What does a Credit Karma score of 646 mean?

Your credit score of 646 on Credit Karma falls into the "Excellent" credit band with TransUnion. This is the best band you can achieve.

What does a credit score of 646 mean?

In the UK, credit scores are calculated by three main credit reference agencies: Experian, Equifax, and TransUnion. Each agency has its own way of calculating credit scores, which means you'll see different scores with each.

Credit Karma gets its data from TransUnion, one of the UK's three major credit reference agencies.

What does this mean for your finances?

With an "Excellent" credit score of 646, you can expect:

• High approval rates for loans, credit cards, and mortgages
• Access to the best interest rates available
• Higher credit limits
• Easier rental applications
• Better deals on utilities and phone contracts

The key now is maintaining your score. Dropping even one band could cost you thousands in additional interest over the life of a mortgage.

How to maintain your credit score

Here are the key steps to keep your score in the top band:

• Pay on time, every time. Payment history is the most important factor. Set up Direct Debits for all your bills to avoid accidentally missing payments.
• Keep credit utilisation low. Try to use less than 25% of your available credit limits.
• Register to vote at your current address. This helps verify your identity and can boost your score.
• Check your credit report for errors and dispute any inaccuracies.
• Build positive credit history by making regular payments on credit agreements.

How Wollit can help

Wollit is a credit-building app that reports your monthly subscription as a loan repayment to all three credit reference agencies. This helps you build positive credit history, which is the main factor affecting your credit score.

Wollit can also report your monthly rent payments to Experian, giving you another way to demonstrate your financial reliability.

For someone with your excellent score, Wollit helps ensure you maintain consistent positive activity on your credit file.