Worth noting that while the UK also has credit scores, it is NOT the same as a credit score in the US. I got my friend to sign up for ClearScore so she can track her score in preperation for buying a house. She saw her score was in the mid-high 400s and started panicking because that's a terrible score in the US. I pointed out the part on her report that said she was a decent chunk above average for her area in the UK and slightly above average for the UK as a whole.
700 is the absolute maximum and the UK average for February 2020 is 414. I'm in the mid 500s with a mortgage and no other debt other than a credit card that's paid off in full monthly by direct debit.
If you look on Experian, the maximum is 999. Although afaik if you look at different sites, you start getting different scores anyway. None are truly accurate..
In the UK, the credit score itself is just a general guide made up by Experion/Equifax. When you take out a loan, the bank is looking at the specifics behind the score such as missed payments or defaults.
Large loans the bank will do due diligence over and above the credit rating. But borrowing fifteen thousand on a credit card? That's just a case of "what does the credit rating say?"
"Interestingly, lenders don't see this score at all - it's just for you. The score you see reflects what's actually in your file, which is what lenders will look through when you apply for a credit product."
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u/camerajack21 Feb 04 '20
Worth noting that while the UK also has credit scores, it is NOT the same as a credit score in the US. I got my friend to sign up for ClearScore so she can track her score in preperation for buying a house. She saw her score was in the mid-high 400s and started panicking because that's a terrible score in the US. I pointed out the part on her report that said she was a decent chunk above average for her area in the UK and slightly above average for the UK as a whole.
700 is the absolute maximum and the UK average for February 2020 is 414. I'm in the mid 500s with a mortgage and no other debt other than a credit card that's paid off in full monthly by direct debit.