Get the credit score you need for a new car
Most of us have been in a position where we have being declined credit and it’s not the greatest feeling to be told that ‘you’re not good enough’. While the inconvenience and embarrassment isn’t enough, you just don’t know how to get your credit score up!
You have come to the right place.
Get on the electoral roll.
It’s not the most obvious of tips but it is effective with improving your chances of being accepted for credit. Most prospective lenders use the information from the electoral roll to check that you are who you say you are.
Do you have any unused or unwanted credit cards, store cards or mobile contracts?
Lenders may consider the amount of credit you have access too as well as the amount of debt. Get rid of the ones you don’t use or want anymore. Don’t just cut your cards in half, this will only make them unusable; you need to close the account by contacting the provider.
You could take out a prepaid card to repair your credit.
These cards are really a really good way to build up your credit score. You pay a small monthly fee of about £5, which you’ll pay for the following 12 months. At the end of the year an entry to your credit file will say that you have successfully repaid a debt.
Don’t apply for multiple credit.
Too many applications, especially in a short space of time can have a negative effect on your future credit score. Let’s say you’ve been rejected or the rate you have been offered is poor, you keep applying for more credit elsewhere to see if the deal you get is better. If you do this, your chances will become more slim. Try refrain from applying to multiple credit companies around the same time.
If you’re just trying to get a specific quote for a loan it’s always good for the lender to do a ‘soft search’ which is what we do here at UK Car Finance. This means that while an enquiry will appear on your file, only you can see it. ‘Soft search’ means that it will not have an impact on your credit score. Most lenders have not adopted this practice yet.
Use our Car Finance Calculator to see how eligible for car finance you are.
Calculate Your Loan
Duration Of LoanYears
My Credit IS:
Cash price: £0.00, Deposit: £0.00, Amount of credit: £0.00, Rate of interest: 7.4% per annum, Amount of interest: £7.4, Lender Documentation fee: £0.00, Lenders option to purchase fee: £0.00, Total charge for credit: £7.4, First repayment: £0.00, Followed by 58 Monthly repayments of: £0.00, Final repayment: £0.00, Total amount payable: £0.00, Representative APR: 0.0%
Rates may differ as they are dependent on individual cirumstances. Subject to status.
Think your credit is good enough for Car Finance? See if UK Car Finance can help you.