Everything You Need to Know about Credit Rating.
Do Black Lists Exist And Is There A Universal Credit Rating?
It’ a popular belief that there’s a universal list of black and a universal credit rating. However, every lender uses its own scoring system. There seems to be a universal system, because someone who is seen as a risk for a lender is likely to be seen as a risk for others.
Factors That Can Affect Your Credit Rating:
1) Your age: older adults who are considered more reliable and less of a risk for lenders
2) How long have you lived at your current address? If you’ve been in a property over three years showing signs of stability and therefore less risk.
3) How credit accounts that many have applied in the last 6 months?
4) How many times have you missed a payment in the last 6 months? It’s really important to avoid losing the repayment of this suggests that you could make a future lender.
5) During the last 6 years has defaulted on a loan product, fell into a [CCJ County Court Case], or had an individual voluntary arrangement or been declared bankrupt?
6) Did you open most of your credit accounts in the last 18 months? If the answer is yes, then you will be treated as an unknown quantity and therefore as a potential risk in the future.
The Credit Score Is All About Profit
A credit score is every thing about profit. If you’ve a good credit history can therefore be rejected because they will not be profitable for banks.
The main customers are profitable for lenders who are constantly in debt, but only manage to meet the minimum repayment requirements. If you always pay your debts, if you do not use your card, often or always move your debt to one card 0% balance transfer credit, then it is likely to be rejected.
Banks are every time looking to the future. If you request a new bank account will probably score to see if you would be a good mortgage customers. Therefore, it can give a current account with a very good term, because the bank knows you’ll get a lot of money from you in the future.