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What it means if your credit score band is "Excellent"

In the UK, an "Excellent" credit score is the highest one you can get. If your score is in this range, it means that both credit reference agencies and lenders see you as very reliable and trustworthy.

What does an excellent credit score mean?

In the UK, an "Excellent" credit score typically refers to a score that falls within the top tier of the credit score ranges used by the major credit reference agencies:

Achieving an excellent credit score shows that you have a long history of making on-time payments, keeping credit card balances low, and avoiding negative items like defaults or county court judgments (CCJs) on your credit report. Lenders view excellent credit scores as a sign that you are highly creditworthy and reliable.

What are the benefits of an excellent credit score?

Having an excellent credit score can help you in many ways:

  • The best chance of getting approved. Lenders are more likely to approve your loan or credit card applications if you have an excellent credit score. This means you'll have a higher chance of getting the credit you need.
  • The lowest possible interest rates. If you have an excellent credit score, you'll usually get lower interest rates on loans and credit cards. This can save you a lot of money over time – for example, as much as £90,000 for a £500,000 year mortgage taken over 30 years.
  • The highest possible credit limits. Lenders are more willing to give you higher credit limits if you have an excellent credit score. This means you'll have more flexibility with your spending.
  • Better rental options. Landlords and letting agents may be more likely to rent to you if you have an excellent credit score since they’ll know that you’ve been paying your bills on time.
  • Easier utility sign-ups. Utility providers like electricity, gas, and internet may also be more willing to waive security deposits or offer better deals if you have an excellent credit score.

What are some of the drawbacks of having an excellent credit score?

While an excellent credit score is of course very positive, there are a few potential drawbacks to be aware of:

  • Achieving an excellent credit score can lead some people to become complacent about their credit management. It's important to continue practising good habits to maintain that high score.
  • Once you've reached the excellent credit score range, it can be challenging to improve your score significantly higher. The returns on credit score improvements diminish at the top end. It really becomes more of an issue of maintaining rather than improving credit score at that stage.
  • Also, criminals may be more motivated to target individuals with excellent credit scores, as they represent a more valuable target for identity theft and fraud. This is why it’s important to not flaunt your financial situation on social media – the most common “attack vector” for criminals.

Still, the benefits of having an excellent credit score in the UK far outweigh the potential drawbacks, of course. By staying just a bit more vigilant and continuing to manage your credit responsibly, you can enjoy the many advantages that come with being a low-risk, highly creditworthy borrower.

You should also continue maintaining your credit score in this range. One of the tools you can use to achieve this is a specialised credit-building app like Wollit.

Wollit is an app that reports your monthly subscription as loan repayment to the credit reference agencies, helping you maintain your excellent credit history, which is the main factor that matters for your credit score.

It can even report your monthly rent payment to Experian, adding another line in your credit report that shows lenders you're responsible and pay your bills on time.

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Terms apply. Results may vary. Improvements to your credit score are not guaranteed. Wollit Credit Builder plans are unregulated.