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Composition of credit score?
WhiteEagle77
Posts: 5 Forumite
Hi,
I have a credit score that is good but it could be better, I'm eager to improve it. For this I'd need some information on what I should do in order to improve it (like keep unused credit cards so used balance / available balance ratio is better OR cancel unused credit cards to decrease the amount of cards I have etc. - just an example). Problem is that purely the credit score doesn't help much. Is there any way to learn about the composition of my credit score? E.g. Number of credit cards 80 points out of 100, payment history 150 out of 150 points, balance utilisation / credit limit ratio 120 out of 150 points etc. (just made these up for sake of explanation as an example).
Thank you
I have a credit score that is good but it could be better, I'm eager to improve it. For this I'd need some information on what I should do in order to improve it (like keep unused credit cards so used balance / available balance ratio is better OR cancel unused credit cards to decrease the amount of cards I have etc. - just an example). Problem is that purely the credit score doesn't help much. Is there any way to learn about the composition of my credit score? E.g. Number of credit cards 80 points out of 100, payment history 150 out of 150 points, balance utilisation / credit limit ratio 120 out of 150 points etc. (just made these up for sake of explanation as an example).
Thank you
0
Comments
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No, there is no way and if there was a way it wouldn't help you.
Your score means nothing. It isn't used by lenders who are only interested in the data that is on your file.
Get a credit card, pay it off in full each month and don't obsess over your score. In fact, don't give it a second thought.1 -
In future, before asking questions about credit score, please read the sticky at the top of this forum -
"what your credit score really means"
that will answer most things you want to know.I’m a Forum Ambassador and I support the Forum Team on the Debt free wannabe, Credit file and ratings, and Bankruptcy and living with it boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.For free non-judgemental debt advice, contact either Stepchange, National Debtline, or CitizensAdviceBureaux.Link to SOA Calculator- https://www.stoozing.com/soa.php The "provit letter" is here-https://forums.moneysavingexpert.com/discussion/2607247/letter-when-you-know-nothing-about-about-the-debt-aka-prove-it-letter0
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