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Credit Rating


What is a credit rating?

A credit rating is a score that you are allocated which depicts your ability to repay a loan. Lenders will not tell you what information goes into your credit score so they can prevent fraud. However the following are likley to be included:

  • your earnings and job stablility e.g. you are paid monthly, and have been employed for a while and in a skilled job will help.
  • Your outgoings - how much you spend each month and how much you have left to replay the loan
  • Your past credit history - if you have had loans in the past and repaid them it will help, if you have defaulted or were late making payments it can have a negative affect
  • Your postcode - this plays a big part. If your area is considered a wealthy and credit worthy area it will help you get a loan.
  • Court proceedings and criminal record - if you have a criminal record, specially for fraud, this is a big no no for lenders. A county court judgement (court action for not paying your debts) this will have a negative impact on your credit rating .

Information aboout an adverse credit rating

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