Posts by Adrian Davies
You’ve never been insolvent
You have never been insolvent. Or at least haven’t in the last six years, which is as far back as your credit report goes. Insolvencies include bankruptcy, debt relief orders, Individual Voluntary Arrangements and their Scottish equivalents. If a form of insolvency was on your file, it would be very hard to obtain credit. If…
Read MoreWhy payment history matters
Your repayment history on credit agreements is taken into account by a lender when considering you for a loan. A credit report details all of credit accounts you’ve had over the last six years. This includes mobile phones, catalogues and some utility bills. Each account displays numbers showing if you ever fell into arrears. For…
Read MoreAbout indebtedness
When considering a loan application, lenders must make sure that the debt is affordable. This goes beyond checking if you have enough money to make each monthly or weekly payment. The total amount you owe is also important. Lenders will look at all of your debts and compare this to your income to see if…
Read MoreNew feature: credit score reasons
Credit score can be hard for borrowers to understand. And it’s a complex three-digit number that can also baffle loan officers. That’s why NestEgg is launching a new feature: credit score reasons. These are shown next to the credit score, in our decision engine. Explaining the factors that might be driving a credit score down,…
Read MoreSummary insolvencies
An insolvency is a form of bankruptcy. It includes Individual Voluntary Arrangements, Debt Relief Orders, bankruptcy and their Scottish equivalents. Any lender seeing this information is likely to turn down your application for credit. You can score 15 points if you’ve never been made bankrupt, but that score falls if you were insolvency in the…
Read MoreSummary defaults
A default is where you miss several repayments on a credit agreement. Defaulted accounts remain on your credit file for six years. Many lenders will automatically reject you if you have a default. If you’ve not had a default in the least year you score 15 points. Read more about defaults
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