Without realising many individuals unwittingly hurt their credit scores through incorrect financial decisions. While these may seem trivial and are soon forgotten these sometimes later pop up as part of the credit history and hurt the score. Just a few of the ways that people can end up adversely affecting their credit score are: Loan payments made after the due…
Did you know there are approximately 7 million card and loan applications that are rejected by companies and lenders? Most of these rejections are due to the applicants having low credit scores that make them a high risk to lend to. If your score is on the lower side, these are a few ways to increase your credit score: Make…
If you are planning on renting a property and are concerned about clearing your credit check read on: Firstly, the landlord/letting agent must get the consent of an applicant to gain access to their credit file. The checks will be done by any of the 3 credit reference agencies (CRAs). The UK has TransUnion, Equifax and Experian. For the credit…
Have you ever thought about how credit reports are created and why someone may not have a credit score? Not having a credit score can be very inconvenient especially if there is a need for credit. However, for someone without a credit history, it is an opportunity to build one. Credit history and score A credit score is calculated as…
In very basic terms, your credit score is a number, ranging between 0 and 999. It is an indication of how reliable you have been in the past when paying back money you have borrowed from a bank or on something like a credit card. If your credit score is high, then you stand a good chance of being approved…
CCJ is a County Court Judgement and applies in England and Wales only. If you owe someone (either an individual or a company) money and don’t pay them, then they can take you to court. If the court agrees that you owe the money and you do not respond to the legal action, the court will award a CCJ. Never…
If you are applying for credit, there’s usually a form to fill in. Lenders will look at this information when they are deciding whether or not to lend you money, so it’s important to take your time and give them the best first impression possible, without lying of course. Many banks and building societies use not only credit scoring agencies…
One of the main tips you’ll find on any site giving advice on credit scores is to make sure you are registered to vote. But why is this so important? Why are the banks or financial institutions interested in whether we pop into the polling station to put our X on a ballot paper? What is the Electoral Roll? The…
Credit scores influence our financial lives, determining which bank accounts we can open, and which credit cards we might get accepted for when we apply. But not everyone has an amazing credit score, with every option available to them. If you don’t have a decent credit score, then you might be limited as to which financial product you will be…
Recent figures released by one of the UK’s largest credit referencing agencies show that the average British credit score has increased in 2021, despite the pandemic causing chaos with the finances of many. Credit scores from the major agencies in the UK are on a scale of 0 being the worst through to 999 being the best achievable. In 2021,…
