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How Your Credit Score Can Affect Your Chances of Getting Credit

What is a credit report & score?

Credit reports are a record of your financial footprint and public information such as your address. All the information included on this affects your credit scores which indicate the level of risk in lending to you. Lenders will have access to your score when you apply for credit and this will influence their decision on whether to accept your application.

Your score represents the likelihood you will be able to stay on top of your repayments should you take out credit, the higher your score the more likely you are to be accepted and qualify for the best rates.

There are a number of things that affect your credit score:

  • Your total debts
  • Your repayment history with previous credit
  • Public records – whether you’re on the electoral register
  • Any previous credit applications including rejected applications

This is combined with the additional information you will provide when filling out your application, and any existing information they already hold, e.g. if you are a current/ previous customer of theirs, which the lender will then use to decide whether to lend to you.

Signing up to a credit repairing company, such as Credit Perfect could help you rebuild your credit score if you have struggled to borrow in the past.

Why Credit Perfect?

Credit perfect offers you access to lenders and the tools to manage and improve your finances.

credit-perfect

Stay in control of finances, knowing what is affecting your credit score allows you to make changes and fix any mistakes. Prevent any incorrect information on your credit report from affecting your score and improve your chances of being accepted for credit.

Credit Perfect also monitors your score 24/7 and provides regular credit alerts to defend against fraudulent activity.

Knowing your score gives you an idea of whether you will be accepted before you apply, which can prevent any failed applications. If your application is rejected it will be recorded on your report, this is a red flag and will lower your overall score. Check your score and what’s affecting it.

Credit Perfect’s bespoke credit card and loan searches will match you to brokers and lenders that accept applicants with a lower credit score.

Our exclusive member’s area offers a range of savings and vouchers for you and your family.

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