What scores well with lenders?

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Lenders will use credit report agencies to conduct their background checks as well as consider certain factors to help them gauge how likely you are to make repayments. Factors that score well with lenders are:

• Length of time at current address
• Length of time with employer
• Length of time with current account provider
• Healthy credit history
• High income level
• Age (elderly opposed to young)
• Skilled rather than unskilled worker
• Employed rather than self-employed
• Good postcode

Unfortunately, there may be little or absolutely nothing you can do to improve the criteria mentioned above. However, the above list will help you evaluate your own circumstances in light of applying for credit. For example, if you are about to move house or swap banks, you may want to apply for credit beforehand.

Quick credit score test

Have you ever wanted to get inside the mind of lenders to find out how they rate you? Thanks to the Daily Record’s credit score questionnaire, now you can.

Take this test to find out how your credit score might look to the people you need to borrow from:

1) Are you on the electoral roll under your current address? Yes: 10 points No: 0 points
2) Do you have at least two active loans, credit or store cards? Yes: 10pts No: 0pts
3) Are you up-to-date with your repayments? Yes: 15pts No: 0pts
4) Have you missed any payments in the past two years? Yes: 0pts No: 10pts
5) Have you had court judgments against you, been sequestered or declared bankrupt? Yes: 0pts No: 25pts
6) Have you ever defaulted on a credit agreement? Yes: 0pts No: 25pts
7) Have you applied for more than two items of credit in the past six months? Yes: 0pts No: 5pts

Know the score

90 to 100 points: You have an excellent rating and are likely to be accepted.
70-85: You have a good chance of being given credit.
50-65: You may have some problems obtaining loans or plastic.
0-45: Expect considerable difficulty getting credit.

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