Can I make up my own credit score?

Just for fun I asked Experian how accurate a score made up by myself would be compared to theirs, if I based it on the information on my credit file.

Here is their response:

I understand you'd like to know how accurate a score made up by yourself would be in comparison to your Experian Credit Score, taking into account all the information available in your credit file.

While I cannot confirm how accurate your own made up score would be, as lenders viewing your Experian Credit Report don't see your score, I can provide guidance on how your Experian Credit Score is calculated.

Your Experian Credit Score can give you an idea of how lenders might view your credit report, but it might be useful to remember that it’s only a guideline.

We work your Experian Credit Score out based on the information on your Experian Credit Report. Accordingly, it is calculated based upon many of the factors that lenders typically take into account when calculating their own credit scores.

However, lenders will work your score out using the information you give on your application, such as your salary and employment status. They might also use the information of anyone that you are financially linked to as well.

When you apply for credit, lenders won’t see your Experian Credit Score, or the positive and negative factors you see when you look online. All of this is simply a guideline. In reality, scoring can vary from lender to lender, and they could use different scoring for different products.

You don’t have one single credit score because different lenders use different credit scoring systems. So you could be refused by one company but accepted by another, based on exactly the same information.

As well as looking at your credit history and how much money you have spare each month, lenders often have in mind a type of customer that they’re looking for. This means that having a good credit report isn’t a guarantee that all of your credit applications will be successful.

Conclusion:

Yes a score made up by yourself can be just as accurate (and meaningless) as the one Experian give you. At least they were honest!