Why is my credit score going down? | Personal Finance | Finance


Caroline Hughes, property expert and founder of personal finance life planning tool, Lifetise said the ideal credit score depends on the rules devised by each lender.

She told Express.co.uk: “The ideal credit score varies depending on the lender, but as a rule of thumb you want a good or excellent rating in order to access the better deals, particularly when it comes to things like mortgages.

“We have three main credit scoring agencies in the UK and they each score differently.

“So ideally you’re looking for the following scores: Experian: Good is 881+, Excellent is 961+; TransUnion: Good is 604+ (rating four), Excellent is 628+ (rating five) and Equifax: Good is 420+, Excellent is 466+.”

She said one of the most important factors in gaining a good credit score is making sure you are registered to vote.

Ms Hughes said: “One of the key things that affects your credit score is whether you are on the electoral roll.

“If you are renting and have moved addresses, then double-check you are registered at the right address on the Government website.

“In some instances, to get a credit score you need to show you can get and repay credit.

“If you don’t have any credit cards, and have never taken out any loans, you might be surprised that your credit score is lower than you would expect.

“That is because there is no record of your ability to pay back credit.

“To help build up your credit record, you could think about getting a 0 percent credit card and using that for everyday purchases, then paying it off in full every month.”

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