It’s a good question, and one without a single answer because the three main credit referencing agencies (CRAs) in the UK all score consumers differently.
Each CRA states what a good credit score is on their websites: A good Experian score starts at 700, with 800 considered excellent.
With Equifax it is 660 and above.
What is a good credit score out of 700?
Credit reference agency
|Credit reference agency||Equifax||Callcredit|
|% of lenders who use this credit reference agency||55%||32%|
|Average score in UK||380||611|
|Score bands||Very poor: 0-279 Poor: 280-379 Fair: 380-419 Good: 420-465 Excellent: 466-700||Very poor: 1 Poor: 2 Fair: 3 Good: 4 Excellent: 5|
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Is 492 out of 700 a good credit score?
Sure, turning a 492 credit score into a good credit score isn’t easy, considering you need a score of 700+ for that. Fair credit doesn’t even start until you reach a score of 640.
Is 510 700 a good credit score?
The bad news about your FICO® Score of 510 is that it’s well below the average credit score of 675. The good news is that there’s plenty of opportunity to increase your score. 99% of consumers have FICO® Scores higher than 510.
Is 492 a good credit score UK?
As such, a ‘good’ credit rating can vary from lender to lender. 279 to 366 is still quite a poor credit score and would still pose a risk to lenders. 367 to 419 is considered a fair credit score with some risk to lenders.
Photo in the article by “Wikimedia Commons”