Why is my credit score lower than I thought it would be?

There are a number of reasons why your credit score may be lower than you expected:

  • If you’ve failed to make repayments or defaulted on a credit agreement over the last 6 years
  • If there isn’t a great deal of information in your credit profile – the less information there is, the more difficult it becomes to judge how well you manage your finances
  • If you’re very close to the limits on your credit accounts – this could highlight a risk over your ability to repay
  • The total amount of credit currently available to you. If you have several lines of credit – even if you’re not using them – these may also be taken into account in your score as your potential indebtedness may be considered
  • The length of time you have been registered on the electoral roll at your current address can also have a small effect