Your Credit Score
Thinking about applying for credit? Check Your Credit Score for free, with no impact on your credit file.
Check Your Credit Score
Curious about your credit score? Check it for free using Your Credit Score, with no impact on your credit file.
Check Your Credit Score
Curious about your credit score? Check it for free using Your Credit Score, with no impact on your credit file.
What's a credit score?
A credit score gives lenders an indication of how likely you are to repay anything you borrow, based on your track record of using credit and managing your finances.
If you're applying for credit such as a credit card, personal loan or mortgage, lenders will usually check your credit file to:
- assess your circumstances
- highlight any potential risks associated with offering you credit
- decide on the interest rates and credit limit they're prepared to offer.
Why a credit score matters.
If you have a good payment history on all your accounts and low outstanding debts, you may have a higher credit score. This means you’re more likely to be seen as a lower credit risk.
A higher credit score makes it more likely that you’ll be approved for credit and receive a lower interest rate. It can also mean for products such as a credit card, that you are more likely to be given a higher credit limit. Your credit score is just one factor that lenders will consider when deciding if they will lend to you and how much you can borrow.
What lenders check.
To work out the risk of lending to you and on what terms, a lender usually checks a number of things, such as:
- details on your application form
- the electoral register and court records
- how you've managed your accounts in the past
- information from credit reference agencies
- income and outgoings to check what you might be able to afford.
Credit reference agencies usually hold information on people's identity, address and personal financial history. They get some of their information from public records and other lenders.
How you might improve your credit score.
Here are a few things you can do that might help to improve your credit score:
- make sure you're registered to vote
- check that all the details on your credit report are correct and raise a dispute if something doesn't look right
- manage your accounts well, don't go over your credit limit, pay bills and credit on time
- try to keep your unsecured balances below 25% of your available credit limit
- don't apply for lots of credit products at the same time.
FAQs
Want to boost your understanding of credit? Our educational guide is here to help, or you can check out the FAQs below.
What do we mean by a credit score?
What can affect your credit score?
What do we mean by a hard or soft credit check?
What makes a good credit score?
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