What score should I aim for with Checkmyfile?

Let’s run through the Checkmyfile score bands and explore some ideas for getting your credit health in shape.  

Before we jump in, it’s important to set the record straight on what we mean by ‘credit score’. Essentially, your credit score is a number that represents your credit health and how likely you are to be accepted when submitting credit applications.  

It’s based on how well you’ve managed credit in the past. Put simply, the higher your score, the better your chances are of being approved. 

The Checkmyfile score is calculated out of 999 and broken down into five steps:  

800-999: Excellent 

Your application for borrowing is more likely to be accepted and you’ll probably be offered better rates and terms. 

700-799: Good 

You’re likely to have an application accepted but might not be offered the best rates and terms. 

600-699: OK 

Your application may be accepted. The rates you could be offered may be ok, but the amount you’ll be able to borrow could be quite low. 

500-599: Needs some work 

There’s a chance that your application will be accepted, but you may be offered a higher interest rate.  

0-499: Needs work 

If you’re in this category, your credit application may not be accepted. But if you're worried about your score and want to know how to improve it, we're here to help. 

So, what is a good credit score with Checkmyfile? As outlined above, the point at which your score hits the ‘good’ category is 700. If your score is close to this, or has already smashed through it, you’re doing great. But it’s not the end of the world if you aren’t. There are always steps you can take to boost your score – we normally recommend the following: 

1. Keep on top of your repayments. 

2. Stay credit active. 

3. Watch your credit utilisation rate.  

4. Get on the Electoral Roll. 

5. Check your credit report.  

You can find out more by reading 5 steps to improve your credit score.  

We calculate your score using detailed information from the three main UK credit reference agencies: Experian, Equifax, and TransUnion. This includes your payments and borrowing history, Electoral Roll details, court information, and search activity.  

All this information is then assessed against our own scorecard, and we give you a number (score) to summarise your overall credit health. Your score will differ from agency to agency as they each have their own criteria for calculating it. So, how many ‘points’ they apply to your score for each piece of information will vary. 

There’s also no guarantee that the agencies are looking at the same information when calculating your score. Lenders will report to different credit reference agencies too – so if your credit card provider only shares your payment history with Experian, then Equifax and TransUnion won’t be able to see that activity. 

A perfect score isn’t impossible. But reaching the ‘Excellent’ banding is more of a marathon than a sprint; it normally takes years of building rather than making one change to see an immediate effect on your score. Your credit health needs a focus on longstanding positive payment behaviour, a mixture of account types and open and closed accounts, plus a consistent record of being on the Electoral Roll.  

So, to cut through the noise and give you a clear indication of where you’re at right now – and what you can do to grow your score – we’ve gathered everything you need in one place. This puts you in the driving seat for not only making better-informed decisions, but at the right time too.  

Remember, with Checkmyfile there’s no such thing as a ‘bad’ or ‘poor’ credit score. Instead, we highlight what needs work to help you get your score where you want it to be.