Just about all of us have a credit score. If you’ve taken out a mobile phone contract, if you have a credit card or if you have any kind of loan, you’ve started to build a credit file.
It’s information that’s added to all the time, and it reflects your credit history. So whenever you apply for any form of new credit, the lender can access this information and use it to work out your suitability to their product.
You can access your credit profile too, and view the exact information that lenders look at when determining suitability. It’s well worth having a look. You may even find that some of the information is wrong – mistakes aren’t all that unusual! So you might be being refused because your credit score is actually inaccurate. Here are a few common examples of credit score mistakes:
If you have had any issues in repaying credit in the past, you may find that your credit score has been negatively affected, and you may have ‘bad credit’. This isn’t necessarily a problem, as we work with a number of lenders that specialise in providing bad credit car finance.
Your credit score can change, however, and if you do have bad credit there is no reason that you can’t look to improve this in the future.
The first thing is to work through your credit profile and make sure it’s up to date and all details are correct.
All the above tips will help make your credit score more attractive to lenders, but you can also carry on improving it.
ID theft is a huge problem. Many people don’t even realise that their identity has been stolen until they apply for credit, discovering too late that a criminal has already used their identity to get credit and never paid it back.
So check your score regularly. Keep a close eye on your accounts for transactions you don’t remember making.
Here are some tips on keeping safe:
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96% of our customers recommend us: † Based on feedback left on independent review site Reviewcentre. May 2019.
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