Understanding the Experian Credit Score

Salsa_2-2

Can anyone give me a bit of advice on the Experian Credit Score?

I have gone up from 585, better than 10% of people, POOR rating to 797, better than 30% of people with a FAIR rating.

This is because I had only one credit account which was a satisfied default. Lloyds TSB have since put on 3 accounts. 1 CC within limit being paid each month (registered as 2x 0's) 1 completed loan and 1 ongoing loan (again with 2x 0's)

What I am interested in, is for each month I make a correct payment, and add another 0 to my report, does this improve my score a little bit each time.

Also, I have 5 credit searches that have been done over the past 12 months, and 3 will disappear in Feb. Will this also improve my score?

And finally, I have moved home 4 months ago, so I presume this will have a negative impact, once I register this with them?

I presume that in 2 years when the default has gone, and all the searches have disappeared, plus I have a lot of 0's, my rating would go up a lot - would it go up to 1000? Or another number?

For all of the above, I think I can understand the mechanics, but can anyone advise of how much impact each point would have on my score?

I will probably work it out for myself eventually, but I don't want to keep paying £4.99 for every time I want to check!

file_wizzard

Salsa wrote:

Can anyone give me a bit of advice on the Experian Credit Score?

I have gone up from 585, better than 10% of people, POOR rating to 797, better than 30% of people with a FAIR rating.

I think people are getting to hung up on their “credit score” , yes for each payment you make it will slightly improve, and yes once the default is gone it will improve greatly.

However the “credit score” that Credit Expert or Equifax Ect give you is nothing more than a very rough indication, all lenders “score” or evaluate applications in very different ways depending on the risk profiles they allocate to specific products, and even the time of year you make an application.

It is best not to read to much into these “national credit scores” as they are only mildly indicative of your real ability to obtain further credit

Vagabond_UK

Where do you find this information? I've just received my Experian & Equifax reports and while i know that they're only indications, i'd like to know how i rate.

isgman

I may be wrong but I understand that you have to "pay and extra fee" if you want to see the "full score".. everyone want's your money,,,,

tattooed_lady

I used to worry about my CRA 'score' until I read on MSE that every lender has different criteria , and if you fill it, (as long as there is nothing derogatory on your CRA report) then your're usually accepted.