Whats a good credit score?

m.a.d.s

hi, does anybody know how much you need for a bad, good or excellent credit score please? ie bad 100-300 good 300-600 good 600-999 or whatever it? many thanks

nickmack

m.a.d.s wrote: »

hi, does anybody know how much you need for a bad, good or excellent credit score please? ie bad 100-300 good 300-600 good 600-999 or whatever it? many thanks

On whose scoring sytem? There is no such thing as an 'official credit score'. Companies use information about you on your credit report and make decisions based on their own criteria.

m.a.d.s

i have a loan c/card and o/draft at mo, the 0% on the card runs out in july this year so im thinking of consoladating to one loan, my credit score is 634 which i think is poor. i have just reg to go on electrol role which will be added 1st april to help boost my score. obviously i want as lower apr as possible on the new loan but dont think i will get say an 8.9% and will probably have to use hsbc again which has an apr of 14.9%. do i try the low loan rate first at the end of june and if i dont get it try hsbc? The only thing is it will show me applying for 2 loans in a short period so then i might not be able to even get the hsbc one? many thanks

stikiuk

hi m.a.d.s hope you don't mind me asking but how did you find out you have that credit score ? I would be interested to find out what mine is.

m.a.d.s

no probs mate, i registered on credit expert for free 30 day trial, they then send you a password in the post 2-3 days, once youve put all that in, there is an opiton to see your credit score which cost £5.95 straight from your bank account. if you want to carry on after the 30 trail is over then its £6.99 a month for your credit report, you can look at that as many times as you want for that but if you want to know your score its £5.95 a time.

Money_Man

The credit score service is effectively a marketing exercise to increase their profits. The information is practially useless imo as all lenders will have different credit scroing systems based on their credit strategy and who they want as customers.

m.a.d.s

thanks money man, but what about my situation of appling for a loan and knowing who to choose because like i said if i apply and get turned down then i will have to apply with another company which will surely lower my chances? tesco/ A & L do loans with 8.9% apr's but i dont think i have a chance with them, anyone know who would be more inclined to offer me a consolidation loan??

Money_Man

Yes I see what you mean, my advice would be to wait a little longer until your 0% deal is about to run out. By this time your score should improve since you have registered on the voters role. Its difficult to say where to apply but you bank would be a good starting point as they probably hold the most information about you. if you are unhappy with the APR they offer, tell them and ask them to reduce it, if they refuse apply elsewhere, 1 search for a loan will not be too negative as you are simply shopping around for the most competitive deal.

m.a.d.s

entered this wrong, please ignore.......... sorry

m.a.d.s

I see money man, my bank is who i have my current loan with at the moment with a APR of 14.9%. i did phone experian today and they said the credit score they use is
0-560 very poor
561-720 poor
721-880 moderate
881-960 good
961-999 excellent
so like you say hopefully it will improve come end of june, they seem high just to be moderate

Money_Man

If this is the first loan you have taken out then the APR will be higher as you are considered more of a "risk". This loan and paying it on time will in the long run benefit you, although short term you will have to pay extra.
If you apply for a loan with another company in a few months time they will note the existing loan you have run and "may" be able to offer you are more competitive APR since you are considered less of a risk. It goes without saying you should run all other credit perfectly in this time too thereby improving your credit profile and exposure to different types of credit. Hope this helps!