How financial associations affect your credit profile

A financial association is a link between two or more people who have shared financial accounts or products. This includes joint bank accounts, credit cards, mortgages, and loans.  Financial associations can affect your credit profile, as their credit history may also be taken into account when lenders make credit decisions. If a financial associate has…

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Improve your chances of being approved for credit

There are many ways you can build your credit history and boost your credit score to improve your chances of being approved for credit.  Lenders assess an applicant’s ‘creditworthiness‘ when they receive credit applications to determine the level of risk involved in lending money to the applicant. Lenders will look at credit history and credit…

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How lenders make credit decisions

Credit checks are common when you apply for credit, such as a loan or credit card. Lenders need to assess how much of a risk you would be if they lent you the money.  To make these decisions, lenders use data from credit reference agencies which includes your credit score, your history of repaying other…

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What is a credit score?

A credit score is a number that lenders use to assess your ‘credit worthiness’. The number is based on your credit history, which includes information about your past borrowing and repayment habits, how long you have resided at your address, and if you are on the electoral roll. The higher your credit score, the more…

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Debt 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…

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Why the Electoral Roll improves your credit score

There are many factors that can positively impact your credit score. One of these factors includes being on the electoral roll. Registering on the electoral roll can boost your credit score and improve your chances of being accepted for loans, credit cards, and mortgages. What is the electoral roll? In the UK and Northern Ireland,…

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