Equifax vs Experian credit score
Discussion
All the credit reference agencies use different score cards, I wouldn't worry. There is not a 'universal' credit scale used by everyone. They are different scales of measurement like degrees celcius and fahrenheit can be the same temperature but different numbers.
When applying for credit, banks/creditors look at your credit score from one or multiple credit reference agencies and combine that with other information (age, occupation, salary, loan ammount, payment history, etc.) and decide to approve based on their own criteria.
A good experian or eqifax score does not mean you have 'good' credit rating and get approved for anything. For example if you have a credit card and pay the balance in full every month, then this can negatively affect your rating as you are never 'borrowing' money therefore they can't make money from the interest. It does not mean you have a 'bad' rating either, it depends on the lender and what type of customer they are looking to lend to.
To have a 'good' rating, you have to borrow money regularly, never miss payments, be on voters roll, not have too much debt, owning home helps a lot also.
Hope this helps.
When applying for credit, banks/creditors look at your credit score from one or multiple credit reference agencies and combine that with other information (age, occupation, salary, loan ammount, payment history, etc.) and decide to approve based on their own criteria.
A good experian or eqifax score does not mean you have 'good' credit rating and get approved for anything. For example if you have a credit card and pay the balance in full every month, then this can negatively affect your rating as you are never 'borrowing' money therefore they can't make money from the interest. It does not mean you have a 'bad' rating either, it depends on the lender and what type of customer they are looking to lend to.
To have a 'good' rating, you have to borrow money regularly, never miss payments, be on voters roll, not have too much debt, owning home helps a lot also.
Hope this helps.
Gassing Station | Finance | Top of Page | What's New | My Stuff