It’s no surprise that gym memberships rocket in January. Resolutions to shed the pounds in the new year are not uncommon, and gyms and fitness centres know full well that a high number of new members will find it hard to keep up their commitment beyond the end of the month, let alone the full year.
Even with introductory offers, gym membership can still be costly if you’re committed for a year upfront and are loathe to cancel.
Besides gym membership, it might be satellite TV channels you never watch. An extended warranty you didn’t really need to buy. It can all add up! A budget calculator may help you work out if you could live without it.
Would a missed gym membership payment affect my credit report?
Neil Stone from our Social support team says: We’ve recently been contacted by a worried customer who was being chased by a debt collection agency over a missed gym membership payment and were concerned that it would impact their credit report. Continue reading →
Ever wondered what some of the key credit card terms really mean? Here are our top ten.
APR - The annual percentage rate is the price you pay each year for money you’ve borrowed, including interest and fees. The representative APR is an advertised rate that a minimum percentage of customers will pay, usually 51% of those accepted. If you’re not given the advertised rate, you’ll get a personal APR.
Balance Transfer – This is when you choose to move credit card debt you already have to a lower or 0% interest credit card balance, usually for a transfer fee. With a 0% balance transfer deal you can potentially give yourself longer to pay off an existing credit card debt, without having to pay interest. This is as long as you make the minimum monthly payment and stick to any other Ts and Cs. More about balance transfer cards here
These no-frills cards are aimed at people who need to help build their credit history. They often have low credit limits to start with and a high APR, but paying off the bill each month can help show lenders that you’re reliable. Applying for too many cards at once can hurt your credit score even more, so it’s an idea to choose a credit card you’re more likely to get, and one that suits your needs best.
Did you know we now have a mobile app for CreditExpert members? Yes, that’s right – you can now use CreditExpert on the go to see your Experian Credit Score and a whole lot more.
How to use the CreditExpert app
If you’re an active CreditExpert member, you can get quick access to key important information from your Experian Credit Report, see your Experian Credit Score and get alerts to certain changes to your report.
To see a full score history for the last 6 months you must have had an active account and logged in at least once a month.
It’s compatible with iPhone, iPad, and iPod touch (iOS 8.0 or later), as well mobile phones that run on Android 4.0.3 and up. At the moment it is not yet available for tablets. All you have to do is download the app on eitheriTunes or Android.
What’s your Experian Credit Score? We wanted to see if there were any significant differences in the average Experian Credit Score in different UK cities – from a variety of locations.
The Experian Credit Score runs from 0-999, and usually a higher score means you’re seen as lower risk, which means you could be more likely to get a credit card, a loan or a mortgage, and at better rates too.
You may have seen some of our posters beside major roads, or if you’re in London, on tube platforms. If you have, I hope you saw your local area listed!
We looked at the average Experian Credit Score in ten of the largest local authority areas outside of London, based on Experian customers who joined between January and September 2016. Continue reading →
The higher your score, the greater the chance you have of getting the best credit deals
To get your Experian Credit Score FREE forever, sign up to CreditMatcher, a free independent service that helps you compare credit deals you’re more likely to get, based on your credit information. We are a credit broker not a lender, working with selected lenders.†*
That’s right – the Experian Credit Score, which shows you how lenders may view you, and can be a useful thing to know when you are thinking of applying for credit.
To get your Experian Credit Score FREE forever, sign up to our new CreditMatcher, a free independent service that helps you compare credit deals you’re more likely to get, based on your credit information.
We are a credit broker not a lender, working with selected lenders.
A default can have a big impact on your credit report, and can be recorded for just a few pounds to several thousand. I find there is quite a lot of confusion around default so I’ve put together some answers to common questions.
What is a default? A default occurs when an account has had consecutive missed payments and is then closed by the lender.
There is no set number of payments that can be missed before a default is recorded. When the lender considers that the relationship between you has broken down it can record a default.
A default date will be recorded on the account and it will be kept on your credit report for six years from the default date. After this time it is removed from your report automatically even if the full amount isn’t paid.
Some lenders will still send us monthly updates on a defaulted account. This doesn’t change the default date or when it comes off the report.
Are you registered to vote in the UK? It could help your credit report.
The EU referendum takes place on 23 June, and you must have registered on the electoral roll by 7 June in order to be eligible to vote in it. For a postal vote, your application needs to arrive by 5pm on 8 June, while the proxy vote (someone else voting on your behalf) deadline is 5pm on 15 June.