What is a credit score?
Your credit score – or credit rating - is one of the tools that lenders use to decide whether to lend to you. It's a three-digit number that's used to represent your borrowing history and how likely it is that you’'ll keep up with any new loan repayments. Some of the factors that can affect your score are detailed on your credit report. Your credit score isn't fixed and can increase or decrease over time depending on your financial behaviour.
How is my credit score calculated?
In the UK, there are three main credit reference agencies that calculate your score: Experian, Equifax, and TransUnion. It's not an exact science though, and each agency uses different data and a different calculation to form your score. ClearScore use Equifax data to display your credit report and rating.
Why have I been refused credit?
If you've been turned down for credit, it's only natural to ask why. The good news is that there is no credit blacklist and being refused once doesn’t mean you’ll never be able to get credit again.
The reasons why you've been declined depend on the individual lender's policies but here are a few common reasons for refusing credit:
Why should I check my credit report?
Knowledge is power. Checking your free credit report regularly can help you see exactly what is affecting your score – good and bad. It also means you'll be able to spot any mistakes quickly and challenge them with the relevant credit reference agency.
With ClearScore, you can check your credit score for free any time, find tips for how you could improve your score, and receive an alert to let you know when anything has changed.
Your credit score can and will change over time. At CarFinance 247, we work with a panel of lenders so that we can look to find finance options for people with a variety of different circumstances. We might be able to able even if you've been refused elsewhere.
Get a free credit report
Rates from 6.9% APR: the exact rate you will be offered will be based on your circumstances
Representative example: borrowing £6,500 over 5 years with a representative APR of 27.4%, an annual interest rate of 27.4% (Fixed) and a deposit of £0.00, the amount payable would be £188.74 per month, with a total cost of credit of £4,824.37 and a total amount payable of £11,324.37
Rates may differ as they are dependent on individual circumstances. Subject to status.
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CarFinance 247 is a trading name of CarFinance 247 Limited, a credit broker and insurance intermediary, and 247 Money Group Limited (247 Money), a lender. Both companies are part of the 247 group of companies.
CarFinance 247 is authorised and regulated by the Financial Conduct Authority under reference number: 653019. Registered office: Universal Square, Devonshire Street North, Manchester, M12 6JH. Registered in England. Company registration no. 06035525. Data Protection Registration Number Z1897658.
247 Money is authorised and regulated by the Financial Conduct Authority. Registered office: Universal Square, Devonshire Street North, Manchester, M12 6JH. Registered in England. Company registration no. 10989530. Data Protection Registration Number ZA456831.
All finance is subject to status and income. Written quotations on request. CarFinance 247 can introduce you to a limited number of finance providers, including 247Money, based upon your credit rating and will receive commission for such introductions.
† We do not charge a fee for arranging the finance, however some of our lenders may charge a fee. Your account manager can provide more information on this