Can you achieve the highest credit score?
What is a credit score?
It’s a number that credit reference agencies use to gauge how creditworthy a lender may find you. It’s based on a number of factors, including your credit history and whether you’re on the electoral register. Your score can go up or down according to your circumstances.
What’s the highest score you can get?
Credit reference agencies use different credit score ranges, so there’s no universal score. This means that there’s no one absolute highest score that you need to achieve. The lender may also take other things into account when assessing your application that aren’t included in your credit report, like your salary. And the score that they assign you might also differ from those provided by credit reference agencies.
Why check your credit score?
You may still find it useful to check your score before applying for credit, as it could give you an indication of how creditworthy a lender may find you. When you make an application for credit, a lender will check your history to see if your borrowing habits suggest that you’ll be able to make the repayments. These checks are recorded as credit searches, and leave a footprint on your credit history. ‘Hard’ searches can be viewed by other lenders.
The more applications you make, the more searches could be recorded on your borrowing history. Too many could suggest to a lender that you’re financially overstretched and may not be able to pay them back. Checking your credit score before you apply can help indicate how creditworthy a lender may find you. This way, you can also take steps to try to improve your score before making an application for credit. This could help to minimise the number of unnecessary searches that appear on your report.
Your Equifax Credit Report & Score is free for the first 30 days, then £7.95 monthly. It gives you unlimited online access to your borrowing history and credit score.
- What are 0% interest credit cards?
- Moving to the UK and your credit score
- Who can see your credit report?
- Should you lease or buy your next car?
- Student loan repayments
- Balance transfers explained
- Credit cards and minimum repayments
- Financial association explained
- Getting a mobile phone contract with bad credit
- What is a credit union?
- Why have I been refused a credit card?
- Why do people use vehicle refinancing?
- What does my credit score say about me?
- What to do if you've missed payments
- New interest rates for savers and borrowers
- How to maintain a good credit score
- Can you pay off loans early or late – or take a payment holiday?
- Infographic: Back to basics – how do credit reports and scores work?
- What happens to credit history when moving abroad
- Credit checks for renting
- Understanding credit score ranges
- Divorce and your credit score
- How credit cards work – how they may affect your credit rating
- Students and credit reports
- Credit agreements – the basics
- Different types of credit card
- Death and credit reports
- Newlyweds, financial planning and credit
- Getting credit cards with bad credit history
- What is a guarantor and how do they work?
- Explaining compound interest
- How Credit Scores Affect Car Finance
- How can I improve my credit score?
- Getting credit with no credit history
- Soft credit searches explained
- What to consider when applying for credit cards
- What is a credit rating?
- What types of credit can you get?
- Staying on the electoral register when moving
- The Electoral Register and How It Influences Credit Scores
- 7 types of credit provider
- Credit: Why do People Use it?
- Credit Myths - The truth about Credit
- Interest Rate Types
- Credit Hygiene
- Credit Score: What are the factors?
- Your Credit Limits: Do’s & Don’ts
- Secured Vs Unsecured Loans
- Joint Liability - Everything You Need to Know