An excellent credit score of 800 or over is exceptional. It means you’ll pretty much be accepted for any finance loan and you’ll get the best offers and interest rates. However, building this kind of excellent credit score takes time, effort and diligence. Here are some good ways to get started.

Credit score breakdown

Here’s a rough breakdown of how much each aspect of your financial history affects your credit score.

  • Payment History (35%) Never miss or be late on a payment
  • Amount of Credit (30%) How much credit and how many loans you’ve got
  • Credit History (15%) How long you’ve had credit
  • Multiple Credit Sources and Utilisation (10%) The types of credit you’ve got and how much you use them
  • New Lines of Credit (10%) Frequency of credit inquiries and openings

Never miss or be late on a payment

It’s simple: never, ever, ever miss or be late for a repayment. This is the fundamental rule of building a good credit score. If you can’t repay your credit loans in full and on time, a car finance lender will never be able to trust that you’ll stick to the terms of your car loan agreement.

How much credit and how many loans you’ve got

It’s important to have as many lines of credit open as you can manage to repay in full and on time. This proves to a lender that you are capable of managing your finances and spending sensibly. You can think of it as a track record of the way you look after your money: the more cases you have in your favour (i.e. the more lines of credit you have) the more reliable you appear.

How long you’ve had credit

Whilst opening new lines of credit is important, it’s also vital that you don’t close old ones. A large part of your credit score is determined by how long you’ve had your lines of credit open. So, even if you’ve paid off a line of credit (e.g. on a credit card) keep it open for a few years afterwards to strengthen your average credit length.

The types of credit you’ve got and how much you use them

It’s important to have multiple credit sources and optimise your utilisation on these sources. Utilisation is the measure of how much you use your cards, especially in reference to how close you are to ‘maxing out’ those cards. It is important to spread your costs over multiple cards as this proves to a lender that you are capable of managing your finances effectively. 

Utilisation below 30% 

Using multiple cards is important, however, it doesn’t mean anything if you’re using some too much and others not enough. It is vital that you keep your utilisation on each card at 30% or under, at all times. Consumers with FICO credit scores of 800 or more have an average utilisation of 11.5%.

You can calculate your utilisation rate on each card by taking the balance on the card and dividing it by the card’s spending limit.

For example:

Spending Rate
Utilisation rate (%)

Frequency of credit inquiries and openings

Opening new lines of credit and inquiring into your credit options is important to building a strong credit score. When you first do this, your credit score will suffer. This is because somebody with more repayments to make presents more of a risk to a lender. However, your credit score will be stronger once you have made your first few repayments on time.

Building an exceptional credit score isn’t easy but it isn’t impossible. Follow these tips above and you’ll see your credit score improving in no time. If you’re worried about being accepted for car finance on your current credit score, don’t be. My Car Credit is open to discussing car finance options regardless of your credit score. Use our car finance calculator or contact us for more details.

Rates from 9.9% APR. Representative APR 12.4%

Evolution Funding Ltd T/A My Car Credit

My Credit Rating


  • You are a home owner
  • You have been on the electoral role for a long period of time
  • You have current credit arrangements and mortgage with no defaults
  • You have no CCJs, credit arrears or missed payments
  • You rarely apply for credit
  • You are employed or self-employed


  • You are on the electoral role
  • You are a home owner or long standing tenant
  • You have a stable employment history
  • You have current credit arrangements with occasional missed payments
  • You have no CCJs


  • You are or have recently been on the electoral role
  • You may have recently changed address
  • You may have occasional missed payments
  • You may have an old CCJ
  • You may have regularly applied for credit


  • You may have had frequent changes in address
  • You may not be traceable on the voters roll
  • You may have exceeded credit card limits
  • You may have missed payments on current agreements
  • You may have had a CCJ in the past


  • You may not be traceable on the voters roll
  • Your credit cards are over their limits
  • You have recent CCJs
  • You may have been refused credit elsewhere
  • You may be in a debt management plan

X monthly repayments of

Typical rate

Loan amount

Total payable




*for illustration purposes only

No impact on your credit score*

Representative Example

Borrowing £7,500 at a representative APR of 12.4%, annual interest rate (fixed) 12.36%, 47 monthly payments of £196.44 followed by 1 payment of £206.44 (incl. estimated £10 option to purchase fee), a deposit of £0.00, total cost of credit is £1,939.12, total amount payable is £9,439.12.

Evolution Funding Limited, trading as My Car Credit, is a credit broker and not a lender.

Please ensure you can afford the repayments for the duration of the loan before entering into a credit agreement.

*Initial application is a soft search. Should you progress, some lenders may perform a hard search on your credit file.

Require more help?

Got a question you can’t find the answer to, or need some advice and guidance around taking out car finance? Our Car Credit Specialists are friendly, experienced, and here to help so get in touch today!