Credit score

Your credit score is a number, provided by TransUnion, that reflects the information in your credit report and is a perception of how lenders are likely to view you.

There are three main credit reference agencies (Equifax, Experian and TransUnion) who will each calculate your score differently. Your TotallyMoney credit score is calculated by TransUnion. TransUnion credit scores are out of a maximum of 710. The other credit reference agencies will have a different maximum number, but you want your score to be as close to the maximum as possible.

Small fluctuations to your credit score are expected, however, larger drops or increases to this score could indicate significant changes to your information. To understand more about the factors that impact your credit score, you may find it helpful to read through this guide.

Borrowing Power

Unlike your credit score, your Borrowing Power is a unique measurement of how likely you are to be accepted for specific products based on both your credit information and live market data.

Because of this, fluctuations in your Borrowing Power can be more common than seen in your credit score, as any changes that lenders make to their products (such as changing their lending criteria or removing products from the market) can also impact your Borrowing Power score.

It is possible for you to have an excellent credit score but have a much lower Borrowing Power. This is because regardless of your credit score it may be that you don’t qualify for certain credit products, as lenders will look for a set of certain criteria. This could, for example, be based on salary or age. Our Borrowing Power service aims to reduce this confusion and help you to avoid receiving unneeded rejections for applications.

Please note that whilst we can indicate which products you are more likely to be accepted for, we are unable to guarantee acceptance as this is still ultimately down to the lender.