Posts by Adrian Davies
A default can stop you getting credit
A default on your credit file can prevent you from borrowing money. A default occurs when you have missed too many payments or broken the terms of your credit agreement. A lender may then decide to close your account. A default is recorded on your credit file and will impact your credit score. This will…
Read MoreHow to build credit history when you’ve never borrowed before
When you apply to borrow money from a lender, the lender will need to assess you to determine how much of a risk it will be for them to lend you money. Having a history of borrowing allows lenders to analyse your credit history and repayment ability. However, if you have never borrowed money before,…
Read MoreWhat is a missed payment?
A ‘missed payment’ is when you don’t make a payment on the date agreed during a billing cycle (usually 30 days) to your lender. For example, you pay a credit card repayment on the 15th of each month, but you miss payment on that date. It is not only missed payments on credit cards and…
Read MoreWhat is a credit union?
A credit union is a not-for-profit co-operative, providing loans and savings accounts to its members. Their three main aims are: To provide loans at low interest rates To encourage regular saving To provide financial support and assistance to members and the community In 2023, the British credit union sector surpassed 1.5 million members (including junior…
Read MoreYou have a CCJ from a long time ago
A County Court Judgment (CCJ), even if it was from a long time time ago, still has a negative effect on your ability to get a loan. If the CCJ is from more than three years ago a lender may offer a small loan. However they may not be prepared to lend a higher amount.…
Read MoreYou have a CCJ on your credit file
A County Court Judgment (CCJ), even if it was from a long time ago, still has a negative effect on your ability to get a loan. If the CCJ is small or from sometime ago lenders might be more likely to say yes. However they may not be prepared to lend a higher amount. It…
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