Credit Rating

mum_of_lewis

Hi,

I have already signed up to experian and equifax,Without me buying the score which i know is useless how would i know if i had a average or good credit rating?

I cant see it anywhere.

Thanks for any help.

Janette xx

blueberrypie

You don't really have one credit rating. What you have is a record which shows various things, like how long you've been on the electoral roll, how many credit arrangements you have/had and how you've handled them, and so on. Each organisation you apply to - for a current account, a loan, whatever - will have its own criteria by which it decides whether to do business with you, and lenders don't all weight the same factors in the same way. One lender might turn down an applicant because of a single late payment, another might not care about that but be unwilling to lend because the applicant has what it feels is too much credit available already. Another lender might be more flexible on both those things but be unwilling to accept someone who has moved home recently...and so on.

So even if there was such a thing as an "average" credit rating, it would be meaningless, because it's all about how closely you fit the specific lender's picture of "ideal borrower".

camuk81

Try Martins quiz to give you an idea

http://www.moneysavingexpert.com/loans/credit-rating-credit-score

debtdestroyer007

Try this:

register to vote(make sure this is visible on your credit file)
make 2 or less application for credit each month.- spaace them out!
keep your target debt to available credit ratio of less than 30%(works for me)
dont do cash advances on credit cards
always pay more than the minimum on credit cards even if its only an extra £5.
keep a minimum balance left in your current account at the end of each month or statement period.(for internal bank scoring/account conduct)

parent_of_too_many

Like others have already said, run your finances well and you shouldn't have any issues maintaining a decent credit rating. However, to answer your question directly, your definitive credit rating (average/good/etc...) in the eyes of equifax or experian or the like, is based on your credit score, so unless you purchase your score, you'll not get a definitive rating.

blueberrypie

parent_of_too_many wrote: »

Like others have already said, run your finances well and you shouldn't have any issues maintaining a decent credit rating. However, to answer your question directly, your definitive credit rating (average/good/etc...) in the eyes of equifax or experian or the like, is based on your credit score, so unless you purchase your score, you'll not get a definitive rating.

The scores you purchase are completely meaningless. There is absolutely nothing "definitive" about them. No lender uses those scores to decide whether to accept an application.

parent_of_too_many

blueberrypie wrote: »

The scores you purchase are completely meaningless. There is absolutely nothing "definitive" about them. No lender uses those scores to decide whether to accept an application.

Please read my post properly.

I am well aware of this, which is why I stated that it is a definitive rating in the eyes of equifax or experian. To get a "definitive rating" IN THEIR EYES you need your score as that is what it is based on. I never claimed it was any use to anyone..........

blueberrypie

parent_of_too_many wrote: »

Please read my post properly.

I did. It sounds as if you are recommending paying for a credit score from a credit rating agency. I felt it was worth making it clear that this was a pointless exercise.

parent_of_too_many

blueberrypie wrote: »

I did. It sounds as if you are recommending paying for a credit score from a credit rating agency. I felt it was worth making it clear that this was a pointless exercise.

I disagree.

The OP has already stated she knows the score is useless, so I didn't feel I needed to repeat that. She just wondered how to find her credit rating, in the terms of good/average etc.... I simply pointed out that through equifax or experian, it is by purchasing the score, as that is what THEIR rating is based on.

Not once did I advocate that she SHOULD purchase it. I simply answered what had been asked, and did point out that the rating was in their eyes.

JohalaReewi

parent_of_too_many wrote: »

your definitive credit rating (average/good/etc...) in the eyes of equifax or experian or the like, is based on your credit score, so unless you purchase your score, you'll not get a definitive rating.

Except that Equifax, Experian and the like don't offer credit so their scores are not credit scores, they are just scores.