Credit Score Basics > What do the ClearScore rating bands mean?

What do the ClearScore rating bands mean?

Wollit Team1 minute read · Updated 2nd July 2024

ClearScore has five credit score bands, ranging from poor to exceptional. These are actually Equifax bands – ClearScore is not a credit reference agency and doesn't calculate your credit score, it just provides you with your Equifax one.

What are the ClearScore rating bands?

Again, the ClearScore bands are, of course, the Equifax bands.

The Equifax bands used to range from 0 to 700, but in 2021, Equifax updated its credit score range to 0 to 1,000. This means that ClearScore's range is now 0 to 1,000.

The Equifax rating bands are:

Poor (0 - 438),
Fair (439 - 530),
Good (531 - 670),
Very Good (671 - 810),
And Excellent (811 - 1,000).

But what do the ClearScore rating bands mean?

Each credit score band is meant to give you an idea of how likely your loan approval chances are. As you can imagine, the higher the score, the higher the loan approval chance.

According to Equifax:

To qualify for most loans and mortgages, you should have a credit score that's at least "Good".
A "Very Good" score will make you eligible for better offers.
An "Excellent" score means that you are likely to be accepted for most loans and credit cards.
However, a "Very Poor" and even a "Fair" rating means you should continue improving your credit score.

How can I jump into a better ClearScore band?

To improve your credit score, you can do a couple of things:

Register to vote so your address can be verified easily.
Make all your payments on time and avoid missed payments, whether it's your phone bill, rent, or a credit card bill.
If you're struggling with debt, talk to a debt charity. They can help you work out an agreement with your lenders so you can avoid Country Court Judgements (CCJs), which can seriously hurt your credit score.
Use your credit cards often but only for small purchases, and keep your credit utilisation low (under 25%).
Check your credit report regularly to ensure your details are correct (and sign up for free identity protection with ClearScore Protect).
If you are no longer financially connected with an ex-spouse, contact ClearScore so Equifax can remove them from your credit history.
Only apply for a few credit products at a time. Instead, use an eligibility checker—these don't hurt your credit score.
Download a credit-building app like Wollit. Wollit reports your monthly subscription as a loan repayment, building your credit history and potentially helping you improve your credit score further.