The Money Saving Expert has explained why you must stop worrying about your credit score.
Founder of the website Martin Lewis discussed credit ratings and shared three companies that give different scores.
He also warned that you'll have a different credit score depending on which company you check it with.
A credit score shows how well you've managed your borrowings over the last six years.
Usually lenders use it to calculate how risky it would be to give you money for huge purchases, like buying a home or car.
The three companies Martin speaks about are: Experian, Equifax and TransUnion.
Martin said these scores alone won't dictate whether you'll have your credit application accepted or rejected.
He also claimed each lender will do its own assessment as to whether it will give you money.
It will use other information, like past dealings you've had and your credit application form.
Your credit score doesn't factor in whether you can afford to repay the loan, Martin continued.
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So if your credit score is good on your file, a lender might not give you money if you can't afford to pay it back.
Martin added that a drop in your credit score isn't necessarily a bad thing either.
He wrote: "I'm often contacted on social media by people worried their 'credit score' has dropped by 20 points or so – often when they've done something they didn't think would be negative, such as closing down an unused credit card.
"Yet some lenders will see that as positive, as you've less available credit."
But Martin claimed big drops in your credit rating should be "taken seriously".
He continued: "It's a decent indication that your data has changed, suggesting you've committed a real credit sin such as missing a payment, going over your limit or defaulting."
The guru urged Brits to find out why the rating has dropped, if you haven't done any of these things.
You can do this by checking your credit file online, it could be that the drop is a result of an error or identity fraud.
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