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What do These Ratings Mean?
An Excellent credit score means you will likely qualify for leading rates and a high credit limit. People with excellent credit have usually been at the same address for a long time and are registered on the electoral role. You are most likely a homeowner or long standing tenant, having worked for the same employer for a number of years. You will most likely have a perfect & long standing credit history showing loans, credit cards and a mortgage that have no CCJs, defaults or missed payments and you will rarely apply for credit.
A good credit score means that you should be able to obtain favourable rates. People with good credit have usually been at the same address for a long time and are registered on the electoral role. You are most likely a homeowner or a long term tenant, having worked for the same employer for a long period. You will most likely have a long standing credit history with a mortgage, loan and credit cards with very few missed payments.
A fair credit score means you should qualify for moderate rates. People with fair credit may have had recent changes in address with an irregular electoral role record. You may have recently changed employer or been self-employed and you may have high levels of debt compared to your income with credit applications made on a frequent basis. You may have occasional missed payments on your credit profile or sometimes go over your credit limit on certain accounts. You could also have some old CCJs or defaults.
A bad credit score means that you will likely pay a high rate but can still get approved for a loan. People with a less desirable credit score may have had frequent changes of address that are not recorded on the electoral role. You may have recently changed jobs or had periods of self-employment or unemployment. You are likely to be over your credit limit and late on your mortgage and/or loan repayments. You may also have frequent missed or late payments on your loans and credit cards, defaults, CCJs or have recently been declared bankrupt.