Credit rating. What is a credit rating? What affects your credit rating?

Personal loans, home loans, cheap loans and bad credit loan advice


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Your credit rating
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Credit Rating

What is a credit rating?

A credit rating is a score and an analysis of the information contained within your credit report. Each piece of information in your report (outstanding loans and credit, repayment history etc.) is given points based on how it compares to people who pay their bills and loans on time.

Why am I refused when I apply for credit cards or loans?

There may be a number of reasons that you are turned down for a credit card or loan.

It could be because you have a bad credit rating.

Have you moved recently? If so you may not appear on the Elecrotal Register with the same details at those you used in your application.

How can I find out details of my credit rating?

There are a few credit reference agencies you can contact. These include Equifax or Experian who will be able to provide a copy of the details they hold about you. You will be charged a small fee for a one off report, some agencies offering on-going information for a subscription fee. CreditExpert from Experian offers a free 30 day trial of its service.

How can I get a loan or credit card if I have a bad credit rating?

If you have a bad credit rating or adverse credit rating you may find it difficult to get an unsecured loan or credit card.

There are many companies who specialise in providing loan and credit facilities to people with poor credit ratings.

You will usually have to pay a higher interest rate reflecting the higher risk that the lender may be taking by offering you credit