equifax credit report uk
equifax credit report uk
UK Equifax credit score…?
I live in the UK and my equifax score is 428. I am a 21 year old student. The detailed report says this is very good and a lot of areas are excellent, so why on here are scores of 400 to 500s being discussed as bad? Is it a different system in the US?
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FICO® scores can range from 300 to 850, but the majority of scores usually fall within the 600s and 700s. Since there is no one universal score cutoff used by all lenders, it is hard to say what a good score is outside the context of a particular lending decision. For example, a score of 750 may qualify you for a platinum credit card, whereas a score of 675 may indicate you are a better match for a standard card.
Your lender may be able to give you guidance on the criteria that it uses for a specific credit product. Based on the general population’s FICO® scores, the ranges and percentages of scores are:
20% are above 780
20% are in the range of 745 – 780
20% are in the range of 690 – 745
20% are in the range of 620 – 690
20% are below 619
While many lenders use FICO® scores to help them make lending decisions, each lender has its own strategy, including the level of risk it finds acceptable for a specific credit product.
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