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What is a Credit Rating?

A credit rating is used to determine a consumer’s creditworthiness in five broad terms ranging from one to five. This measure of risk is mostly used by marketers.

A 1 star credit rating would indicate that the individual may have previously had problems repaying their debts, and therefore would be classed as 'high risk'. An average credit rating is 3 stars which is the mainstream target area for most lenders. A 5 star rating is the highest credit rating available and applies to those who have a very low risk of defaulting and who have an excellent credit history.

What is a Credit Score?

Your credit score is a more precise and accurate statistical measurement of the probability of an individual defaulting. This form of scoring is used by lenders to assess the risk of a consumer's credit application, assisting them in deciding whether to accept or decline the application. Each lender will create a 'cut-off score'. Applicants with a score greater than this will be accepted, and anything lower will be automatically rejected.

Givemecredit's scoring ranges from 0-1000, with 0 being classed as awful and 1000 regarded as excellent. We advise that an average score would sit around the 750 mark. The Givemecredit scorecard is used on all our existing international websites.

What difference does your Credit Score make?

A higher credit score increases your chances of obtaining credit, but also makes you more eligible to receive credit with better terms, such as a lower rate of interest or increased credit limits.

Each lender will have a different cut-off score. This will vary depending on how hungry they are for new business and the amount of risk they are prepared to take.