Credit Rating Of 817 Is This Good!?

Neenee | 21:50 Sun 27th Jan 2013 | Personal Finance

13 Answers

I've just checked via experian my credit rating which has come up as 817. I have 1 negative and two positives. My rating is classed as fair!! Over the last 5 years I have paid off my mortgage of 150k and I've never had a credit card. Only a cashpoint debit card.

I'm wanting to take up a 0% apr car loan to purchase a brand new car. Do u think my credit rating will allow this purchase. I'm putting down my own car as a deposit of 5k and the rest I need to borrow which is 8k

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Neenee

Question Author

Forgot to say. I have no mortgage as I own my own outright and no outstanding loans. And bring home over 1,200k month

NOX

What's your negative?

Prudie

I think credit rating is boosted by having loans and mortgages and showing you can pay them off. Someone who's never bought a house, had a credit card or taken out a loan can be rolling in it but still have a poor rating (I think)

bednobs

hi, can i ask you where you got a 0% loan??
and as to your question, it's not good it's fair

RATTER15

If you have never had a credit card it is difficult to prove that you are a reliable payer, to get a high credit score you really need to establish a good credit rating by using a credit card or to have a good history with a finance company. It sounds silly but that is how it works.

Neenee

Question Author

Many thanks for your replies. Bednobs. My local Mazda garage is offering 0% apr. currently. We are hoping to purchase a mazda2 sport.

boxtops

all you can do is ask at the garage - it depends on their own credit rating criteria as to whether they'll accept you. As ratter says, it's not having debt which makes you a good risk, it's showing that you have debt but you can can manage it responsibly.

Isn't there an FAQ section on Experian which explains the scorings?

NOX

Without knowing your negative it's impossible to say, but do also check out Equifax.
Dependant upon circumstances it's possible to have a gleaming credit rating with one and a lousy one with the other. Some financial institutions use solely Experian, some Equifax and some both, so it's important to know who uses what when trying to judge something like this.

justmike

Credit scores generally range between 350 and 900, so your score is not bad. I don't think you'll have any problem getting a loan, now 0% APR depends on who's issuing the loan, shop around. On a side note having a credit card actually HELPS your credit score as long as you make your payments on time. Not ever having a credit card would be viewed by the credit rating agencies as a lack of information on your ability to pay debts, this is why having one and paying on time helps your score go up.

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