Experian Credit Score Ranges Explained (Weak to Excellent)

How to understand your Experian score

Find out what a good score from Experian looks like and how to actually improve it.

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Your credit score is a numerical representation of the information in your credit report and shows where you stand in terms of your finances. Experian, which is a credit bureau in Australia, uses a number between 0 and 1,000.

What's a good Experian credit score?

Excellent:800-1,000Your score is well above the average.
Very good:700-799Your score is above the average.
Good:625-699Your score is about average.
Fair:550-624Your score is below average.
Weak:0-549Your score is well below the average.

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What affects your Experian credit score?

Here are some credit activities and the effect they can have on your Experian credit score:

Activities that hurt your credit score

Credit activityDetailsIncrease or decrease credit score?
Defaulting on a credit accountWhen you fail to repay a credit account it's listed on your report for 5 yearsDecrease
Multiple credit applications in a short space of timeApplying with several different lenders or for several different types of creditDecrease
BankruptciesIf you are declared bankruptDecrease
Adding a new credit accountOpening a credit card or loanIncrease or decrease
Having excessive open credit accountsAll of your credit accounts are listed on your reportDecrease
Having too much unsecured creditToo many credit cards or unsecured loans can appear riskyDecrease
Having a combined credit limit that's too highThe credit limits of all of your accounts are listed on your report but not what you owe on those accountsDecrease

Activities that improve your credit score

Credit activityDetailsIncrease or decrease credit score?
Negative data (such as defaults) removed from your credit reportListings only appear on your report for a limited period of timeIncrease
Repaying a defaultPaying a default will update its status from "outstanding" to "paid"Increase
Adding a new credit accountOpening a credit card or loanIncrease or decrease
Making repayments on time2 years of your repayment information is listed on your reportIncrease

What can you do with your score?

Five ways to improve your Experian credit score

If you've checked your Experian credit score and there is room for improvement, there are a number of things you can do.

1. Make credit card and loan repayments on time

  • Why? On-time repayments can improve your score so check that your ongoing repayments are listed positively on your credit report
  • Consider making additional repayments as you will pay off your loan ahead of schedule and your score will improve once the account closes

2. Space out credit enquiries

  • Why? Every time you apply for credit it is listed on your credit report whether you are approved or not
  • Apply less often: A general rule is one application every six months won't negatively affect your score
  • Avoid enquiries building up and negatively affecting your score by double-checking you are eligible for any product before you apply
  • What if you've been denied? If you aren't approved for your first choice you can still apply with an alternative lender, but don't make this a regular occurrence

3. Keep an eye on your credit report

  • Why? Check your credit score monthly to see if your behaviour is good or bad for your credit score
  • Check everything on your credit report to make sure all of your information is correct
  • What if something is wrong? If you find a listing that hasn't been updated or something that is wrong, contact Experian to start the process of getting it fixed

4. Make sure all your providers have your contact information

  • Why? Many defaults occur because banks and lenders aren't able to contact their customers
  • Check that all your banks and credit providers have your contact details
  • Redirect your mail whenever you move

5. Consider consolidating your debt

Have more questions about your Experian credit score?

What is Experian?

Experian is one of the three credit bureaus in Australia that collect and provide credit data.

Why don't I have a credit score?

You may not have a credit score for a number of reasons. It may be because you have held no credit accounts in the past or no details from your credit accounts have been sent to Experian.

Why do I have a low credit score but no negative listings?

Your credit score is affected by a number of factors including how old your credit report is, the type of credit accounts you have and your activities with your credit accounts. While you may not have done anything that falls in the "bad credit" bracket, such as defaulting on an account or declaring bankrupt, there may be insufficient credit information to show you are a low-risk borrower, hence the low score.


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2 Responses

    Default Gravatar
    JohnMarch 16, 2019

    With a score of seven hundred, how much would I be able to borrow?

      Avatarfinder Customer Care
      JoshuaMarch 17, 2019Staff

      Hi John,

      Thanks for getting in touch with Finder. I hope all is well with you. 😃

      While it is true that having a very good credit rating, lenders use their own internal credit assessment procedures and credit rating is just one of the criteria they take into consideration.

      If you are trying to get a home loan, you’ll be able to get an estimate of how much you can borrow by using our borrowing calculator.

      I hope this helps. Should you have further questions, please don’t hesitate to reach out again.

      Have a wonderful day!

      Cheers,
      Joshua

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