Getting a loan

A default on your credit file can prevent you from borrowing money. A default occurs when you have missed too many payments or broken the terms of your credit agreement. A lender may then decide to close your account. A default is recorded on your credit file and will impact your credit score. This will…

When you apply to borrow money from a lender, the lender will need to assess you to determine how much of a risk it will be for them to lend you money. Having a history of borrowing allows lenders to analyse your credit history and repayment ability. However, if you have never borrowed money before,…

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. For example, you pay a credit card repayment on the 15th of each month, but you miss payment on that date. It is not only missed payments on credit cards and…

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…

Each time you apply for a loan a lender will search your credit report… and your credit score falls. A ‘footprint’ is left behind when creditors undertake this ‘credit check’. And, other lenders can see these footprints. One or two searches per year are unlikely to make much difference to your credit score. But several…

Are you are getting turned down for loans? Getting charged too much for borrowing? Your credit score might be too low. However, the full picture is more complicated. You’re not in control of your financial identity Your financial identity (also known as your credit profile) determines whether you get a loan. It sets the interest…