You were made insolvent a few years ago
An insolvency will hang around on your credit file for six years. According to your credit file you have been made insolvent, although that was a few years ago. Responsible lenders, like credit unions, may offer a small loan even if you have been made bankrupt in the past. Tip: Make sure you’re signed up to…
Read MoreYou have been insolvent recently
An insolvency stays on your credit file for six years. Any lender seeing this information is likely to turn down your application for credit. If they say ‘yes’, you’ll likely be paying a higher rate of interest. Unless, of course, you use a responsible lender. Tip: Make sure you’re signed up to the electoral register.…
Read MoreHow to get on the electoral roll
It’s unusual for lenders to make you a loan if you’re not on the electoral roll. Yes, it’s as simple as that! Luckily, it’s an easy problem to fix. How to sign up To register to vote in the UK, you must be: A British citizen An Irish or EU citizen living in the UK…
Read MoreHow to turn your credit score from OK to GREAT
If your credit score is ‘OK’ but not great, you’ll need to sort out things like: High balances on credit cards and overdrafts High overall amount of debt Missed payments Being consistently at or near a credit card limit may be signal to a lender that you are struggling to pay bills and therefore reduce…
Read MoreWhat to do about a LOW credit score
If you have a low or poor credit score, it is likely that you’ll need to address a number of issues. These include: Getting on the electoral roll Missed payments or defaults County Court Judgments (CCJs) and insolvencies Lenders may reject your loan application if you have any of the above. Read more about getting…
Read MoreMeasuring impact and recovery from Covid19
In mid-April NestEgg was one of the presenters at the Finance Innovation Lab Covid19 event. We shared research on credit union loan applications since lockdown and explored how NestEgg is planning to measure the impact of, and recovery from, Covid19. To do this we’ll be using the new Financial Health Indicators, built partly with funding from…
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