credit score

What’s a bad credit score?

Find out where you sit on the "bad credit" scale – and how to move up.

A bad, weak or below average credit score is anything below 550 as reported by Experian and 510 by Equifax. There are many types of negative listings that can appear on your credit report, in addition to a range of positive listings and personal details. Using all of this information, your risk as a borrower is calculated and represented as your credit score. Find out more about the credit score ranges in this brief guide.

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What are the credit score ranges?

The credit score ranges are different depending on the bureau you receive your score from. Regardless, the higher your number is, the less risky a borrower you are determined to be. There are five credit score ranges, from excellent to weak. You can see a breakdown of these scores below.

Credit bandExperianEquifax
Excellent800-1000833-1200
Very good700-799726-832
Good625-699622-725
Fair / Average550-624510-621
Weak / Below average0-5490-509

How can I improve my credit score?

  • Check your credit report. Improving your credit position starts with understanding where you're at. You can check your credit report for free with finder and receive updates every month. You'll also receive your credit score.
  • Fix inaccuracies in your report. If there are any mistakes in your report it's important to have them rectified. Contact the credit reporting body you ordered your report from and report the mistake. You can also get in touch with the credit provider directly.
  • Avoid making multiple credit applications. If you're denied credit and you can afford to wait, you can consider waiting until you make another application. Having multiple credit applications listed on your file can further damage your score and be a red flag to lenders.
  • Get free financial advice. You can contact the free financial counselling hotline on 1800 007 007 if you're looking for advice on your finances.

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4 Responses

  1. Default Gravatar
    ElizabethMarch 5, 2019

    My credit score is 862. Since I have never defaulted on anything…. why isn’t it a 1000

    • finder Customer Care
      JohnMarch 6, 2019Staff

      Hi janeenter@gmail.com,

      Thank you for reaching out to Finder.

      Less than 1 per cent of consumers had a perfect score. There may be factors that are based on the credit bureau’s algorithm in computing your score that does not make it to 1000 mark. You may need to contact the credit bureau directly to see what these factors are and ways on improving it. Though there are tips provided that could get you closer to a perfect score:

      • Always pay bills on time.

      • Only apply for new loans when you really need it.

      • Don’t make multiple credit enquiries while shopping around.

      • Avoid high-interest payday loans

      • Avoid increasing your credit card limit

      • Don’t apply for multiple credit cards to chase reward points.

      Cheers,
      Reggie

  2. Default Gravatar
    anitaSeptember 20, 2017

    Why can’t I get my credit score?

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