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Your Credit Score

When you apply for a bank account, credit card, personal loan, mortgage or hire purchase agreement, the lender will run your application through a credit scoring system. Credit scoring works by awarding points (or deducting points) according to the answers you give on the application form.

Bad Credit Credit Creditres Although it is very unlikely a lender will reveal exactly how they score a credit application (due to the fact that it might encourage people to give false answers to boost their score) there are general rules that apply to almost all applications. Owning your own home or having lived in your current home for a long time helps, as does being in the same job for a long time. Being married often works in your favour, but having children has been known to work against you. Having a new or no bank account will look bad. Basically, lenders are looking for settled, stable and responsible applicants as they are statistically less likely to default on a loan.

Additionally credit scoring systems such as Fair Issac (FICO) did not treat authorized user accounts separately when computing the credit score, so the son or daughter would inherit, so to speak, the favorable credit history of the parent. The result could be that even kids with limited credit experience who were authorized users with good credit parents might now have a strong FICO score. Of course, the reverse was also true, and many authorized users could inherit the bad credit from the parent, lowering their score.

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1. Electoral Roll
Not being on the Electoral Roll can severely hamper any application for credit. Make sure your details are up to date if you have recently moved house, etc.

Fair Isaac (FICO) finally recognized the abuses of the practice recently and adjusted their credit score algorithm (the set of rules FICO uses to score credit reports) to ignore authorized user accounts. The result is that generally credit scores will no longer be inflated by authorized user accounts. Good news for lenders who do not want credit scores artificially manipulated. Bad news for legitimate authorized users who may have benefited somewhat from their parents’ good credit habits.

Bad Card Credit Credit 2. Poor Credit History
Up to 35% of your credit score will be accounted for by your previous credit history. CCJ's, defaults and late/missed payments will all stay on your credit file for 6 years, but a sustained period (around 12 months) of regular payments will help to counterbalance the negatives.

Bad credit history is a burden, and attaining a better credit score is a huge benefit. At Veracity, we know that your credit history is the means to a financial end. While our credit repair services improve and correct your credit reports and improve your credit score, the end goal is not a number, but a quest for credit power. Your credit gives you the ability to buy a home, get a vehicle loan, or obtain low APR credit cards.

Bad Car Credit Loan 3. Time at current address
If you have lived at your current address for less than 3 years, your credit score will be adversely affected. This is especially true if you are a tenant. The more addresses you have had in the 3 years, the greater the negative effect will be.

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Bad Credit Loan Mortgage 4. Too many credit applications over a short period
Each time you apply for credit (any credit), a search will be made and recorded on your credit file. If you are seen to be applying unsuccessfully to too many lenders in a short space of time, your credit score will be affected negatively. Try not to make more than 1 or 2 applications a month.

Auto Bad Credit Loan 5. New Job
Lenders are looking for continuity in your employment record, so being in the same job for a long time will give you the best credit score for this section. 2 jobs in three years need not make too much difference, especially if it can be shown that you changed jobs for a pay increase. Periods of unemployment between jobs will also look bad to lenders.

Bad Credit Mortgage Refinance About the Author

Bad Credit Refinance This article was written and supplied by Finance Extra, the place to find free personal finance advice.

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Bad Credit Loan Student Finance-Extra provides free advice and articles concerning personal finance in the UK. We also offer a loan, credit card and insurance directory. Finance Extra

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