Getting a loan

Last reviewed April 2026 i QUICK ANSWER A credit score is a number, typically between 0 and 999, that lenders use to assess how reliably you manage borrowing and repayments. The higher your score, the more likely you are to be approved for credit and offered lower interest rates. Scores are calculated by the three…

Last reviewed April 2026 i QUICK ANSWER A default is registered on your credit file when you miss six consecutive payments on a credit agreement. It stays on your file for six years and makes it significantly harder to be approved for credit. You can still take steps to improve your profile while waiting for…

Last reviewed April 2026 i QUICK ANSWER Lenders decide whether to offer you credit by assessing risk. They look at your credit score, repayment history, debt levels, income, affordability and address stability — drawing on data from credit reference agencies like Experian, Equifax and TransUnion. No single factor guarantees an approval or decline. When you…

Last reviewed April 2026 Quick answer A missed payment is when you don’t make a payment on the date agreed during a billing cycle — usually 30 days — to your lender. Lenders report missed payments to the three UK credit reference agencies (Experian, Equifax, TransUnion), where they can lower your credit score and affect…

Last reviewed March 2026 i QUICK ANSWER Lenders assess your creditworthiness before approving any application. You can improve your chances by paying bills on time, registering on the Electoral Roll, keeping credit utilisation low, avoiding multiple applications in a short period, and checking your credit report for errors. When you apply for credit, whether a…

Last reviewed February 2026 i QUICK ANSWER A soft credit check looks at your credit file but doesn’t leave a footprint other lenders can see, and it has no effect on your credit score. A hard credit check leaves a footprint and is recorded when you formally apply for credit. A single hard check usually…