How much of a credit score hotspot is Coventry?

PEOPLE in Coventry and Warwickshire have a slightly lower than average credit score, according to new figures.

A recent survey has shown that the UK’S average credit score is 562.

And, with an average of 560, the CV postcode area which covers Coventry and most of Warwickshire, is slightly lower than the nation as a whole.

The study, carried out by Moneysupermarket, analysed 200,000 credit reports to find the areas with both the highest and lowest credit scores.

It showed that those in the Eastern Central London area have the highest average credit score at 583 out of a possible 710 points - 21 points higher than the UK average.

The Surrey town of Guildford has the second highest average score across the UK 13 points higher than the average score in London (565).

On the other end of the scale, residents in the north of England and parts of Scotland have some of the lowest credit scores in the country.

Sunderland (548), Wolverhampton (549) and Kilmarnock (550) are the three lowest scoring postcodes.

Sally Francis-miles, spokesperson at Moneysupermarket, said: “Although your credit score isn’t directly impacted by where you live, our research shows those with an EC postcode are the top credit scorers in the UK and are therefore likely to be most highly rated by lenders.

“What will strengthen your credit score is making sure you are registered on the electoral roll - it’s easy to do too. Using a credit card can also help. It doesn’t automatically improve your credit rating, but if you repay the balance in full every month, it shows lenders that you are reliable and credit worthy.

“Additionally, free-to-use monitoring services, such as Moneysupermarket’s Credit Monitor, offer personalised tips to help increase your credit rating.”

Tips for improving your credit rating:

Debt repayments - keep on top of repayments for loans, mortgages and credit cards.

Avoid multiple credit cards - having credit cards that are no longer used can have a negative impact on your credit score.

Ensure a sensible use of credit - try not to use a high proportion of the available limit to avoid appearing overreliant on credit.