Answering Credit Score Questions

What is Considered a Good Credit Score in the UK?

This is a great question, and one of the more common questions asked by people. To put it simply, there isn’t a single answer to this question as the main three credit reference agencies in the UK all score consumers differently. So here are the three examples of a good credit score for each CRA and some answers to credit score questions.

• A good Experian score starts at 700, with a credit score of 800 considered to be excellent.
• A good credit score with Equifax is 660 and above.
• And Noddle’s best indicator is a 3+ on its 1-5 rating system.

What is Considered a Bad Credit Score in the UK?

Again, this is yet another question we are a consistently asked. And again, there is no set answer to this question. Instead, yet again there are a few different credit scores that are classed as bad credit. Yet again, you can find them below.

• A bad credit score with Experian is any score under 560.
• Equifax is relatively similar with their bad credit score being 540 and below.
• With Noddle it is anything below the rating of 2 out of 5.

How to Buy a House with Bad Credit?

There are a few ways that you can manage this. One of these being to save a larger down payment. For those with a credit score below 580, a larger down payment is a necessity – not an option. However, potential buyers with scores in a higher range can use more money upfront in order to compensate for a lower credit score. Credit score questions often revolve around concerns over getting a mortgage.

Do you have a Credit Score if you don’t have a Credit Card?

In simple terms, the answer is a no. until you have any credit history you won’t have a credit score. So, the only way you will know if you have a bad credit or good credit score is through having a credit card and credit history.

How long does it take to clear a bad credit score report?

It will take seven years to be able to clear a bad credit report, why? Well, the length of time that information stays on your credit report depends on the type of information. But as a rule of thumb, most items remain on your credit report for seven years.

So, that was a few answers to questions based around your credit score, we hope that this has taught you a little bit about what you should do with regards to your credit score, whether it be a good or bad credit score.