People in Northern Ireland have the fifth best credit scores in the UK, with an average of 786.
And at a regional level, Lisburn and Castlereagh has the best score with an average of 818. Belfast and Derry City and Strabane are at the bottom of the table with 748 and 743.
A new study by Moneybarn has revealed the areas with the best – and worst – credit scores in the UK.
People in the North East have the worst credit score.
By analysing the average credit score in each local authority, Moneybarn has uncovered the Credit Capitals of the UK.
Here is the Northern Ireland breakdown:
| Rank | Area | Average credit score |
| 1 | Lisburn and Castlereagh | 818 |
| 2 | Newry, Mourne and Down | 801 |
| 3 | Fermanagh and Omagh | 800 |
| 4 | Ards and North Down | 798 |
| 5 | Mid Ulster | 796 |
| 6 | Armagh City, Banbridge and Craigavon | 792 |
| 7 | Antrim and Newtownabbey | 790 |
| 8 | Mid and East Antrim | 781 |
| 9 | Causeway Coast and Glens | 777 |
| 10 | Belfast | 748 |
| 11 | Derry City and Strabane |
743
|
The team at Moneybarn have shared their top tips for improving your credit score:
- Make sure to pay off your credit in full at the end of each month. By doing this, you are proving to any potential lenders that you are taking responsibility.
- Building a strong solid credit history can be done by paying your bills on time at the end of each month. This shows the lender that you have got enough cash flow to cover your expenses. Paying late will result in damage to credit history and a lower credit score.
- Request to see your credit report. If you know what information is being reported, you are able to build a positive credit history. If there are any mistakes in your report, this could damage your credit score.
- Once you’ve got your first credit card and you’ve had it for six months to a year, call the credit card company and ask them to increase the limit of your credit. You want to raise the credit limit on your card and not the amount of debt you owe. What this does, is help you carry a balance which will then raise your limit, helping you keep your debt-to-credit ratio down.
- Your credit history will be critical when it is time to spend money on cars or homes. This then means that a 1% difference in interest on a loan could either cost you or save you a lot of money.