The 3 main Credit Referencing Agencies; Experian, Equifax and TransUnion, use different methods for working out an individual's credit score so there isn’t a single ‘magic number’ you can aspire to.
However, below are the 5 key things that make up your credit score;
Address history
Your current address and any previous addresses.
Credit history
Financial credit agreements, such as loans, credit cards, mortgages, overdrafts, mobile phone contracts, car finance and any late or missed payments.
Credit applications
The number of applications for credit you have made, including those where you have been rejected.
Public Records
Electoral roll information, any county court judgments (CCJs), bankruptcies or insolvencies.
Financial ties
This includes anyone you have taken out joint credit with – for example, a joint mortgage or bank account.
Factors that don’t affect your credit score
The following factors do not count towards your credit score;
Student loans
Medical records
Parking fines
Employment history
Council tax
Savings accounts
Visit our blog for more information on your credit footprint.
Things that don’t impact your score