What even is a Credit Score?
Credit Score Debt: A number that indicates how likely you are to qualify for the credit is your credit score, also referred to as your credit rating or ranking.
A number of considerations, including your total debt rating, how much of your debt is outstanding, whether you have any defaults and how much credit is still available to you, decide how well you score. In general, the UK standard score ranges from 300 to 850, but each agency has its own variant.
What affects my Credit Score?
- Applying for credit – A credit application check (or a ‘hard’ search) will be carried out on your credit report each time you make an application for credit and a mark will be left on your file.It will not make much of a difference to your credit score to make an occasional application for credit, particularly not in the long term. However, it is likely to have a negative effect on your ranking if you make loads of apps in a short span of time. This is because, with cash, lenders would believe you’re reckless.You will verify your eligibility for a credit product using quotation searches (‘soft’ searches) before you apply if you wish to restrict the number of approval searches (‘hard’ searches) on your report. For your credit score, this is easier, since you can just see the quote searches (they are opaque to lenders) on your report.
- Missing or avoiding paying your debt –This would be marked on your credit report if you miss a payment or pay late and it is likely to have a negative impact on your credit score.Your lender may place your account at ‘default’ if you miss several payments. Before you default, each lender will have different rules on how many payments you are allowed to skip. Some would allow you to miss up to six payments, but only two payments can be missed for some lenders before you are declared in default. In your credit report, missing and default payments will be marked and will remain there for six years (the maximum period for which your credit record is held).
Those are the two biggest factors that impact your credit score. However, there are a few other factors.
How to deal with your debts
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Our Sucess Stories
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