Credit Score

DanDan123

Hi,
I have just got my credit score from Experian and it is 612 out of 1000 - can anyone give me an idea of how bad this is exactly?

I know that its not good, but just wanted an idea of how much it needs to improve by?

Also, does anyone know how much good it would do me by adding a note against my credit file to explain some of the bad points on there?

I am trying to get a current account with a debit card, and am finding it difficult - hence the questions.

Thanks

natweststaffmember

Only banks can add to your credit file so no long essay can be passed onto them to put on their file. I have to think about this one because i am sure 612 is not that bad

CLAPTON

What exactly is bad about your credit file... without us knowing its pretty impossible to tell you how to improve it.


Although you can add notes to your credit file its generally considered unhelpful to do so.

tom188

Your credit score is completely meaningless as each bank uses their own lending criteria such as affordability, reliability, time at current address etc. Almost no lender will use this score as part of the application process.

These "scores" are cynical money making products for the CRAs, used to prey on the insecure.

You should be able to work out what your "score" is yourself, just by considering your repayment history.

DanDan123

Thanks.

I have added comments next to each of my defaults with an explanation of my circumstances at the time, and a reason behind them. This apparently means that any application will be seen by a human, rather than just a machine. I have been told this today by Experian.

I have 3 defaults, and 1 CCJ (Satisfied) all from about 2 years ago. 2 of the defaults are nearly satisfied, but my biggest problem is the 3rd one where i still have £3,000 outstanding (although is being paid)

So i know its not good, I just thought my score would give me an idea of just how bad it was.

guynextdoor82

DanDan123 wrote: »

Thanks.

I have added comments next to each of my defaults with an explanation of my circumstances at the time, and a reason behind them. This apparently means that any application will be seen by a human, rather than just a machine. I have been told this today by Experian.

I have 3 defaults, and 1 CCJ (Satisfied) all from about 2 years ago. 2 of the defaults are nearly satisfied, but my biggest problem is the 3rd one where i still have £3,000 outstanding (although is being paid)

So i know its not good, I just thought my score would give me an idea of just how bad it was.

According to experian the following are the breakdown of the scores

0-500 POOR
500-700 AVERAGE
700-800 GOOD
900-1000 EXCELLENT

Accorinding to it, 650 is average i.e. 60% of the people have a lower score than you !.

tom188

The fact that the score is quoted as such when the OP has defaults and is unlikely to get any credit until these have settled and fallen off their file backs up the point about these "scores" being useless.

M_Thomson

guynextdoor82 wrote: »

According to experian the following are the breakdown of the scores

0-500 POOR
500-700 AVERAGE
700-800 GOOD
900-1000 EXCELLENT

Accorinding to it, 650 is average i.e. 60% of the people have a lower score than you !.

These scores mean nothing as each bank and lender will score differently. They are simply a way for Equifax and Experian to get you to part with some money!