What's a good credit score? (UK)

Confused by what your credit score number actually means? It's hard to know if it is excellent, good, fair or poor.
And with three or four different scores available you can't compare one with another, or work out when you've managed to get a perfect credit rating - especially as they're all placed on ranges between 700 and 1,000.
Even once you've found all your scores and put them in the ratings bands, what does it even mean in terms of your chances of getting credit?
In this video I've explained how the three different credit reference agencies rank each score, and what it means for you.
W A T C H N E X T
How to check your credit score for free
• Check credit score for...
Credit scores explained
• Credit scores and cred...
Will switching bank hurt my credit score
• Can switching bank hur...
#Creditscore #goodcreditscore #poorcreditscore
MORE
S U B S C R I B E / @becleverwithyourcash
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T W I T T E R - / andyclevercash
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A B O U T A N D Y
Andy Webb is a money blogger and journalist. He runs the award-winning website Be Clever With Your Cash, hosts the Cash Chats podcast, presented Channel 5’s Shop Smart Save Money and writes every month for Reader's Digest. Andy also founded the community ukmoneybloggers.com.
DISCLAIMER
Content in these videos does not constitute regulated financial advice. Any offers mentioned were correct at the time of filming.

[@nerdowlesa]

How can your credit score be this high when you are always switching banks?

[@cbmateas787]

In my student years I became more familiar with credit scores and I didn't like how much impact they have on your long term debt. For example I needed some urgent money to pay off some college fees so my best option was to take out a credit card. When you apply with a poor credit score you won't get much anyway and the interest will be quite high which makes paying the credit back that much harder and longer to achieve hence keeping you longer in debt and with a poor credit score. There should be more involvement and support from the banks as well when loaning to people with debt.

[@sweetyakter1124]

Amazing video

[@linkedinfred]

Andy, why can’t the 4 credit brokers have unified scoring if they are all using the FICO model?

[@peter7243]

please do a video on business credit score, how do we improve that

[@duckduckducky]

I am new to credit and was wondering if my late payments to Klarna was affecting my credit score so I checked. It said my credit score was excellent, however, I have never owned a credit card or taken out a loan besides my student loan. I was under the impression that no credit was bad and I would have to build it up with credit cards to get a good score? Or is it normal to start at an excellent score?

[@KaysFantasy]

@Alex Clever Cash I was watching “This Morning” the other morning and that Martin Lewis says it’s not worth getting or even starting a Credit Score.🤔 Is it true? Should I still get a credit score?

[@BeCleverWithYourCash]

Hi Sirens, so a credit score is really just an indicator of how good or bad your credit report is - but a credit report is essential if you need to borrow money (mortgage, loans, credit cards) and even to open current accounts or get direct debits on mobile phone or energy bills. Here’s more about credit scores / reports kzbin.info/www/bejne/baTGXqObqM-Natk

[@ChipZilla69]

If you want to buy a house one day you will need a good credit score

[@JMH2022]

Appreciate that this is a question on a old video but...would only using £10 on a £50 limit credit card give you the same credit points as using £1000 on a £5000 limit card as the percentages are the same? Only because I'm a newbie and need an entry level credit building card. Thanks

[@chhitijpahari1011]

Yes they look at the percentage of available credit that you are using

[@SeniorFoxy.]

Hi i was wondering if there any way to check total credit score all in once for free:) 😅😅

[@JavierZamora87]

Hello. I recently moved to UK and this thing about Credit score is quite confusing. I don’t need any loan but I am worried about the future so maybe I should start working on my credit score, just in case some day I need it. How can a new UK resident, who has moved from another country, start working on it? I would appreciate if someone gives me some information or tips about it. Thanks a lot!

[@BeCleverWithYourCash]

Hi Javier. Yes it's worth thinking about the ways you can improve your credit score. I'll make a video soon on some ways to do this.

[@andreistoica2994]

Javier make sure you use your credit and increase your credit limit and use of credit over time.

[@ilusilver]

Hello Javi! How is it going? I'm also slowly building my credit score up 😀 The thing that has helped me the most so far is having a credit card and using it to buy groceries (keeping the credit utilisation low, under 20%, so mainly salt & vinegar crisps) and then pay by direct debit every month. I'm still only on the "fair segment" but getting there. I had a LOQBOX save loan but that didn't help as much so I would stay away. Any tips that have worked for you?

[@MiniManMK13]

Has anyone else noticed that your score goes up when you pay for Experian premium service?

[@MENSA.lady2]

Best is ZERO. That can be achieved by not owning a credit card. Actually there at least 4 credit reference agencies in the UK but you need none of them.

[@ggmma6315]

My credit with Experian is 974 and sour ClearScore 185 what on earth is causing this drastic difference can anyone help me

[@Sam-pn2kc]

can you bulid your credit score with American express basic card?

[@BeCleverWithYourCash]

Hi Sam, Yes any credit card where you spend a small amount each month and repay it in full will demonstrate a responsible use of credit.

[@mdsalimahmed4319]

Nice

[@djharun1358]

wake of prescribing this clasp to gain proficiency with some information about credit....

[@andrei9417]

Hi, I have an bank account that I don't really use and is the oldest account that I have, currently I use another bank. I've seen on credit report that an bank account over 5 years help me on my credit score. And I was thinking to close it, will be a good idea?

[@lorea5518]

No don't close

[@randomletters8486]

@@lorea5518 already made this mistake lol

[@christopherhubbard602]

Ps you have to log in every 3 months

[@peterellis4982]

I think it the whole system is wrong you should not have a credit score against you until you take out the credit I have a bad score yet I have a great income and in the last 10 years have not had any problems with my finances yet I don’t get the good rat it just a con

[@peterellis4982]

Rate

[@jacobdonnarhiantalleyanput8186]

JAX. ❤.

[@rehanakhanam9390]

Nice vedio Good vedio

[@wexphil17981]

My credit score says bad at 680 how i make it fair all my bills paid etc

[@BeCleverWithYourCash]

I've got some tips on this video kzbin.info/www/bejne/iavNf3alpsatjNk&t

[@chirushetty24]

I too have credit score of 999 in Experian.

[@markpearson8721]

I had a 999 score on Experian even when I had a poor score with the other two agencies. I then managed my scores to all fall within the excellent range, although the Equifax one, easily the least logical of any of them, has since slipped back to good again for no apparent reason given all credit cards are paid off in full every month and I haven't taken on any more credit. It just proves what utter nonsense they really are, and how they can justify anyone paying for their service is beyond a joke.

[@chirushetty24]

@@markpearson8721 pay oh no. i won't pay for this shit. i had good score but still couldn't get a credit card because of equifax score of mine was less. now my score in all 3 are good.

[@techstyle123]

It's a load of bull 🐂 credit score means nothing if you work and have a constant wage coming in then don't worry I had a high score and paid off a loan and car in one week then it dropped by 89 if anything it should have gone up at that point I deleted the app

[@maxthelab8457]

Same here - I had a score of 639 on KKarma - I have since paid off my mortgage, all my credit cards, and have just one personal loan, and my car finance, never missed a payment on anything ever. Now it's gone down 6 points and it says.......................You are not using enough of your credit facilities, increase your borrowing to improve your score ( in so many words! ) Bloody ridiculous.

[@techstyle123]

@@maxthelab8457 tell me about it lol the system is rigged your score should be over 700 for that

[@matty7758]

Absolutely

[@mdaminur3118]

Nice video

[@Rydia704]

Hi Andy, on clearscore there is a payments made screen for various accounts. On current accounts what would this qualify as? Eg I've got a new starling account with a payment made in June but all I've done is transfer money to and from it. Thanks

[@BeCleverWithYourCash]

Hi Rydia, so the only current account data on your credit report that will be used by lenders is the size of an overdraft and how much of it you are using. Other spending and transfers won't be seen.

[@Rydia704]

@@BeCleverWithYourCash Thanks for this :) so what would class as a successful payment received on a current account?

[@chawkialgeria]

How come I have an excellent credit score with Experian and fair with transUnion

[@BrightRomeo]

I'm sure the top score 999 is a number chosen randomly. I happened to know a cult/religion that likes things up side down. Interesting.

[@punjabitvbyrawalrath]

My credit score is 988 is this very good? I can apply for mortgage ?

[@windowguylol]

Not high enough, sorry Raj

[@punjabitvbyrawalrath]

@@windowguylol Which score is gonna be high bro? you mean 999 out of 999

[@AZ-ic9yc]

@@punjabitvbyrawalrath no higher than that raj

[@nik_hithu]

You have bad score… you won’t get mortgage.

[@punjabitvbyrawalrath]

@@nik_hithu you need more education about the credited dear I got mortgage already one month ago 😂😛

[@khadimndiayekhadim3589]

666 credit score in uk it’s good or poor

[@sustainableyorkshire9465]

Lol

[@christopherhubbard602]

I use to like Noddle

[@BeCleverWithYourCash]

Yes, that's now been replaced by TransUnion/Credit Karma. Still free though!