ClearScore affordability score: what it means
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This information and enquiry service is not a full financial assessment or a guarantee of suitability or debt write-off. Debt solutions are not suitable for everyone. Fees may apply, and your credit record and assets may be affected. Get advice on your circumstances before choosing a solution.
MoneyNerd introduces enquiries to The Debt Advice Service and may receive a referral fee. For free, independent guidance and help finding a debt adviser, visit MoneyHelper.
This information and enquiry service is not a full financial assessment or a guarantee of suitability or debt write-off. Debt solutions are not suitable for everyone. Fees may apply, and your credit record and assets may be affected. Get advice on your circumstances before choosing a solution.
How ClearScore uses linked-bank information, and why an affordability score does not guarantee a credit decision.
How Can You Find Out What Your Clearscore Affordability Score Is?
When assessing the accuracy of Clearscore, it’s important to mention that the affordability score is calculated based on your spending habits.
Therefore, you have to link your bank account to Clearscore to get this new indicator working correctly. Don’t worry, you are free to unlink them whenever you wish.
Once you link your bank accounts, Clearscore will have access to the following data:
- Your basic account details such as account number and sort code.
- The history of incoming and outgoing transactions.
- A list of all the bills you pay.
- Details of any account benefits or special features (such as an overdraft facility).
Linking only lasts 90 days, and you will be asked if you want to keep the accounts linked after the 90 days is up. Clearscore isn’t perfect, and it has been known to get the categorization of transactions wrong from time to time.
How the introduction works
The Debt Advice Service can discuss your circumstances and explain available options, including their benefits, costs and risks.
Options depend on your circumstances. You decide whether to proceed.
Advertisement. MoneyNerd introduces enquiries; we do not give debt advice or recommend solutions. The Debt Advice Service, a trading style of Pacific Financial Solutions Limited, offers free debt advice with no obligation. Complete the enquiry form to share your details and request a call.
Some debt solutions have fees and may negatively affect your credit rating. MoneyNerd may receive a fee if you go ahead with a debt solution through The Debt Advice Service. For free, impartial guidance and help finding free debt advice, visit MoneyHelper.
What Is the Clearscore Affordability Score?
Most people know what their credit score is used for, in general terms.
Positive indicators such as paying off debts can raise your credit score. Negative indicators, for example, as a debt collection agency such as Lowell Financial or Cabot Financial taking legal action against you can lower it.
But your credit score isn’t everything.
The Clearscore affordability score is another indicator of how likely you are to be granted new credit.
This new indicator combines with your credit score, to give you an overview of how lenders will view you, when you apply for dress credit with them.
The affordability score takes into account your bank balances, your daily spending habits, and your monthly disposable income, to provide a clearer picture of how much of a risk you are seen by lenders.
Affordability score is also predictive in nature, looking at how you are currently spending, and how your spending has been trending, to give you an indication of how likely it is you will be granted credit in the future.
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Some debt solutions have fees and may negatively affect your credit rating. MoneyNerd may receive a fee if you proceed with a debt solution through The Debt Advice Service. MoneyHelper offers free, impartial money guidance and help finding free debt advice.
What Is a Good Clearscore Affordability Score?
A higher score may indicate more room in the budget, but there is no universal score of 80 that guarantees a good lending outcome. Follow the rating and explanation shown in your current ClearScore account.
An affordability score is not an approval percentage or the same as a credit score. Each lender assesses its own criteria, the requested borrowing and whether repayments are affordable.
About The Debt Advice Service
Use the enquiry form to request a call about your circumstances and available options. You decide whether to proceed.
Advertisement. MoneyNerd introduces enquiries; we do not give debt advice or recommend solutions. The Debt Advice Service, a trading style of Pacific Financial Solutions Limited, offers free debt advice with no obligation. Complete the enquiry form to share your details and request a call.
Some debt solutions have fees and may negatively affect your credit rating. MoneyNerd may receive a fee if you go ahead with a debt solution through The Debt Advice Service. For free, impartial guidance and help finding free debt advice, visit MoneyHelper.
How Can You Raise Your Clearscore Affordability Score?
Review the income, spending and account information behind the score. ClearScore identifies factors such as balances, income, committed payments and short-term borrowing. If insights look wrong, check account links and transaction categorisation with the provider.
Linking an account supplies information; it does not automatically produce a higher score. Do not reduce essential spending or move money around just to influence a number. Use a realistic budget and seek help if there is not enough for essential costs. See ClearScore’s factor guidance.
| Budgeting Advice | How You Can Lower Your Expenses |
|---|---|
| Arrange a Debt Repayment Plan | To negotiate, contact your creditors via phone, email, or letter to explain your financial situation, and offer to pay an amount you can afford. |
| Save on Utility Bills | Compare energy providers to find a cheaper deal. Use energy-efficient appliances. Reduce water usage with low-flow fixtures. |
| Save on Groceries | Shop with a list to avoid impulse buys. Buy store brands instead of name brands. Look for sales and use coupons. |
| Cut Back on Non-Essentials | This includes dining out, entertainment, subscriptions, and luxury items. Look for free or low-cost entertainment options and cook meals at home. |
| Transportation Costs | If possible, use public transportation, carpool, or consider biking to work. If you own a car, maintain it regularly to avoid costly repairs. |
| Negotiate Bills | Contact service providers (like phone, internet, and cable) to negotiate a lower rate or switch to a cheaper plan. |
| Consolidate Debts | Compare the full cost and term before using new credit to repay debts. Fees or a longer term may increase the total paid, and securing debts on your home puts it at risk. Seek free debt advice if payments are already unaffordable. |
| Sell a Financed Car | If the finance company owns the vehicle under hire purchase or PCP, you cannot sell it without its permission or first settling the finance. Ask for a settlement figure and advice on your options. |
| Use Cash Instead of Credit | To avoid accumulating more debt, use cash or a debit card for your purchases. |
| Seek Professional Advice | If you’re struggling, consider contacting a debt advice service like StepChange or National Debtline. They offer free, confidential advice. |
What Are the Benefits of Having a High Clearscore Affordability Score?
The score can help you understand your budget alongside your credit report, but it cannot tell you exactly how every lender will decide. A high score is not evidence that another loan is necessary or affordable for your circumstances.
Check the actual product terms and repayments before applying. ClearScore is a credit broker, not a lender or credit-reference agency. Its credit report uses Equifax data, while affordability insights use linked-bank information. See the provider’s explanation.
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