What do you know about credit?

Emma_

Howdy guys,

The Mix are currently working with Experian to increase support and information for people during the current cost of living crisis. To help us with this, we have a few questions that we'd love for you to have a go at answering

• Do you know what a credit score is?
  Your credit score is a 3-digit number that indicates how good you are at borrowing and repaying money – ranging from ‘very poor’ to ‘excellent’. This is used when you try to get a credit card, mortgage or even buy a car!
• Have you heard of Experian before reading this?
  
  If not, you can check out their app here where you can learn about what your credit score is and even how to improve it!
  
  Do you have any questions once looking at the app? Anything you want to learn or know from Experian?

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Emma_

@Past User it's not no, that's Compare the Market!

I've updated the post above, so have a look and give us a shout if you have any more quesitons We'd love to hear!

Emma_

If anyone else has any thoughts on these questions, I'd love to hear them!

We're also running a training session on Zoom on Tuesday evening (7th) with Experian if anyone is interested about learning more about a credit score!

You can sign up here: https://forms.office.com/e/x6kn3ZfGkX

SpaceOtter

I know very little about credit scores. All i knew was its kind of a score that determines how trustworthy you are to lend money too. And i know youre supposed to look after your credit score but i have no idea how you would do that.

Azziman

Love this collab, I think it's really important to learn about credit, how it works, and how to improve it! I think it'd be useful to share info about credit builder cards, as they're often a first step to increasing your credit score

ellie2000

@Emma_ borrowing is bad, banks want Ur money. The charge more than u borrowed, the rate has gone up, bc the country is under Tories. Money does NOT trickle down.

Maisy

I barely know anything about credit!

I know that a credit score can be good or poor. I know that if you haven't had a financial history (a job, benefits, taken out loans etc) then the score will be low. I also know that if you have money coming in, and have taken out loans (and paid them back) or split payment for items over a few months, your credit score will increase (I think?).

I know that a poor credit score can prevent you from taking out loans, mortgages or opening up accounts because banks and other financial service providers will be concerned about the likelihood of you being able to keep up with payments/pay the money back.

I have heard of Experian. I've seen them advertised on tv. It's a way to check your credit score, I think?