Having a score of 974 on ClearScore puts you in the very highest credit score band. They call this range “Excellent”.
Keep in mind that your ClearScore credit score comes from Equifax, which is the second largest credit reference agency in the UK. Equifax is one of the three main credit reference agencies, alongside Experian and TransUnion.
Each agency calculates your credit score using different methods, which explains why you’ll often see a different credit score on Experian than on ClearScore, for example. This doesn’t mean that one credit score is better or more accurate than the others. Since different lenders use different credit agencies, you should probably keep an eye on all of them.
Another part that is important to understand is that these credit agencies split their scores into different bands to help you understand how lenders see you.
An “Excellent“ credit score is the highest possible rating that you can get with Equifax, which you can see on ClearScore. Your credit score is in this band if it’s between 811 and 1000. Experian and TransUnion have a similar band, also called “Excellent”.
It’s important to have good credit if you want to get the best deals on loans, credit cards, mortgages, and other things. But because credit bureaus use different scoring systems, it can be hard to figure out what your score means.
In the UK, one of the most popular free credit check services is ClearScore. They provide users access to their credit report from Equifax and a credit score. But what is the highest ClearScore you can get and what does your rating mean?
In this article, we’ll cover
- An overview of ClearScore and credit scores
- The new ClearScore score bands
- What makes up your ClearScore
- Tips to improve your rating
- What is considered an excellent ClearScore
Understanding ClearScore Credit Scores
ClearScore is not actually a credit bureau. Rather, they are a credit checking service that gives you free access to your credit report from Equifax.
Equifax, along with Experian and TransUnion, is one of the three main credit reference agencies in the UK. These groups keep records of what lenders have said about a person’s credit accounts and payment history.
This information is used to figure out your credit score, which is a three-digit number that tells lenders how creditworthy you are. Future lenders will be more likely to lend money to you if your score is high.
Your Equifax credit score through ClearScore used to be between 0 and 700. But in November 2021, Equifax switched to giving people scores on a scale from 0 to 1000 instead.
The New ClearScore Bands
Along with the new 0-1000 scale the credit score bands used to interpret ClearScore ratings also changed.
Previously there were 5 bands:
- Very Poor
- Poor
- Fair
- Good
- Excellent
The new ClearScore bands are:
- Poor (0-438)
- Fair (439-530)
- Good (531-670)
- Very Good (671-810)
- Excellent (811-1000)
So while your actual score may stay the same, the band it falls into may be different now. For example, a score of 500 was previously Good but now would be Fair.
What Impacts Your ClearScore?
Your credit score is calculated based on the data in your credit report. Several factors can influence your ClearScore rating:
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Payment history – Have you made past credit payments on time? Late payments can lower your score.
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Credit utilization – How much of your available credit are you using? High balances can indicate risk.
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Credit history length – How long have you held credit accounts? A longer history is better.
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New credit applications – Too many new applications in a short time can lower your score.
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Credit mix – Having different types of credit (credit cards, loans, etc) demonstrates responsible use.
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Public records – Bankruptcies, judgments and other public records will negatively impact your score.
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Electoral roll – Being registered to vote helps demonstrate financial stability.
How to Improve Your ClearScore
Here are some tips to help boost your ClearScore over time:
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Make all payments on time – set up direct debit or reminders if needed.
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Try to keep balances low – using less than 30% of your credit limits is ideal.
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Only apply for new credit when needed – too many applications at once looks risky.
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Build your credit history – take out a credit builder card if you have little history.
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Check your credit report and dispute any errors – mistakes could be lowering your score.
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Become an authorized user on someone else’s account – helps build your history.
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Don’t close old credit cards – having available credit can help.
Improving your credit score takes patience and responsible habits over time. But it’s worthwhile for gaining access to the best lending rates and products.
What is Considered an Excellent ClearScore?
The highest ClearScore band according to the new Equifax scoring is Excellent. This includes scores from 811-1000. Reaching this top tier score requires a long history of responsible borrowing and payments.
According to ClearScore, someone with an Excellent rating can expect to:
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Get access to the best credit card rewards programs
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Qualify for the lowest interest rates from lenders
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Have high chances of credit approval
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Be seen as a very low credit risk
So while a perfect 1000 ClearScore is rare, excellent ratings demonstrate to lenders that you are highly creditworthy and reliable. This can save you significantly on interest charges over time.
The Takeaway
Checking your ClearScore regularly is important for monitoring your credit health. Just remember that while the band names may have changed, your actual score is still evaluated the same by lenders.
Focus on building positive credit habits – making on-time payments, keeping balances low, limiting new applications. This will help boost your ClearScore to an excellent rating over time, saving you money on credit costs.
Is a 974 ClearScore rating good?
With ClearScore, an “Excellent“ credit score tells lenders that you are reliable and trustworthy. To get into this credit score band, you’ll need to show:
- At least a few years of credit history, with no missed or late payments;
- No history of bankruptcy, default, or CCJ in the past six years;
- Low credit utilisation – you don’t live on debt;
- Easy to verify identity – you’re registered to vote and don’t change addresses often.
In short, if you’re in this credit score band, lenders know that you’re a reliable, low-risk borrower who knows how to handle debt.
This obviously comes with some great benefits:
- Expect to pass most credit checks – these shouldn’t be a problem for you.
- You’ll usually be offered the lowest APR on loans, credit cards, and even mortgages. This can add up to quite a bit in savings.
- You should also receive higher credit card limits, keeping you safe in the event of an unexpected emergency.
- Letting agencies will have confidence in renting out to you since they know that you pay bills on time.
This doesn’t mean that you should get complacent. You should take all steps necessary to keep your credit score in this band. Dropping to the next credit ClearScore band, called “Very Good”, could mean as much as £50,000 in additional interest on a mortgage of £400,000.
How can I keep my credit score in the Excellent band?
If you’re lucky to have an “Excellent” credit score, then your main focus should be to avoid slip-ups so that your credit score stays this way.
Here are a few tips:
- Avoid having any missed or late payments. Use Direct Debit wherever possible, or a banking app with “upcoming payment” reminders. Make the most of your credit score and arrange overdrafts with your bank just to make sure that every bill gets paid on time.
- Register to vote at your current address and update your registration every time you change addresses. In many cases this is the one thing keeping people from having an Excellent score in the first place.
- And make sure you keep making payments on credit agreements so that your credit history has no gaps.
Luckily, there are now apps that can help you maintain your “Excellent” credit score. One such app is Wollit.
Wollit keeps your credit in great shape by reporting your monthly subscription as loan repayment to all three main credit reference agencies, including Equifax – which is where ClearScore gets its data from. This helps you maintain your credit history, which is the main factor that matters for your credit score.
On top of this, Wollit can also add your monthly rent payments to your credit file. While you won’t see this in your ClearScore account (Wollit reports rent to Experian), it can still make a real difference. This is because it can show lenders that you pay all bills on time and you’re indeed as responsible as your credit score says.
What Is A Good Credit Score ClearScore? – CreditGuide360.com
FAQ
What is the highest credit score on ClearScore?
What is the highest ClearScore score? The highest credit score you can get with ClearScore is 1,000. If your score is between 811 and 1,000 you will be placed in the Excellent ClearScore band.
How rare is a 900 credit score?
It’s not possible to have a credit score of 900 in the US because the highest score on both FICO and VantageScore is 850. However, an 850 score is exceptionally rare, with only about 1. 3% of Americans achieving it.
How rare is a 740 credit score?
Distribution of Consumer Credit Scores by Score RangeScore RangeQ3 2023Q3 2024Fair (580 – 669)15. 8%15. 5%Good (670 – 739)21. 6%21. 0%Very good (740 – 799)28. 1%27. 8%Exceptional (800 – 850)21. 9%22. 5%.
What are the 5 levels of credit scores?
The five levels of credit scores, based on FICO scores, are: Poor, Fair, Good, Very Good, and Exceptional.