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The reasons why you might not have a credit score
If you don’t have a credit score, there could be a few reasons why. Let’s break down the possibilities.
In this article
Whether you want a phone contract,, or , a credit score is your way in. So, not having a score can feel frustrating – but it can also be a good opportunity to start .
Youris number out of 1000 that – combined with your credit report – helps lenders understand how you manage money. It’s made up of things in your credit report, like the number and type of accounts you have, how much of your available credit you’ve used, your payment history and the length of your credit history.
There are a few reasons why you might not have a credit score.
You’ve not used any credit in a long time
Having different lines of credit, or having credit open for a long time, helps build your history and credit mix.
When you close a line of credit, it’ll stay on your report for about six years. If it’s been longer than that, and you don’t have any other credit accounts on your report, you might not see a credit score.
It’s a good idea to start building your score again – you could take out a. Just remember – make sure you can afford the repayments so that your credit score improves over time.
You’ve never used credit
Because your score is made up of all the things in your credit report, if you’ve never used something like a credit card or loan, there won’t be any lending/borrowing for credit reference agencies to report on.
You could see if a small overdraft is available if you normally use cash or debit cards. Just make sure you understand how much interest is applied.
You’re under 21
If you’re just starting out, that’s OK. You could look at a credit card or lender that specialises in credit building. And you can take smaller steps like joining the electoral register or putting your bills in your name.
You’re new to the UK
If you’ve recently moved to the UK, you might find that you either don’t have a credit score or it looks really different from what you had back home. Credit scores and reports aren’t transferred between countries because there are different credit reference agencies with their own scoring systems.
It’s a good idea toso your name and address are on the electoral register. You can also look at opening a bank account and start paying your bills by Direct Debit. These small steps can help you build your credit history.
There’s no specific number that means your credit score is good or bad because different credit reference agencies (like Equifax, Experian and TransUnion) have different scoring systems.
But understanding the generalis the first step to seeing better offers.
Helen's our resident Digital Copywriter. She makes personal finance easier to understand so you can be ClearScore sure about your choices.