Mar 19
I have just checked my rating for the first time online and it says that I am not at the maximum credit rating which is 1500 points. I have had no financial difficulties in the past and have paid off any overdrawn money on time. I have one credit card which I got about 3 months ago, and one debit card which I’ve been using for a few years. I am 23. Does anyone know if anything lower than full credit rating means you have been in trouble, or if you must work your way up to the highest level of credit rating?
I am located in the UK. My credit rating is actually 3 out of 5 while my credit score is something like 1100 points out of a possible 1500
March 19th, 2010 at 10:18 pm
There are a number of factors which make up your credit score. Timeliness of payments, debt to income ratio, and length of credit. If you have only had a credit card for 3 months, then your length of credit score is probably lower than the maximum. That will rise over time as long as you have an open credit card. I think you need to have the account for 7 years before you can have the maximum score in that area.
Very few people attain the maximum credit score. Just make sure you don’t miss any payments. Late payments will sink your score fast!
March 19th, 2010 at 10:18 pm
Umm 1500 points? Where are you located?
March 19th, 2010 at 10:18 pm
sounds like pretty good credit to me. you won’t have any troubles if you maintain that rating, but chances are you have plenty of opportunity to increase the rating as well.
March 19th, 2010 at 10:18 pm
WHAT IS 1500 POINTS? TOP CREDIT RATING IS 850, I BELIEVE.YOU HAVE DECENT CREDIT IF YOU HAVE A SCORE OF 625. NOBODY KNOWS THE EXACT FORMULA FOR A CREDIT SCORE BUT THERE ARE MANY VARIABLES. IT TAKES YEARS OF PAYING YOUR CREDITORS ON TIME TO ACHIEVE A GREAT SCORE. TOO MUCH CREDIT OR DEBT CAN HURT YOUR SCORE EVEN IF U PAY THEM ON TIME. MY ADVICE IS ACQUIRE AS LITTLE DEBT AS POSSIBLE AND PAY IT ON TIME. YOUR SCORE WILL REFLECT IT!