defaults on from July last year payments have been made since November. but default is still being applied to each month I have paid, I am trying to repair my score of 643 out of 1000 I have had a credit card and will only using for minimal amounts and paying it off straight away will increase my score and how long will it take all my other accounts are paid on time and always have been.
Hi Sandra, once a default has been paid the account should be updated to read as satisfied but the default itself will remain on the report. In some instances the company may continue to provide up dates each month, but these won’t change the default date at all or when the default will be removed from your credit report.
Having well run accounts on the report will certainly help it and the defaults will come off the report after six years, as they get older they will have less of an influence. The Experian Credit Score is calculated from all of the information on the report so it will depend on what other information is recorded as to when it will start to improve. Kind regards Neil.
How can I get my ex partner removed from all credit reference agencies, I have not been with him since 2012 and we had no joint accounts or mortgages together I want him removing asap
Hi Leanne, We can help you out with removing your ex-partner from your Experian Credit Report. If you want to learn more about how you can do this, check out this link here and go to the section at the bottom on how to remove a financial connection. Kind regards, Stuart
I had a dispute with Talk mobile where they did not cancel an account I requested cancelling with them and instead took more money from me for 3 months rather than 30 days standard termination, when I called them up to advise they had incorrectly not cancelled my account from a request 3 months earlier, they acknowledged the earlier conversation and said they thought I did not want to cancel because I did not use the PAC code asked for, however at no point did they whilst providing the PAC code advise if I did not use it they would assume I was still using the phone, despite me not making a call or using any data or texts, and the phone being shut off from 7 days after I had cancelled. I also had another account with them for another mobile, and because of the 1st unsatisfactory action on my account I then cancelled this one when it had 30 days left to run, and being aggrieved I cancelled the direct debit straight away when there was still the last 30 days of account to go through. I understand these have had a detirmental affect on my score, however these are the only ever disputes etc. I have had on my name in 28 years of being at voting age. I did about 2 months contact them to sort out the dipute, only to get a lady who spoke with a foreign accent, who was absolutely no use whatsoever, and only insisted upon me paying off the balance which totalled about £15 however they owed me around £30 for the 3 months they had taken a payment without authority. Again absolutely no apology for the companies absolute incompetence, I believe these are the only marks against me, and I have of course now paid over all O/S balances depsite this my credit score with equifax is only 626 despite having a near perfect score with all other credit reference agencies, and down to a massive companies absolute incompetence. Surely something can be done to sort out this without me being tagged as a bad payer, due to their incompetence ?
Hi Adrian, companies should only record information on your credit report that is accurate. If the late payments are recorded on your Experian credit report we would be able to query the entry on your behalf as you had asked them to cancel the account. If the company still refuse to update the information then you would be able to take the matter to the Office of the Information Commissioner for a ruling. Please get in touch with your details so we can help with this. Kind regards Neil.
I recently requested , for the first time, my credit score report. It came back as 767. I am somewhat surprised that it is not higher as my credit card is paid automatically on time and I never fail to pay other accounts by the due date. I do not have a mortgage or loans and the property I live in is freehold. Everything I own is paid for. How come my score is only 767.
Hi Martin. Your Experian Credit Score is based on the information held on your Experian credit report, what may be the issue here is that if there is little information on the report as you have few credit accounts then there is little to boost you score and so it may come out lower than expected. Lenders like to be able to see a proven track record when considering an application and if there is little information on the report they may be wary about lending. There are steps that you can take to improve your score such as making sure that you are registered on the electoral roll, and having current accounts or utility accounts that share information with credit reference agencies. You can find out more about how to improve your score here. Kind regards Neil.
I talked with operator because I wanted cancel service while I have trial period. Unfortunately, she said that I cannot cancel by call. In addition she said that my membership is free and I will not be charged after end my trial period. Is it true?
Hi Akmal, it sounds like you are currently on our CreditMatcher service. This is indeed 100% free of charge. If you decide you no longer want to be a member of the free service then you just need to send an email with your details and cancellation request to [email protected] You can also find out more about the service here. kind regards Neil.
I have just checked my credit score and it has dropped 33 points this month, for no reason! I have not applied for any credit in many months, all my monthly payments go out by direct debit so are paid on time, I have no missed payments. I have made no large purchases on credit cards, I have only made very small credit card purchases which I pay off the same day (just so I get the cash back at the end of the year),
Why have you dropped my points?
Hi Danny, for a score to change there would need to be some change on your credit report. It may be that that monthly updates that the lenders send us were provided at a time you had a balance on your cards, and so your score has dropped to reflect this. We can check for you if you get in touch with your details. Kind regards Neil.
Why is my experian credit score good yet a credit check done for me is coming back as bad credit? I’ve spent 6 months with experian to improve my score, which according to what I can see I have yet a credit check done this morning says completely different. My husband however has a low score but his credit check has come back fine??
Hi Cheryl, Sorry to hear that your recent check was not positive. The decision to accept or not is always up to the lender. Your Experian Credit Score is a guide to how we believe they will rate the information on your report, however they will also take into account information such as income and employment status when considering an application. Find out more about what a lender may be looking for here. Kind regards Neil.
I think my credit score is fake at 999 it keeps saying your score has gone up and down but never moves from this number?
Can someone help?
Having a 999 score sounds like a good position to be in! It is possible to have the negative and positive factors that show on a CreditExpert credit report change while the score stays the same at 999, this would be because the positive factors are out-weighing the negative factors. Even if some of these factors change it may not be enough to lead to a score drop. We can certainly check for you though and make sure that everything is working correctly. If you get in touch with your details we will be able to take a look at the score for you. Kind regards Neil.
My credit report has dropped from 970 to 780 over the last two months. I think it is due to too many applications for credit in a 12 month period. For various reasons I have applied for 4 separate credit cards, also opened up a few current accounts with overdrafts attached. So overall I have applied for a lot of types of credit but have missed no payments and had no changes in personal circumstances.
Will this credit score recover fairly quickly if I cancel the unused overdrafts and once the credit card applications start to become older?
Hi Iain, yes we would expect your Experian Credit Score to recover quite quickly. Searches only stay on your report for a year and after six months they no longer have a negative impact on your score. As the current accounts you have opened become more established they will also start to help your score. Kind regards Neil.
I have a default that is about to drop off my credit report next month which is great but I also have an arrangement with a mail order account for an 8 month period showing between August 16 and March 17 with the payments marked as ‘0’ but showing as an arrangement. I am now out of this arrangement but I’m interested to know how the default dropping off will affect my credit score given the fact I have this arrangement now in my record.
Hi Vic, we would still expect your Experian Credit Score to increase once the default drops off, as long as you don’t have any other defaults or delinquent accounts recorded. The arrangement flag itself should not reduce your score.
Kind regards Neil.
If I had default account that was not paid off – will it also be automatically removed after 6 years ?
Hi Igor, yes it will still come off your report six years from the default date whether it has been paid or not!
My score is 848 and I’m looking to apply for my first mortgage. Is this score too low for a mortage? My partners score is 680 – are the credit scores taken into account jointly if it’s a joint mortgage? And can my score help overall in getting a mortagage?
In terms of applying for a mortgage, I can’t say for certain what Experian Credit Score would be likely to give you the best chance of obtaining credit as each lender will having it’s own grading criteria when assessing your credit report.
In terms of joint accounts, if you are applying for a joint mortgage, it’s possible that the lender would look at the financial history for those who are wishing to have the joint account together.
You may find this guide useful while preparing to apply for a mortgage.
Also, in regards to if a mortgage would improve your Experian Credit Score, the scoring used by our system is based on all of the information that is listed on your report, If you want to look for ways to improve your Experian Credit Score, you might also find this guide helpful.
HI my partner has recently moved in with me at the beginning of April, and he registered for the electoral roll. He received an acknowledgement by letter, and has since received a polling card.
However when we checked last night, his credit score has gone from over 900 (good) to 866 (fair) and it looks like the electoral roll registration is not on his record yet.
Why is it taking so long and how can we speed this up? We would like to start applying for a mortgage.
Hi Sharon, it can take 6-8 weeks for the information to appear on your report. Most local authorities will publish updates to the register monthly, once we have these we will automatically update the information on our credit reports.
If your partner contacts us with the details of when he registered we will be able to get the register checked for him. Kind regards Neil.
My creditscore with noodle stays at 542 for six months and they saying they have no acount information
Noodle are a separate company to Experian and will have their own method of calculating credit score, and are likely to have different information than Experian hold. This is because not all lenders will share their information with all credit reference agencies. You can find out more about this here
kind regards Neil.
Hi i have 802 credit score any chance for mobile contract? never missed payment etc.
Hi Rafal, having no late payments would be seen as positive by most lenders. But it is always up to the lender as to what decision they make. They will use both the information on your credit report and your application form as part of the decision making process, so we can’t say for certain if they will accept or not. Kind regards Neil.
Recently (within the last three months) I saw my online Experian credit score drop sharply, from the lowest score in excellent “900 and something”, to fair.
I bought my £2 statutory credit report and saw no abnormal activity, the only financial activity I had was some web and phone based car insurance quotes “Zenith insurance quote…etc”, without actually taking out a policy. So this confused me a lot!
Now my score is halfway into “good” after a month of being fair.
Do I understand it correctly, that third party companies who may use Experian as a credit reference agency, would not see Experian’s credit score for me, but would take the financial information Experian holds and generate their own score; based on their own top customer attributes?
Can you explain why my credit score dropped 100-200 points despite no actual purchase of credit?
Hi Daniel, thanks for your questions.
A “soft” search such as an insurance quote won’t reduce your Experian credit score at all regardless of how many of these are recorded on your report, as they are not seen by other lenders. If you do make an application for credit and a full search is conducted then these would have an impact on your Experian credit Score.
The Experian credit score is calculated from the information on your report so changes to your score can come from changes that don’t involve the amount of borrowing that you currently have. For example the percentage of available credit you have that you are using is something that will influence your score. So if you reduced your limits or closed some accounts this could mean that the percentage of credit available you are using increases and your score drops even though your balance has not changed.
Your Experian score is not seen lenders, it is a guide to how we believe lenders will rate the information on your credit report. All lenders will have their own scoring systems and they can weight these depending on the type of customer that they are looking for. Our Ask James page covers this in more detail here.
I went into a DMP in 2010 (finished phd and getting 1st job). Paid it off DMP early by Oct 2013. The DMP still shows and is still massivly damaging my credit score. Apparently that is correct? Basically if i had defaulted and not made regular payments to repay all my debts in full my credit would be better and there would be no trace of the issues i had in 2010 now.
My income is 6x what i started on late 2010 yet i can’t get a mortgage at 10% deposit because i chose to repay my debt rather than default / go bankrupt.
Is this really how the system is supposed to work? Punish those that pay their debts even more harshly than those that dont!
How long should a DMP be visible on my credit report for?
Hi Mike, I appreciate that this must be a frustrating situation to be in. The debt management plan itself will not appear on your credit report, but lenders may record an arrangement flag on the individual accounts. Late payments and defaults may also be recorded on the accounts as the payments are not being made in accordance with the original agreements.
Late payments are kept on a credit report for six years. If late payments have been recorded on the accounts up until they were brought up to date then they would appear in the payment history. The accounts should now show that the accounts are paid and so should have a positive history since 2013 which is something lenders will be able to take into account, although it is always up to the lender as to what decision to make.
Kind regards Neil.
I noticed that I have been on 960 for a couple of months now but I have paid off a loan and I pay off my credit card early, any reason this isn’t improving? I know this is in good as it is but I want to aim for the best.
Hi Shay, it’s good to hear that you are keen to improve your score!
As the score is calculated from all the information on your report there could be a number of things holding it back. If you have few active accounts for example, or low limits on existing credit cards. If you have seen your full report contact us and we will be able to give you advice specific to your report. Some general tips are available in the meantime here. Kind regards Neil.
I recently moved house. I ensured all my credit accounts were informed and many were settled with proceeds of sale. All my accounts are paid on time, I am now showing as on the electoral roll and have only a mortgage, sofa finance and a credit card with zero balance. Yet my score is dropping like a stone! Ive gone from excellent to good in a matter of weeks without a change to my financial circumstances, other than surely improving them. I have followed all advice given by you, Equifax and MSE, I applied 4 / 5 months on for a personal loan for home improvements with a 95% hit rate according to MSE and Experian, and I was declined! Im furious. I cannot foresee any reason for this. I wonder what the point is in subscribing diligently and monitoring your credit file, finances and personal affairs when you get declined for no apparent reason when you were badged as “excellent”. So now, I have been declined, my score is going down (without showing a search for the recently applied loan) and Im guessing it will go down further once the search for the loan shows up, and frankly, all of it through no fault of my own, but from bad advice?!
Hi Anna, for your Experian score to drop there would need to be changes on your credit report. If you get in touch with your details we can check for you to see what has caused the score drop.
I understand that it is frustrating to have your application declined.
As a credit reference agency we don’t make the decision to accept or decline an application – it’s the lender that makes this decision.
I can explain some of the factors that may be taken into account by lenders though:
– Your salary, outgoings, and other information given on your application.
– Data held on a credit report
Even with an excellent credit history there is no guarantee that an application will be accepted as companies often have an idea of the type of customer they are looking for and decisions may vary from company to company.
Kind regards Neil.
I have just put down a 30% deposit on a new car. I have a credit rating showing as 681. The nationwide car dealership speaks to many different lenders. Is my credit rating going to affect the finance on this new car?
Whenever you apply for credit, the lenders will consider a number of different areas when assessing your suitability for the product, this may include looking at areas such as your credit report or income.
If you want to learn about how to improve your Experian Credit Score, you might find this guide helpful.
Well i have an excellent score on equifax. And a poor one on experian, even though iv not missed a single payment or default in 6 years. Iv not applied for any new credit. And any old credit is being paid on time. I have low borrow against what is available to me. Im on electoral roll. Please explain to me why its poor?
Hi Lauren, each credit reference agency can hold different information and will also have their own method of scoring, so it is possible to have a good score with one and a poor score with another.
To find out why your Experian Credit Score is low we would need to take a look at your Experian credit report for you. If you have your Experian report get in touch with your details and we can check this out for you. Kind regards Neil.
Im looking for help.
I want to create a new user…to check my score…
And when I put my cellphone number it says it is not valid
Could you please let me know why?
That does seem odd that you’re seeing that error when trying to signup. If you are a UK customer and are facing trouble with signing up, contact us and our team should be able to assist you with this.
You can find our contact details available here.
Hi please would you be kind enough to help and advise? I had/have up to 4 “arrangements” showing on my credit report made and agreed from 2012 to 2015. Two ‘arrangements ‘ were from two historical creditors (British Gas and British Gas Electricity) and 2 current creditors (Wave Lending buy to let mortgage lenders). However my query is the ‘arrangements were made with all of these creditors to make a ‘late’ one off payment to bring the accounts back up to where they needed to be and once done and paid, my accounts resumed back to the normal “ok” that you see every month each time a payment is made and on time. Why then must these “arrangements ” still be on and affect my credit report for 6 years? In fact the two British gas arrangements not only got paid in time and off but I close these two accounts in 2013, a staggering 4 years ago and sadly, this is STILL affecting my credit score.
And the same goes for just two “late payments” (again between 2013 and 2015) just two late payments only and this too is stuck on my credit score!
I have spoken directly with all all of the lenders who have effectively said there was nothing they could do other than report it when they did (which I understood), but didn’t understand when they said having an arrangement or having just one or two late payments is as bad as defaulting and carries the same negative impact for 6 years on my record!!
Is this correct? Is there not any way I can get this removed please can you advise?.
Hi Racheal, an arrangement flag on your credit report doesn’t affect the Experian Credit Score. The flag is there to show anyone looking at your report that that agreement was in an arrangement.
A Late payment doesn’t affect your Experian Credit Score after 6 months so these would no longer be affecting your score currently either.
All agreements remain on your report for 6 years from the date of closure then after the 6 years they are removed automatically.
Im registered to vote . Why you sistem don’t see me ?
Hi Lurie, if you’ve recently registered then it may not show yet as councils only publish their records at the start of each month and then it takes around 14 working days to put this on your report after receiving it. This page explains further.
Hi.My experien credit score is 974. I have applied for three credit cards.rejected.Applied for phone contract .rejected..I am stressed now. I am like no one.Can you tel me why this happening to me.
Hi Inoja, if you’ve recently been refused credit I would recommend checking out our page here. It contains some useful information on what to do next and why a lender may have declined your application.
I have been emailing Experian for over 3 months and Experian has talked to my bank HSBC with regard 7 credit searches that you said, having discussed with HSBC, you would remove. But they haven’t been removed and this is causing me very serious stress. This blog seems to work for some people. Can you help get the searches removed so that i can have my credit score back please….
Our Ref: KT/91930/A2574118 Date: 27/08/2017 I apologise for the delay in responding to you and removing the HSBC searches dated the 18/10/2017. I have requested these to be removed and this could take up to seven days to show but it is possible that you could see a change after 8am tomorrow morning. I have also refunded a further £25 to the payment card ending 3825, for the time this has taken to resolve. This refund should arrive within the next three to five working days. Kind Regards Experian Customer Relations Deapartment
I’m sorry to hear about the searches that are listed on your Experian Credit Report haven’t been removed yet and I would have expected this to have taken place after you’ve been told that they’d be removed.
I can take a look into what’s happened with this and get this resolved for you as soon as possible. So that I can help with this, can you email me at [email protected] along with your details.
I’ve recently returned from living in Dubai for the last 3 years, I currently have £600 outstanding on my HSBC credit card and £120 on a store card. My score is 512 due to having an occasional late payment whilst abroad, previous to that my score really wasn’t great I had a default that was paid and a few missed payments . I really want to work towards a mortgage this year, am I better off paying off the 600 and 120 outright or keep making payments each month as if I pay them outright I will not be able to improve my score surely? I also relied quite heavily on pay day loans several years ago, always paid on time and settled will this have a negative impact also?
Hi Heather, I’m not able to give financial advice as to what accounts you should pay I’m afraid. Reducing the amount of borrowing that you have can help your Experian Credit Score, and regular payments on all of you active accounts will also help this. Recent late payments will have a significant impact on your Experian Credit Score, but as they get older they will have less of an effect.
Our Ask James page covers the issue of payday loans on a mortgage application in more detail here.
Kind regards Neil.
Do new direct debits (such as gym membership, household bills, new media account, life/goods/service insurance policy, etc.) affect credit score?
Hi Mags, it’s not whether the account is paid by direct debit that determines whether it appears on your credit report, but whether the account is a credit agreement or not.
So you could set up a direct debit for a gym membership or a insurance policy and these accounts would not appear on your Experian Credit Report as these are not considered credit agreements. Some utility bills may appear on credit report though as they are considered a credit account. The company you hold the account with would be able to confirm to you whether they share information with credit reference agencies. Kind regards Neil.
My credit report is showing a negative as my biggest credit limit is £1k or less (my credit card). My credit card has recently extended my credit limited to £2k which has not been reflected in my report. Two questions; when does Experian update the credit report on changes like this? And, now my biggest credit limit is over £1k will this remove the negative completely or will it remain a negative and now say my biggest credit limit is £2k or less, albeit less of an impact on my score?
Hi Nick, most companies will update information on a monthly basis, so we would expect this to show when we receive the next monthly update. Having a limit of £2000 should be enough to remove the negative factor from your Experian Credit Report completely.
kind regards Neil
why is my credit score low. i am really confused. i have assets of over 2.5 million pounds and debts of only£285,000 which are mortgages. i have never defaulted and all credit card bills are paid on time. i am also on the electoral register living at the same address for over 35 years. the limits on my credit cards are also high.
would be grateful for a reply.
Hi Kishen, your credit report only holds information relating to your credit and doesn’t hold information relating to assets or savings. If you are using a high percentage of the credit that it currently available to you then this would result in a lower Experian Credit Score as lenders may be concerned that you could become over-committed should you take further credit out. Kind regards Neil.
I am applying for a government start up loan,my score is fair 824.I am on the electoral role but my report does not show this..How many points have I lost for this?Will this make much difference?What do you think my chances are for qualifying for a £9000 loan?
Hi Rex, if your electoral roll is not showing, it could be recorded under a variation of your address. Contact us and we can get this checked for you. Being on the electoral roll can increase your score by up to 50 points. It would always be up to the lender if they are prepared to accept the application or not.
Kind regards Neil
my experian report says I’m on good but my equifax says I’m on fair. I am so annoyed as i am trying to get a mortgage and I’m very good at paying things off and have zero debt. Why have equifax still got me on fair??
Hi Faye, each credit reference agency can hold different information and will have their own method of scoring so we wouldn’t expect your score to be the same with each.
Sadly I wouldn’t be able to say why Equifax have you as a lower score but they should be able to tell you if there is any negative information on the report. Kind regards Neil.
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771 Credit Score - Good or Bad? (2018 Update)
If you plan on applying for a new credit card or loan, there is one important piece of information that determines if your application is approved or denied:
So many people check their credit score, only to end up with a 3 digit number that they have no understanding of.
My goal here is to help you understand what your score means for you, how it's calculated, and if it needs some improvement.
771 Credit Score - Is it Good or Bad?
771 is an Excellent Credit Score!
Any credit score in the 750-850 range is generally considered “Excellent”.
- Excellent Credit: 750 - 850← You Are Here
- Good Credit: 700 - 749
- Fair Credit: 650 - 699
- Poor Credit: 550 - 649
- Very Poor: 549 and below
Congratulations is in order! An "Excellent" credit score suggests you have a long, well managed credit history. You probably manage your revolving credit lines well (credit cards) and make your payments on time. You should be eligible for the most competitive loan rates and some of the best credit cards.
You Probably Got a "FAKE" Credit Score
Did you know that 90% of top lenders use your FICO® Scores to determine loan interest rates, terms & approvals?
Yet most credit monitoring services (including Credit Karma) give you what's called a VantageScore ("FAKO" Score), not your true FICO Score.
Having said that, I highly recommend getting All 3 FICO® Credit Scores from my favorite credit monitoring service: Experian IdentityWorks.
With IdentityWorks Premium, you will have your actual FICO® Scores.
That includes 3 FICO® credit scores, 3 credit reports, 3-Bureau credit monitoring with daily FICO® Score updates (Experian), & top notch Identity Theft Protection.
How Does a 771 Credit Score Rate?
Most credit scores including FICO and VantageScore range from 300-850, the higher the better. Within that range, there are different categories, ranging from bad to excellent. Here's a general idea of the ranges and their "ratings". Your range will be indicated below.
What does "Excellent Credit" mean to you?
Congratulations on achieving a credit history worthy of the label "excellent". This means that your score really can't get much higher, as you already have nearly perfect credit.
An excellent credit score shows that you have a long, well managed credit history. You most likely have several credit card and loan accounts which have been on time for many years. It also indicates that you have no negative items (collections, missed payments, bankruptcy) on your credit report.
You can expect to enjoy any lender's absolute best loan and interest rate offers, since you are such a low risk borrower.
It appears that you don't need any advice on how to improve your credit score, since you have apparently been doing all the right things. But you should keep in mind that missing one payment can drag down your score by 80 points or more. And piling on a bunch of credit card debt can do the same, or worse.
My advice is to keep doing what you've been doing, and enjoy lenders drooling at the thought of you borrowing money from them!
How Is A Credit Score Calculated?
While exact details of how your 771 credit score was calculated is an industry secret, we do know that credit scores are formulated using many different pieces of data from your credit report. This data is grouped into five categories as shown below. The percentage to the right of each one indicates how important it is in determining your credit score.
- Payment History - 35% - This is typically the first thing a potential lender will want to know. Have you paid your past accounts on time? Have you missed any payments?
- Total Amounts Owed - 30% - How much you owe on each of your credit accounts. Higher amounts does not necessarily mean you are high risk, other factors are considered as well.
- Length of Credit History - 15% - Generally a longer credit history will yield higher credit scores. But that's not always the case, it also depends on how often you use your credit, and how responsibly you manage your debt.
- Types of Credit in Use - 10% - Credit score providers will consider the mix of credit accounts you have, such as credit cards, retail accounts, auto loans, mortgages etc.
- New Credit - 10% - Lenders want to know if you've recently been applying for many credit accounts in a short period of time. That can often represent a greater risk to the lender.
Different Credit Score Range Scales
There are many credit scores available to lenders, most use FICO scores, but even those can vary in how they are calculated depending on the version being used. Lenders can also create their own credit score ranges, or use industry specific credit scoring models such as those geared towards mortgages or auto loans.
Here's a quick look at the various credit scoring models and the range they use:
- FICO Score: 300-850
- VantageScore 3.0: 300–850
- VantageScore (versions 1.0 and 2.0): 501–990
- PLUS Score: 330-830
- TransRisk Score: 100-900
- Equifax Credit Score: 280–850
As you can see, having a 771 TransRisk score isn't nearly the same as a 771 FICO score. For that reason, it's also important to know which scoring model is being used to determine how "good" or "bad" your credit really is.
Some of the questions you probably have are: Is 771 a good FICO Score? Is 771 a bad FICO Credit Score? Is a FICO Score of 771 good or bad? What does a FICO Score of 771 mean? What does a 771 FICO Score mean?
Knowledge Is Power - Especially With Your Credit
Did you know if you've received just 1 credit score of 695, you've only seen 16% of your credit data!
You actually have 3 credit scores based on 3 different credit reports. That's 6 different items which are very important for you to have.
Not having access to 100% of your credit data leaves you vulnerable to credit reporting errors, credit fraud, and identity theft.
Make sure you have access to all of your credit scores and reports, I recommend my favorite premium service: IdentityWorks. With IdentityWorks, you get all 3 credit scores & reports, and daily monitoring of your 3 credit reports, with alerts of key changes to your credit files.