Mar 25 2020

Credit score for excellent credit #Credit #score #for #excellent #credit

Credit score for excellent credit


Your Experian Free Credit Score

Your Experian Credit Score gives you an idea of how lenders may view your Data Self (the version of you they see when you apply for credit). How does your Data Self look?

What’s a credit score?

A credit score, also known as a credit rating, is a number that reflects the likelihood of you paying credit back. Lenders like banks and credit card companies will look at your credit file when they calculate your credit score, which will show them the level of risk in lending to you. The higher your credit score, the better your chances of being accepted for credit, at the best rates.

Your credit score influences your chances of getting:

  • Credit cards, loans and mortgages
  • Car financing
  • Gas & electricity monthly payments
  • Mobile phone contracts
  • Insurance monthly payments
  • Property rentals

Can you check your credit score for free?

You can get your Experian Credit Score without paying a penny, by signing up for a Free Experian Account
Your free score will be updated every 30 days if you log in.

How does a credit score work?

Your credit score is calculated whenever you apply for credit, such as a loan, credit card, mortgage, or even a mobile phone contract. How your score is worked out depends on the company you’re applying to – different companies have different methods, so your credit rating may vary between them.

Lenders look at the ‘data’ version of you – your Data Self, to check your borrowing history and how you typically repay money you’ve borrowed. Usually, they’ll take into account:

Information from your credit report

Your application details

Existing data
(e.g. if you’re an existing customer)

How’s your Experian Credit Score calculated?

The Experian Free Credit Score runs from 0-999. It’s based on information in your Experian Credit Report – such as how often you apply for credit, how much you owe, and whether you make payments on time.

You’ll lose points for having records on your report that may look negative to companies, such as late payments and defaults. You’ll gain points for things that companies usually view positively, such as consistently making payments on time and being on the electoral roll.

What’s good or average credit score?

There’s no ‘magic’ number that will guarantee you approval. And, because different companies may look for different things in their potential customers, you may be refused credit by one and accepted by another. We consider a ‘good’ score to be between 881 and 960, with ‘fair’ or average between 721 and 880.

Your free Experian Credit Score can be a useful guide and gives you an idea of how companies may see you, so you can make more informed choices when it comes to credit.

What does your Experian Credit Score mean for you?

961 – 999

You should get the best credit cards, loans and mortgages (but there are no guarantees).

881 – 960

You should get most credit cards, loans and mortgages but the very best deals may reject you.

721 – 880

You might get OK interest rates but your credit limits may not be very high.

561 – 720

You might be accepted for credit cards, loans and mortgages but they may have higher interest rates.

Very Poor
0 – 560

You’re more likely to be rejected for most credit cards, loans and mortgages that are available.

Remember, your credit rating isn’t set it stone – it’s a living, breathing thing that can change with certain kinds of financial behaviour. So, it can go up or down over time.

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† Experian acts as a credit broker and not a lender in the provision of its credit cards and personal, car finance and guarantor loans comparison services, meaning it will show you products offered by lenders and other brokers.

Experian acts independently and although our comparison services 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. Experian comparison services are provided free however we will receive commission payments from lenders or brokers we introduce you to.

†† Eligibility ratings available for credit cards and personal loans only.

All free and paid for Experian consumer services are provided by Experian Ltd (registered number 653331.) Experian Ltd is authorised and regulated by the Financial Conduct Authority (firm reference number 738097). 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. The web monitoring feature and its alerts within CreditExpert is not Financial Conduct Authority regulated activity.

Copyright © 2019, Experian Ltd. All rights reserved.



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