Everyone has an Experian Credit Score. Looking after it, nurturing, growing and improving it can help you get a better rate on loans, credit card or mortgages.
Do try to stay within your credit limits and do try to pay your credit bills on time. Missed or late payments stay on your credit report for at least six years, and this can have a big impact on your score.
The lower your overall balances (not including your mortgage) – the better. If you can afford to pay off a bit more debt and you want to improve your Experian Credit Score, reducing the balance on your credit cards and overdraft can be useful.
Credit accounts that have a £0 balance are unlikely to negatively affect your credit score (assuming all payments are up to date).
However, having an outstanding balance on a large number of credit accounts (particularly loans with high balances) can indicate you are reliant on credit and so will reduce your Experian Credit Score.
Finally, close unused credit accounts if you don’t use them anymore, as lenders can take into account the credit limits available to you, not just what you owe at the moment.
The Experian Credit Score is a guide to help you understand your credit report, and how the way you’ve managed the credit you’ve had in the past might affect applications you’re making now.
Watch our new Experian CreditExpert TV ad here – and find out how we can help nurture and improve your Experian Credit Score
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If you have questions you’d like answered about your Experian Credit Report and Score, our Twitter and Facebook customer service teams are online Monday to Friday 8am to 8pm. Saturdays 9am to 5pm.