Why is my credit score 473?!

[Gingerbreadcottage]

I have a credit card which I pay a set amount to every month. The problem is that it has a high interest rate on it, I’m trying not to use it anymore but it’s hard. It was 0% interest originally but it’s increased now.

We have mortgage and the only other thing I owe money to is my contract phone.

I’ve never missed any payments, never been in arrears, I’m on the electoral roll and have been for ages.

What’s going on here?

It’s probably because you don’t have enough of a credit file so lenders know you are responsible to lend to.

I used to work for Equifax and the poster above is correct. Your credit score is based on how you manage the amount of credit available to you. If you have very little credit history, then lenders have nothing to judge you on. The people with high credit scores generally have lots of credit cards, loans etc and can clearly show how well they are managing it and have a history of always paying on time etc. I have about £30,000 available credit on 2 different credit cards, use them all the time but always pay them off in full each month. This shows creditors than I am 'sensible' with the credit available to me and am very low risk. You need to use your credit card as much as possible but always pay it back in full each month. Perhaps get an additional one (even one aimed and people with low credit scores) and spend on it regularly. Get on to moneysavingexpert website and look at your credit file, it will show your score and flag why its so low.

When I check mine, there's something which tells you 'things you're doing well' (or words to that effect) and 'could do better'.
I'd guess it's probably the high interest credit card in your case - you can check eligibility for a 0% one (I use Martin Lewis MSE for this kind of thing).