Score | Band |
---|---|
0-560 | Very Poor |
561-720 | Poor |
721-880 | Fair |
881-960 | Good |
961-999 | Excellent |
(Please scroll sideways if you can't see the full table.)
Anyone who has a financial footprint on this earth has a credit score. But what is a credit score? How do you find out your credit score? What does the rating mean? And how can it be improved?
Let us talk you through the main things you need to know about credit scores and credit files.
A credit score is calculated by credit reference agencies that receive information from any creditors, or lenders you have. This score is then made available to lenders so that they can determine the likelihood of you paying back the money you want to borrow.
Many factors contribute to your credit score. Some of these factors include:
Whether you are applying for a new phone contract or your first mortgage, if you have a low credit score, it could mean that you may struggle to be accepted for a variety of types of credit.
Everyone’s credit score is dependant on their financial history. To find out your credit score for free, we recommend signing up to Experian or ClearScore.
Experian credit scores are based off the contents of your credit file. The score is always a number between 1 and 999, and anything above 881 is considered good. We have categorised the numbers you can receive for your credit score to tell you a little about what they mean.
Score | Band |
---|---|
0-560 | Very Poor |
561-720 | Poor |
721-880 | Fair |
881-960 | Good |
961-999 | Excellent |
(Please scroll sideways if you can't see the full table.)
There are several things that you could try to improve your credit score and the in-formation that is included in your credit file. We have a few suggestions that you may want to explore:
Although these tips may not improve your credit score overnight, the long-term benefit of doing the above may help.
If you are worried about your debts and are looking to get a plan in place to repay them and boost your credit score our team may be able to help you.
Contact DFH Financial Solutions to find out if you could benefit from a Debt Management Plan.
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