Tag Archives: credit score

How often do you use your credit card?

Credit cardsIn January we asked our Twitter audience how often they use your credit card, and over 3500 of you replied.*

Over half of those who responded (53%) said they use their credit card at least once a week – with over one in four (27%) saying they use it every day.  Just over one in five (21%) said they use it monthly, while just over one in four said ‘other’.

We also asked How much of your credit card balance do you pay off every month?**
41% said they pay off the full balance of the card , while 18% told us they make sure they pay the minimum payment. A further 29% said they pay only what they can afford.

Finally, we asked What’s your priority when deciding to switch or compare cards***.
43% told us that reducing the interest they pay was the biggest priority, while 32% said that it depended on which rewards and benefits were available.

A wide range of responses such as this could mean that different credit cards may suit different people.  Think about what you actually want a credit card for. Is it for doing the weekly shop? Making a large purchase?  Or paying off a current debt at a better rate? Continue reading

Credit card jargon buster – 10 top terms

Credit cardsEver wondered what some of the key credit card terms really mean? Here are our top ten.

  1. APR - The annual percentage rate is the price you pay each year for money you’ve borrowed, including interest and fees.  The representative APR is an advertised rate that a minimum percentage of customers will pay, usually 51% of those accepted.  If you’re not given the advertised rate, you’ll get a personal APR.
  2. Balance Transfer – This is when you choose to move credit card debt you already have to a lower or  0% interest credit card balance, usually for a transfer fee.  With a 0% balance transfer deal you can potentially give yourself longer to pay off an existing credit card debt, without having to pay interest. This is as long as you make the minimum monthly payment and stick to any other Ts and Cs. More about balance transfer cards here
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How well do you know yourself?

How well do you know yourself? We decided to try and find out, one day last month in Nottingham.

And it turns out that while there’s a lot we do know about ourselves, one thing not many of us know is our credit score.

We set up a booth where people could pop in and answer some simple questions in our quiz – but one question above all foxed them.  Watch the video to find out how and why!

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Black Friday? What’s that all about?

Black Friday and Cyber MondayChristmas shopping season is about to really get into gear.  Black Friday (November 25th) and Cyber Monday (28th) book-end a long weekend of huge online discounts aimed at tempting Christmas shoppers. 

These two imports from the USA – the Friday after Thanksgiving and the Monday that follows – combine heavily discounted ‘physical’ shopping ins-store with widespread online deals.

And now Amazon.co.uk are beginning their Black Friday over a week earlier than the ‘official’ day, by featuring special offers online on large-ticket and luxury products every day now until 25 November.

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A new US President: what about our finances?

If you’re planning to get a new card for your holiday spending, check your Experian credit report before applyingNow that the US presidential election has reached its conclusion, what does a victory for Donald Trump mean for UK and global finances?

A Clinton win had been on the cards for some time, but Trump’s victory surprised many all over the world.

Before election day
After she was cleared earlier in the week by the FBI of criminal wrongdoing with regard to emails, the dollar immediately rose in value, with US markets easing back on risk-aversion measures. Continue reading

What’s the average Experian Credit Score where you live?

Average Experian Credit Score in Edinburgh What’s your Experian Credit Score?  We wanted to see if there were any significant differences in the average Experian Credit Score in different UK cities – from a variety of locations.

The Experian Credit Score runs from 0-999, and usually a higher score means you’re seen as lower risk, which means you could be more likely to get a credit card, a loan or a mortgage, and at better rates too.

You may have seen some of our posters beside major roads, or if you’re in London, on tube platforms. If you have, I hope you saw your local area listed!

We looked at the average Experian Credit Score in ten of the largest local authority areas outside of London, based on Experian customers who joined between January and September 2016. Continue reading

Spreading the cost of Christmas shopping

friends-shopping-xmas-300Most of us spend more in the immediate approach to and during the festive period than we normally would, so it’s probably a good idea to budget in advance and put some money aside – so that come mid-December, you don’t have to dig too much into money you either don’t have, or money you’re going to need in January.

Here are five things that might be worth thinking about:

  1. Christmas is a prime time for buying things that are either unwanted, don’t work properly or don’t fit. But… buying on credit can give you protection. If you buy goods or services on your credit card, you have extra protection if things go wrong, compared with paying by cash or even debit card, under section 75 of the Consumer Credit Act. Continue reading

Ask James: latest credit questions answered

James Jones

James Jones

Every month Experian’s James Jones answers a selection of your questions about credit and fraud in his ‘ask the experts’ style column here.

Sultana from Ilford wants to register her 17-year-old for a credit report but is unable to – James explains why this is so, and what they can do next.

Bianca from Tunbridge Wells wants to know if her library fine will affect her credit score, while Alan from York has a row of U’s on his credit report and asks Will the status code U on my credit report damage my score?

Anne-Marie from Newcastle-under-Lyme has this question: Can changing bank accounts have an effect on my credit score?, as she wants to apply for car finance later in the year.

See the previous Ask James: questions about claiming benefits and credit rating, changing from PAYG to direct debit, and more.

You can find more Ask James questions answered in our Ask James archive.  If you have a specific question and can’t find an answer here or you wish to contact us to query something on your credit report, please contact us – find all the ways you can contact us here.

What is a good credit score?

A good credit score

A “good” credit score depends on the scoring system used by your particular lender – there’s no one credit score or magic number – different lenders score differently.

However, if you have a good credit score from one of the main credit reporting agencies such as Experian, you are likely to have a good credit score with your lender.

  • The Experian Credit Score runs from 0-999 and is an indication of how lenders may view you.
  • It is based on the information in your Experian Credit Report
  • The higher your score, the greater the chance you have of getting the best credit deals

To get your Experian Credit Score FREE forever, sign up to CreditMatcher, a free independent service that helps you compare credit deals you’re more likely to get, based on your credit information.  We are a credit broker not a lender, working with selected lenders.†*

Credit score bands

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Experian Credit Score is now FREE. FOREVER.

The cat’s out of the bag – for the first time, the UK’s most trusted credit score* is now free, for everyone**, forever.

That’s right – the Experian Credit Score, which shows you how lenders may view you, and can be a useful thing to know when you are thinking of applying for credit.

To get your Experian Credit Score FREE forever, sign up to our new CreditMatchera free independent service that helps you compare credit deals you’re more likely to get, based on your credit information.  We are a credit broker not a lender, working with selected lenders†.

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