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The Perfect credit score

So what does having the perfect credit score mean?

You’d think it meant you are going to get everything you apply for but No!

May be you’re going to have offers being thrown at you – possibly Yes!

All your mortgage and finance applications will be accepted – No!

The problem is the score is one factor, among many, that is looked at to judge your suitability as a loanee by potential loaners, and creditors, such as banks, credit card companies and car dealerships.

A credit score is the sum figure given after your financial situation has been evaluated. You are given a credit report which contains information about your payment history, debt and the length of your credit history.

What is a credit score?

Credit scores are calculated using information in your credit report, including your payment history; the amount of debt you have; and the length of your credit history.

It’s one factor among many to help them determine how likely you are to pay back money they lend.

Used by potential lenders and creditors, such as banks, credit card companies or car dealerships, as one factor when deciding whether to offer you credit, like a loan or credit card.

What does the score number mean?

Credit scores generally range from 300 to 850

580 to 669 is considered fair; 670 to 739 are considered good; 740 to 799 are considered very good; and 800 and up are considered excellent.

Higher credit scores mean you have demonstrated responsible credit behavior in the past, which may make potential lenders and creditors more confident when evaluating a request for credit.

Lenders generally see 670 and up as acceptable or lower-risk borrowers.

Scores from 580 to 669 are generally seen as “subprime borrowers,” meaning they may find it more difficult to qualify for better loan terms.

Lower scores – under 580 – generally fall into the “poor” credit range and may have difficulty getting credit or qualifying for better loan terms. 

Who decides the credit score?

Different lenders have different criteria when it comes to granting credit

Credit scores may differ between the three major credit bureaus (Equifax, Experian and TransUnion) as not all creditors and lenders report to all three in addition, there are many different scoring models.

My Equifax score at 1000 differs greatly to my Experian score and that is where the problem sometimes lies. That said, in property the value of the property and the end value coupled with your experience, have a lot to do with an acceptance or a decline.


The attitude of landlords is traditionally strict to meeting credit requirements however the landscape is changing, with the rise of socially conscious landlords who look at guarantees and a whole host of other factors to facilitate putting a #roofoveryourhead. 

What affects your credit?

Pay your bills on time, every time.

Late or missed payments may be reported to the credit bureaus, which may impact your credit scores. If you’re having trouble paying a bill, contact the lender immediately. Don’t skip payments, even if you’re disputing a bill.

Pay off your debts as quickly as you can.

Keep your credit card balance well below the limit. A higher balance compared to your credit limit may impact your credit score.

Apply for credit sparingly. Applying for multiple credit accounts within a short time period may impact your credit score.

Check your credit reports regularly. Request a free copy of your credit report and check it to make sure your personal information is correct and there is no inaccurate or incomplete account information.

Resources available

You’re entitled to a free copy of your credit reports every 12 months from each of the three nationwide credit bureaus by visiting

By requesting a copy from one every four months, you can keep an eye on your reports year-round.

Checking your own credit report or credit score won’t affect your credit scores.

If you find information you believe is inaccurate or incomplete, contact the lender or creditor.

You can also file a dispute with the credit bureau that furnished the report.