Checking your credit rating
Friday 16 July 2010
If you’re relying on a loan or finance deal to help pay for your car, it’s important you boost your credit score.
A credit report contains history of your credit accounts, including any credit cards you may have, your mortgage and repayment history – even your mobile phone or other payment contracts.
Finance lenders calculate a credit score based on details you and external agencies provide. If you don’t meet their criteria, they could refuse your loan package application, or offer you finance at a higher rate.
• Your credit score is affected by your outgoings, bills, outstanding debt, electoral roll data, court records, fraud and account data
• Check your credit rating online – this can sometimes reveal incorrect information which can be rectified
• Build a good credit history by always repaying on time and staying within credit limits
• Home owners and those in full-time employment are more likely to be granted loans than those who rent and are self-employed
• If you’re not on the electoral register you’re less likely to be accepted for loans or finance
How Auto Trader can help:
More in-depth buying advice: