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I’ve checked my electoral roll and all is fine.
My amount of credit agreements and credit searches are in the “amber (caution)” area but i have never missed a payment.
What could it be?!

I’m 19 and from the UK

3 Thoughts on My Credit Score is 362? This is bad right?
  1. Reply
    February 14, 2014 at 10:12 am

    Maybe it’s because you don’t have much credit history. You are 19 so it might need to build up.. OR someone used your information and ruined your credit.

  2. Reply
    February 14, 2014 at 10:35 am

    This should help you to understand how credit scores work..

    FICO scores from 300 to 850 and Vantage scores from 501 to 990.

    Here is the breakdown for both systems.

    Vantage Plus system scores from 501-990.

    FICO system scores from 300-850.
    Elite-740-& up
    Sub-prime-624-& under

    FICO is the only one that matters since it’s the one that all major lenders look at.

    So as you can see it depends on if your looking at a true FICO score or a Vantage plus score.

    As far as what makes up credit scores it’s the following;
    1. Payment history (longer the better) 35%
    2. Time in bureau (longer the better) 15%
    3. Types of credit (mix of credit cards & installment loans) 10%
    4. New credit (new accounts and inquiries) 10%
    5. Debt to credit ratio (lower the better) 30%

    And just so you will know Experian only uses Vantage, Equifax only uses FICO and Transunion uses both depending of which type of credit report is requested of which there are 3. The standard that people get from the Internet, the auto enhanced which only car dealers and lenders see and the factual which only mortgage people see. The last two are not available to the general public.

    To have the very best score and profile people need 3-4 credit card accounts (revolving) with balances below 30% of their credit limits and 2 cars, homes, boats, motorcycles, computers, furniture or personal accounts (installment) all with good long payment history’s.

    Add to this that unless you get your scores either direct from either Equifax or your getting what’s called a FAKO score which makes it even worse because they all have their own system to calculate scores.

  3. Reply
    Isaac Nurse
    February 14, 2014 at 11:07 am

    Since you have not missed a payment it might be any number of factors that can affect your credit

    You could be having new accounts or your balances ratio to limits is could be high. You have to pay it down.

    If your credit score has suddenly come down , then you must investigate.

    Since you’re 19 maybe your credit history is short you need to be patient. It will improve over time.

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