This is a popular question but not the easiest to answer - quite simply because a bank or ratings agency's definition of 'good credit' will vary depending on the product or service you are planning to sign up for.

In the UK, everybody's credit rating is given a score out of 1000 - and not surprisingly, the higher your credit score the better. But some suppliers have lower expectations than others - for example if you were applying for a credit card designed for people with bad credit then you almost certainly wouldn't need as high a credit rating as if you were applying for an Amex Black card or a mortgage on a multi-million pound house.

The average credit score for a person in the UK is 750 - but this fluctuates through the year. If you achieve a rating of more than 750 then you can consider yourself to have a good credit score, to all intents and purposes, and a score over 850 is excellent - you should have no problems obtaining credit as an when you need it as you are definately not considered to be a credit risk

If your credit score is lower than 600 you are a fair way below average, and should work to improve your credit rating. Although this can take some time it is certainly worth doing as you never know when you may need a better credit score - even for something relatively banal like a mobile phone contract or a new savings account at the bank.