Affordability is STILL the issue!
Combining credit and open banking data is the key to understanding affordability. With interest rates rising and the cost of living crisis continuing, new ways of understanding affordability are essential. Open Banking is one way to assess affordability because it gives the latest transaction data. However affordability is much more powerful when open banking is…
Read MoreDebt Ratios: what you need to know
When applying for a loan, lenders need to consider how much of a risk it is to lend money. Because of this, lenders care about how much you have already borrowed compared to how much income you have. This is what they call a ‘debt ratio’. Lenders calculate these by dividing the amount you’ve already…
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…
Read MoreYou have a default from a while ago
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. This remains the case, even if the default was from sometime ago. Tip: If the default is in the last couple…
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