Saturday, 19 November 2011

What does it mean when my Score is "0" or "1"?

A Score of “0” or “-1” is not a bad thing at all. These Scores mean 1 of 3 things:
a) You do not have a credit history or you do not have enough of a credit history to be scored, i.e. you are new to the credit system
b) You do have had no credit activity in the last couple of years
c) You have all add-on credit cards and have no credit exposure
It is important to note that while these Scores are not viewed negatively by a lender, some lenders’ credit policy prevents them from providing loans to an applicant with Scores of “0” or “-1” (applicants with no credit track record). Hence, you may have better chances applying for a loan elsewhere.

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