What do Clearscore Credit Score Bands (out of 1000) Mean?

If you’ve ever wondered what Clearscore credit score bands mean, you’re not the only one. I mean how does the score affect your ability to borrow, get a credit card or a bank loan?

I take a look at what it all means and why your score may have dropped dramatically in this post. Especially as things changed so much back in 2021.

For more info on what it all means, please check out the paragraphs below.

Did the Clearscore bands change?

Yes. Back in 2021, Clearscore upped their rating bands from 700 max to 1000 max.

I’ve illustrated the change below which shows just how much of an impact it had in specific ranges:

Source: Debtcamel

Do you have to pay?

There are ways to have debt written off in the UK.

If you genuinely can’t afford your debt repayments then looking into whether you could have your payments lowered or written off might be just what you need. 

If you want to find out whether you qualify for having debt written off or payments lowered then fill out the short form below.

What were the Clearscore bands before the change?

The clearscore five bands before the 2021 changes which I’ve listed below:

1. Very Poor
2. Poor
3. Fair
4. Good
5. Excellent

The bands reflected whether your credit rating was ‘very poor’ right up to being ‘excellent’.

Why did Clearscore up their rating bands to 1000?

Clearscore upped their rating bands to 1000 to get in line with the way Equifax calculates your credit rating. 

The idea is to make it that much easier for you to see where you stand when it comes to your credit rating.

Moreover, having a higher scale provides you with a detailed picture of how things affect your rating.

At the same time, Clearscore reckons it gives the company a better insight into how to improve your score.

All in all, the result of the change is supposed to help you keep a good credit score so you have more chances of getting better credit ‘deals’!

Can you lower your repayments?

If you’re struggling to pay back your debt, then you might qualify for a debt solution.

Some solutions lower your monthly payments while others write off a portion of your debt. 

To find out whether they could work in your situation, hit the button below.

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What are the newer Clearscore rating bands?

The newer Clearscore rating bands remain at five. However, there’s no longer a ‘Very Poor’ tag. Instead, there’s a ‘Very Good’ tag.

Therefore, the newer Clearscore rating bands are as follows:

1. Poor
2. Fair
3. Good
4. Very Good
5. Excellent

As the diagram above illustrates, each band has its own value which is based on a 0-1000 value.

It’s supposed to make it a lot easier for you to understand your credit score which in turn should help you improve it when you can.

What are the newer bands’ values on a scale from 0 to 1000?

As mentioned, each band has its own value attached to it which I’ve listed here:

• Poor – 0-438
• Fair – 439 – 530
• Good – 531 – 670
• Very Good – 671-810
• Excellent – 811-1000

What are the key changes to the band ratings?

The main changes to the Clearscore rating bands mean that if you were in the ‘ Poor’ band, chances are you could be in the ‘Fair Band’ since the change.

Also, the value of the ‘Good Band’ is higher than in the older bands which means that more people now find their credit rating appears to have improved.

The higher bands are split into two, namely ‘Very Good’ and ‘Excellent’. It means that a few people who used to be in the ‘Excellent Band’ found their score had dropped to the ‘Very Good Band’.

Does your credit score improve or get worse with the newer bands?

No. The newer Clearscore rating bands don’t necessarily mean a credit score got worse or that it improved.

For instance, if your score stood at 278 and was deemed Very Poor before the changes, it would still be 278 but placed in the newer ‘Poor’ Clearscore rating band.

Your credit rating didn’t change because it’s only the rating band label that actually changed when the newer system was introduced.

However, some people found their scores improved dramatically after the changes were introduced.

Check out what happened to one person when they checked their Clearscore after the changes took effect:

Source: Moneysavingexpert

What’s a Good Clearscore rating?

To achieve a ‘Good’ Clearscore rating, it’d have to be valued between 531 and 670. It’s worth getting this if you can because you’d get much better deals when applying for credit.

In short, a Good Clearscore rating means that lenders are more likely to offer you lower interest rates on loans, credit cards etc!

Does the newer Poor band negatively impact your score?

No. Just because you now fall into Clearscore’s ‘Poor’ band, it doesn’t negatively impact your credit rating.

For example, if your score stood at 420 before the change, it still stands at 420 after the changes were introduced!

The only thing that changed was the label of the rating band. Lenders only look at your score, not the band!

You may have gotten quite a shock when the changes were introduced which is perfectly normal. But rest assured just because the labels changed, your credit score did not!

How can you get a higher Clearscore band?

Your credit history is the most important thing to think about when it comes to your credit rating. In short, your score is based on your credit history and four other things.

So, if your credit history has always been good, your rating will reflect this. If your credit history is a little suspect, improving it takes time and patience!

However, there are things you can do to improve your credit rating which I’ve listed below:

• Make sure you make all your payment on time and try not to miss any. This means paying all bills on time, not just your credit cards, bank and other loans! For example, a late payment to your phone provider could harm your credit score and a missed payment would definitely impact it!
• If you’ve just split up from a partner, remove them from your credit history if you’re no longer financially tied to them
• Build up lender trust by always paying on time
• Use any credit you have responsibly
• Check your credit score regularly to make sure there are no mistakes recorded on it
• Avoid applying for lots of credit in a shorter period
• Make sure you’re on the electoral register
• Avoid high credit card balances by trying to keep them below the set limits

As mentioned, you have to work at improving your credit rating in real time. That said, these days it can be hard to keep on top of bills and debts!

If you’re struggling to pay bills, credit cards, or unsecured and secured loans, you should seek advice from a debt expert. Preferably before things get too bad!

What are the 5 factors that affect your credit score?

There are, in fact, four other factors that affect your credit score apart from payment history! This includes the amount of debt you have, the length of time you’ve been using credit, new and recent credit plus the sort of credit it is!

Will a soft check affect your credit score?

No. A soft check doesn’t affect your credit score. It’s an inquiry that potential lenders carry out on your credit report but other prospective lenders don’t get to see it.

A soft credit check only remains visible to you for 12 months and includes the following:

• Every time you check your own credit report through Clearscore
• When someone checks your report to prove your identity
• Some lenders do a soft check to see if you can afford a loan, but always check what they do first!

Does a hard check impact your credit score?

Yes. A hard check on your credit report will impact your credit rating because all potential lenders will see it!

Moreover, the majority of hard checks remain on your credit report for 12 months. However, a debt collection check stays on there for 2 years!

When you apply for too many loans or credit cards, each one appears on your credit report. Lenders see this as you being desperate to get a loan which is a definite no-go for them to get involved.

I’ve listed what would result in a hard check on your credit report here:

• Credit card, loan and mortgage applications
• Certain mobile phone, and broadband contracts involve hard checks being carried out

You should always check whether a provider will carry out a hard check before applying for anything. Especially if your credit history isn’t as good as it could be or you’ve got lots of debt!

How do you contact Clearscore?

I’ve listed ways to contact Clearscore if you need to talk to an adviser about anything in the table below:

What free debt advice is there?

Luckily, there are a number of charities in the UK that provide free debt advice to people who are struggling financially.

It’s always worth getting advice when you’re unable to stay on top of your debts. Moreover, the sooner you talk to an adviser, the sooner you could get out of a financial hole!

I’ve listed five of the major UK debt charities in the list below:

• StepChange
• Advice Direct Scotland
• Citizens Advice
• National Debtline
• Money Advice Scotland

“It will only get worse” 😩

It’s cliché to say, but with debt it’s true; the longer you leave it, the worse the problem gets. 

There are straightforward and effective ways to deal with debt, but you have to know your options. 

Fill out the short form to find out about the debt solutions that could reduce your monthly payments or even write off some of your debt.

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Lastly, what do Clearscore Credit score bands out of 1000 mean to you?

The newer Clearscore rating bands should make it easier to understand where you stand when it comes to your current score.

The newer bands were introduced back in 2021 but shouldn’t have affected your credit score itself. In short, lenders only look at your score, not its label.

For example, if your score was 670 before the change, it was still 670 after the changes were introduced! It’s just the label that changed.

Having a good credit score gets you better deals on credit cards and other loans. You’re offered better interest rates than if your score is low!

The newer rating bands that Clearscore introduced are supposed to help them provide ways in which you could improve your score.

Moreover, as the newer 1000 max score is in line with Equifax, it should be easier for you to understand! However, it’s not always as clear as the case study above illustrates!

Thanks for reading my post. I hope the information provided clears up any questions you have about your credit score and how Clearscore calculates it these days!