What affects your credit score?
A number of factors could impact your credit score. We explore them in this guide.
You don’t have a single credit score
There are 3 main credit reference agencies in the UK. Each collects information about you from public records, lenders and other service providers, which helps them to create a ‘credit score’.
Because each agency does this independently, the details held and score they create may vary.
Lenders and other service providers also complete their own scoring when you apply for credit, including information from your credit record. They also consider other factors like affordability and any past account history.
What are the main factors which can affect your credit score?
Many factors can affect the credit score created by each credit reference agency, but the way you manage existing financial accounts is a major influence.
You may not have considered
Below we explore some of the other things which may impact your credit score.
What will not affect your credit score?
Although lenders will consider some of the following things from an affordability perspective, they won’t impact your credit score.