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Low Credit Score Loans

A low credit score:

  • occurs because of problems you have had managing credit in the past
  • means that you will need to use a bad credit score loan if you need further credit now
  • can be corrected over time by following a well-trodden path of action

So, don't despair. While high street lenders may not want to help you we have access to a wide range of loans and lenders all designed to cater for your credit situation.

What to do next:

  • If you need to borrow while you have your credit problem then you need to explore the options available to you
  • Start the process of improving and correcting your credit file - so you can get better deals in the future - more info

What does Low Credit Score mean?

As you know everyone has a credit file. It stores information about your management of credit - loans, utility company payments, credit card repayments, mobile phone contract payments, etc. Any company you want credit from in the future can check your file. Each will have a different way of interpreting the information but it is often turned into a credit score that is then used to say "yes" or "no" to future requests for credit.

There is no absolute figure for what a low credit score is, but you know you have one if getting credit becomes a problem - and you are frequently refused credit in one form or another.

What is a Low Credit Score?

There isn't on single number because different companies score differently. But as an example this how Experian (one of the three UK credit reference agencies) subdivide credit scores:

Credit Scores & Credit Rating
Excellent 999 - 961 You should get the best loans, credit cards & mortgages
Good 960 - 881 You should get most loans, mortgages and credit cards but the very best deals may not be offered
Fair 880 - 721 You might get reasonable interest rates but the amount of credit offered may be restricted
Poor 720 - 561 You may be accepted for loans, credit cards and mortgages but they may have higher interest rates
Bad 560 - 0 You're likely to be rejected for most loans, credit cards and mortgages

You can readily see the impact as your score gets lower. All the more reason to protect your credit score. However, you'll see elsewhere on our website that there are loans, such as guarantor loans, that don't depend on your credit score.

How to Improve your Chances of Being Accepted

There are a number of ways to increase the probability of a lender accepting an application - some of these are decisions you can make at the point of applying while others take more time and might be more relevant further into the future:

  • Offer some security to the lender - a secured loan means the lender can always recover the value of the outstanding loan by selling the asset (e.g. car or house)
  • Offer a guarantor to the lender - some unsecured loans are specifically guarantor loans. The lender can call upon the guarantor to make repayments if you do not or cannot.
  • Be prepared to pay a higher APR% - the higher rate is a way for the lender to offset the higher risk (but this also means higher repayments for you, so could affect the loan's affordability)
  • Improve the contents of your credit file- you can do this by:
    • getting incorrect records removed
    • diluting bad news with good news (e.g. by successfully making repayments in full and on time with your existing loan or credit card) to help future credit applications.
  • Get on the electoral roll if you aren't already registered
  • If you move address frequently then try to limit movements in future.
  • If your employment situation is a little erratic then try to get some more stability.

Managing Your Credit File & Credit Score

Elsewhere on this website you can learn about how to manage your credit score and what you can do to improve it. If you know you have a poor credit rating then you ought to start to actively improve it.

Read our detailed Guide to Improving your Credit Rating

Bad Credit & Credit Scores

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