Bad Credit Options
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A low credit score:
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.
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.
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:
|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.
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:
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
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