Summary revolving credit
Revolving credit is another word for card limits and overdrafts. If you’re constantly close to your limits, your credit score will be lower. Furthermore, if lenders suspect you’re using credit to pay for day-to-day living expenses, you may be declined. Tip: try and get your credit card balances below 50% of their limits as soon…
Read MoreSummary electoral roll
One of the first things a lender will check is if you’re on the electoral register. Lenders may automatically refuse you credit if you’re not registered to vote If you’re on the Electoral roll, your NestEgg Borrow Score increases by 10 points. Read more about the electoral roll
Read MoreInternational credit union day 2021
It’s International Credit Union Day. This year’s theme is building financial health for a brighter tomorrow. NestEgg’s reason for being is to help credit unions improve the financial wellbeing of their members. NestEgg does this in six ways. Fairer credit decisioning Financial exclusion manifests itself in particular ways on a credit record. Responsible lenders, set…
Read MoreAutomated decisions you can trust
Getting automated decisions you can trust is a big challenge. If automated decisions are always subject to review, then cost savings aren’t being realised. Loans will take longer to turn around. Consequently, members become dissatisfied. Furthermore, automation needs to ensure applicants get a fair hearing. The latest version of our decision engine delivers a greater…
Read More£100m of loan applications
In July NestEgg hit an important milestone. Our decision engine has reviewed more than £100m of loan applications. Representing just under 80,000 individual borrowers, 60,000 applicants were financially excluded. We estimate these borrowers saved £18m in excess interest that would have otherwise been paid to high cost lenders. We’ve learnt a lot along the way.…
Read MoreYou have low debts compared to your income
Your debts are less than 50% of your annual income. For example, if you owe £5,000 and your earnings are £20,000 per year – your annual debt ratio is 25%. This ratio does not include any mortgages. That’s great. But there’s room for improvement. Your credit score does better when you owe less. Having credit…
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