You have a default on your credit file
If you’ve missed between three and six payments, on a credit account you may be declared in default. Defaults are serious. Often a lender will automatically decline an application if there has been a default. Importantly, defaults remain on a credit file for six years. Once a default is on your file it cannot be removed. Tip: If you…
Read MoreYou spend a lot on paying back credit each month
Creditors take a look at how much you’re spending each month on credit commitments. If this is too high they may reject your loan application. This is known as the ‘monthly debt ratio’ and relates to the ratio of monthly payments on accounts to monthly income. In other words how much of your income is…
Read MoreNestEgg announced as finalists for Technology Partner of the Year
NestEgg is very pleased to be announced as a finalist in the Consumer Credit Awards: ‘Technology Partner of the Year’ category. Often the focus is on the technology side of that partnership. NestEgg has certainly helped grow the loan books of our lender clients. However, it’s the outcomes from the hard work of our credit…
Read MoreOpen Banking and Product Development
NestEgg has been using Open Banking to assist with credit decisioning for more than five years. At the World Credit Union Conference 2023 (WCUC), we talked about how open banking can be used to make more inclusive lending decisions. Open banking data is also useful when used in aggregate. In other words, analysing data from…
Read MoreYou’ve been taken to County Court
A County Court Judgment (CCJ), even if it was from a long time time ago, still has a negative effect on your credit score. Consequently a CCJ can make it harder for you to get a loan. Over time this impact reduces, but some lenders will say ‘no’ even if the judgment was from several…
Read MoreWhy missing a mortgage payment is so important
You may have missed one or more payments on your mortgage recently. This can be a problem for lenders because a mortgage is the most important bill. Missing a payment might be seen as the beginning of a debt problem. However, it may have been an oversight or beyond your control. Tip: You should try…
Read More