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You 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 MoreAbout missed payments
Missed payments are when you’ve not made a repayment due under a credit agreement. For example – not paying that month’s credit card repayment. These are reported to a Credit Reference Agency (CRA). In addition to loans and credit cards, credit accounts reported include gas, electricity and mobile phone contracts. A repayment is marked as…
Read MoreWhat is a credit reference agency?
Credit Reference Agencies (CRA) are also referred to as credit bureau. CRA’s hold and share information about your financial situation. It is where you are ‘credit checked.’ CRA’s are responsible for credit scoring. CRA’s manage data, including: Personal details: your name, date of birth, address and whether you’re on the electoral roll Financial associations you…
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