Borrowing
Why 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 MoreHow lenders make credit decisions
Credit score is the number 1 thing most lenders will look at when deciding whether to grant you a loan. Lots of other factors are important. Missed payments. Defaults. County Court Judgments. The amount you owe. But importantly credit score is an attempt to ‘mark’ all the aspects of your credit history. So, if you…
Read MoreAbout County Court Judgements (CCJs)
As a rule, it is rare for creditors to take people to court. Because of this, lenders take County Court Judgments (CCJs) seriously. Furthermore, a CCJ will be on your credit file for six years. Consequently you could struggle to get credit for a long time. Additionally, creditors may use an automated lending system. As…
Read MoreGetting a mortgage with a poorer credit history
We’ve been locked away in our homes for more than a year. No wonder many of us are thinking that it would be much more comfortable in our own place. And it is a feeling shared by many. According to the British Social Attitudes survey 86% of people want to own their own home. Last…
Read MoreHow financial associations affect your credit profile
Financial associations affect your credit profile. If you share finances with someone, they may be recorded on your credit report as a ‘financial associate’. This can impact your credit score and ability to get a loan. How financial associations are created You can get married, enter a civil partnership or move in with someone. But…
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