Experian Credit Score: What score do you need for "Excellent"?

PollyOnAMission

MSE Official Insert:

Read full info on your credit rating and how to get a credit report for free in our Credit Scores guide.

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I've signed up for my free trial of Credit Expert. It tells me that my credit score is 960, which equates to "Good".

Does anyone know what your score needs to be before it reaches the "Excellent" zone? I have taken out two different credit cards in the past few months; I'm just wondering if I have a chance of an "Excellent" score once these drop off as negative factors.

Thanks in advance for any help

Kimberley

I would like to know this as well

BugsyBrowne

I do believe past bankrupts, JSA entitlement, & defaults on ones credit file would normally guarentee an excellent credit score on experian so it seems..

chattychappy

These scores are absolutely pointless except for lining the pockets of Experian.

jon142

Equifax is as follows:

0 299 Very poor
300 349 Poor
350 399 Fair
400 474 Good
475 750 Excellent

Experian is as follows:

0 560 Very poor
561 720 Poor
721 880 Fair
881 960 Good
961 1000 Excellent

Credit to; xgingerx

Post #11

https://forums.moneysavingexpert.com/discussion/411151

PollyOnAMission

Thanks very much! That's just the info I was after.
I did try searching before I posted but think I was a bit too specific searching for Experian in the post title.

Thanks again

jon142

PollyOnAMission wrote: »

Thanks very much! That's just the info I was after.
I did try searching before I posted but think I was a bit too specific searching for Experian in the post title.

Thanks again

No Probs. i found it a while ago.

I wouldn't agree with the above comments about scores being useless.

If it gives you something to aim towards and helps as information is removed etc. its worth it. however banks don't use these scores they have there own varients.

redpete

PollyOnAMission wrote: »

Does anyone know what your score needs to be before it reaches the "Excellent" zone?

I don't, but as Experian don't lend money to anyone it might not be the question you really want an answer to.

Is the real question something like "What criteria do I need to meet before lender 'X' will offer me a loan of £n000?"?

A related question might then be "Do the criteria used by lender 'X' bear any similarity to the criteria used by Experian when assessing a credit score of 'Excellent'?".

Kimberley

I'm with Experian. I've signed up for the 30 day free trial. I'm not sure if it's worth paying £14.99 a month though. I asked Experian to put a Notice of Correction against a late payment default. They have done but if I cancel before the 30 free day trial ends will they remove it?

PollyOnAMission

I'm not looking for a loan, I've never had any problem getting the best credit deals and I don't think the Experian Credit Score is the be all and end all of financial assessment. I just signed up to the free trial out of curiosity (and to check for any mistakes on my report, as advised on this site); I was intrigued to know what score I'd need to be in their top bracket, that's all.

Thank you for the advice and comments. I do think it is a potentially useful reference but it's not something I'm going to put undue stock into. I understand that lenders all use their own criteria and obviously this will be relevant to me whenever I next wish to take out credit.

chattychappy

I don't think aiming for a good credit score is worthwhile.

Better to get a sense of satisfaction from:
1) reducing your overall debt
2) reducing the average APR for the debt you do have
3) increasing your payments as a proportion of your remaining debt (and of course never missing payments).

Money spent on credit scores can be used to help 1) and 3) above. I do think it is worth checking your report from time to time to look out for errors/identity fraud etc. But it seems to me that scores can go up and down so much that they are not really reliable. Plenty of threads where people got 999 and refused credit. The score is calculated from the data in your report - so it doesn't really add anything new if you have the report. The score a lender gives you will be based on this (or from another CRA), the data you put on the form and any other info they have to hand (eg if you bank with them).