Having a Good credit rating puts you in a strong position when applying for credit. It means you only have a few negatives attached to your credit file. That being said it's not as good as an Excellent credit and there are still steps you can take to building up towards an even better credit rating to receive the best interest rate.
If you'd like to view other credit ratings, you can find them all in the Diagnosis Centre.
A Good credit rating means that you've been responsible with your finances, but have had a couple of slip ups that have brought your score down slightly. Typically people with a Good credit rating have very little to worry about as they can usually take fairly easy steps to make their credit rating into an Excellent one. You can find all of the possible reasons why you might have a Good credit rating as opposed to an Excellent one in our Causes section. This will also serve as a quick lesson in what to be mindful of in future to protect your credit rating.
Having a Good credit rating shows that you're responsible with your money and, despite having a few negative entries on your profile, you're likely to keep up with your payments. Although you may not get the best rates from lenders, they'll still be competitive as most lenders will be happy to have you as a customer.
A Good credit rating means you're a fairly low financial risk to the lenders. In fact you're a valuable candidate as you're very likely to keep up to date with payments, but don’t quite have the credit score to achieve the cheapest rates from them. You will get good interest rates; they just won’t be the headline advertised rates from the creditors.
Because we have a large range of lenders available, having a Good credit rating will mean you'll have access to most lenders as a finance option. It will also mean you'll get attractive interest rates, which means lower monthly repayments, as well as not having to put down such a large deposit at the beginning.
Although you may not necessarily need to improve your credit rating, there are benefits if you do, such as getting the best rates. To learn what might have caused the dents in your credit rating, please visit the Causes section of our Credit Clinic. To start the process of further improving your credit score, please visit our Credit Clinic Treatment Centre. You can also find a variety of free, impartial advice at our Resources page.