Equifax credit score- how to max it!

catlady12

Bit confused as I have read equifax score out of 900 but when I got my score on their website it was 550 out of a maximum of 600 possible which showed as being in the middle of their excellent band.

Not sure what I can do to improve it as I seem to hit what they are saying is excellent - I have several credit accounts with balances paid off in full each month, mix of mobile/store cards and 2 credit cards. Mortgage history for over 10 years , on electoral roll 3.5 years.

What else can I do? Is it my credit usage patterns? all up to date and always have been but should I be leaving more balances on cards or using them more?

I like a challenge and am determined to get my score as near as possible to max!

YorkshireBoy

catlady12 wrote: »

...should I be leaving more balances on cards

Absolutely not! It's not necessary to buy a credit rating (by paying interest), merely acquire one over time.

I like a challenge and am determined to get my score as near as possible to max!

Bit of a pointless exercise though, seeing as Equifax:

1. Don't lend money

and

2. Don't pass this meaningless number (eg 580) and description (eg good) they give you (in return for hard cash) to lenders.

Lenders will look at the raw data on your credit file, the information on your application form, and consider how you've previously managed/are currently managing accounts held with them. Some lenders do take a scorecard from the CRAs, but it's nothing like the aforementioned meaningless number/word they sell to you.

wiseshark

You are doing everything that a creditor likes to see and that's great. Continue to pay all your bills on time and don't max out your cards.

As for the credit score of 550, forget about it, just a useless number, completely meaningless as every company that you apply for credit will use their own scoring system.

Spread out all applications over 6 months.

YorkshireBoy

catlady12 wrote: »

Not sure what I can do to improve it as I seem to hit what they are saying is excellent - I have several credit accounts with balances paid off in full each month, mix of mobile/store cards and 2 credit cards. Mortgage history for over 10 years , on electoral roll 3.5 years.

Just to add, lenders also like to see a smattering of 'settled' accounts on your file.

Does your credit file contain such accounts?

And finally, credit scoring is all about predicting behaviour. So if you've always paid on time, and settled where appropriate (eg loans, etc), then the chances are you'll continue to do so...providing your other circumstances haven't changed, ie you haven't:

1. Taken on more available credit
2. Created more debt
3. Recently moved house/job
4. Taken a pay cut (FPAs hold application detail such as salary)
5. Paid late, or not at all
6. Acquired an undesirable as a financial associate!