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How to estimate your Credit Rating
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Last update : March 2010
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| If you want to get an accurate estimation of your Credit Rating, it's not hard. Just answer the following questions, then add your scores to see how you rate. |
| Are you registered to vote at your current address? |
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- Yes = 10 points
- No = 0 points
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| Do you have at least 2 active credit accounts, such as a credit card(s) or loan(s)? |
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- Yes = 10 points
- No = 0 points
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| Are all your payments up to date (including mortgage payments if you have one)? |
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- Yes = 15 points
- No = 0 points
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| Have you missed any monthly repayments over the last year? |
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- Yes = 0 points
- No = 10 points
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| Do you have any CCJs or have you been declared bankrupt? |
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- Yes = 0 points
- No = 25 points
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| Have you ever defaulted on a credit agreement? |
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- Yes = 0 points
- No = 25 points
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| Have you applied for more than 2 items of credit in the past 6 months? |
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- Yes = 0 points
- No = 5 points
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| How did you score? |
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- 90-100 points = Excellent Credit rating - You should have no problem getting accepted for credit, plus you've got a great chance of getting the most competitive deals, ie those with the lowest interest rates. My advice: keep up the good work!
- 70 - 89 points = Good Credit Rating - Should be no problem getting accepted but the best deals might be out of reach. My advice: read How to repair and improve your credit file
- 50 - 69 points = Fair Credit Rating - You shouldn't have too much trouble getting accepted for credit but some lenders might refuse as they only want the highest quality customers. Or, if you are accepted the lender might demand a higher interest rate. My advice: read How to repair and improve your credit file
- 0-49 points = Poor Credit Rating - Unfortunately it's highly likely you'll be refused most forms of credit, plus many banks won't even open a standard bank account for you. However, there are steps you can take to improve your rating so don't despair. My advice: you need to read how to repair and improve your credit rating as well as emergency credit repair strategies
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FREE REPORT - How to Audit Your Credit File
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Read more in the Credit File section:
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