Posts by Adrian Davies
How 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…
Read MoreYou are currently insolvent
According to your credit file, you are currently going through a type of insolvency. This can include bankruptcy, an Individual Voluntary Arrangement and Debt Relief Orders. There are legal restrictions which means that in most cases lenders will not be able to offer you a loan if you are currently insolvent. Tip: Wait until you…
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