The Score, A Credit Score Simulator | Cambridge OCR Level 3 Personal Finance

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Theo

I just turned eighteen. According to a thing called a credit score, I'm currently a 580. I had no idea I had one. Apparently it follows me around, and in five years' time it'll decide whether I can get a mortgage. Or whether I can't.

What you'll do

Make a quick setup to decide Theo's circumstances.
Walk through five years. About fifteen decisions, one at a time.
Some are small. Some are huge. The score moves with each one.
At year five, find out what the score lets Theo borrow.

5Years

15+Decisions

~12Minutes

A few myths this will sort out

Most people get their first credit score wrong on instinct. "No history means a clean slate" isn't quite right. "Checking your own score hurts it" isn't true. "One missed payment doesn't matter" isn't either. By the end of Theo's five years, you'll know which moves actually count.

Question 1

Where is Theo living?

Question 2

What's Theo doing for money?

Question 3

How does Theo think about money?

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Theo

You and the optimal Theo

Same setup, but always making the best move at each decision.

Your Theo

Optimal Theo

The decision log

When	What happened	Change	Score

The rules of the credit score

Register on the electoral roll. One of the easiest wins, and one of the most often missed.
Show you can borrow a bit and pay it back. A credit card paid in full each month builds a history.
Never miss a payment. A single missed payment can stay on the file for six years.
Don't max out credit you have. Using a high share of your limit drags the score down.
Don't apply for things in quick succession. Each hard search leaves a mark.
Time is on your side. The longer the history, the more lenders trust it.