Tag Archives: applying for credit

How do you manage shared finances?

manage-shared-finance_300x200Managing your finances and your relationship can be quite a balancing act. Share a credit account? Then you share credit report information too.  

It can mean you’re more linked than you think. If you have applied for credit together, lenders will usually look at both of your credit reports when working out any future credit applications, even if it’s only for one of you.  

To mark Valentine’s Day, we asked some of our favourite finance, family and budgeting bloggers to share with us how they’ve managed to balance love and money, and what their tips are to make shared finances – and sharing outgoings in general – as harmonious as the day Cupid’s arrow first arrives.

Joint finances, joint decisions

Emma from EmmaDrew.Info: “My husband and I earn significantly different amounts which we really struggled with. We now put all of our earnings into our joint bank account, which covers our joint spending. What really helped us was that we now both withdraw the same amount of “pocket money” from the joint account, meaning that we have a level footing. This has made such a difference to how we feel about our money and I would recommend it.”  @emmadrewinfo 

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What you need to know about credit builder cards

For those who maybe haven’t got the credit history they’d like to have, the options for credit cards may be fewer.

But there are credit cards around which are aimed at helping you get your credit history back on track.

How do they work?

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.

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Positive influence from parents leads to good financial habits

Parents often wonder exasperatedly if their offspring ever listen to their advice – but it appears that today’s young adults have learnt from the experiences of their elders when it comes to their finances.

Experian’s Millennial Me & My Money report found that 45% of Millennials – that’s 18-34 year olds – manage to save at least a quarter of their disposable income each month, compared to just a third (34%) of 35-55-year-olds (widely known as Generation X).

Millennial-Me-and-My-Money-Report_FINAL

Millennials who believe their parents have had a positive influence on their money habits have almost double the savings of those who say their parents had a negative influence.

See the full illustration of the Millennial Me findings here

However, those who say their parents have had a negative influence on their money management are more than twice as likely to have missed an agreed credit repayment, twice as likely to have been refused credit, and twice as likely to have run out of money before payday in the past. Continue reading

Is your credit report missing information?

By Neil Stone, Experian UK social support team

credit-score-report-history-300x200I’ve been looking to get some improvements done around my home lately. The kitchen has been looking a bit tired so I was thinking about getting a loan to cover the cost.

Before I even contacted my bank, I checked my credit report to make sure that all of my accounts that I expected to be showing were on the report. The more information a lender can see the better picture they will have of my credit history. If you have well run accounts then you want to be sure the lender can see them!

There are times though, when information that you might be expecting to show on your report doesn’t appear. Continue reading

5 tips if you’re thinking of working for yourself

Plumber working on sinkPeople become self employed for all sorts of reasons. Perhaps they want more freedom and want to fit their work around their lives more, perhaps it’s just the best option available, or maybe they feel ready to take on the challenge of running their own business.

Either way, more people than ever are taking the leap into self-employment. According to the Office for National Statistics, 4.53 million people in the UK are self-employed – with 1.67 million taking the plunge in the past five years alone.

Whether you’re a painter & decorator, an internet start-up or planning to write that great novel, there are a few things you could benefit from before you dive into the world of working for yourself. It’s something this writer has tried  – and learned a lot of lessons from. Continue reading

How late payments on my credit report could affect you

Gray from Experian Experts explains how late payments on your credit report might affect your credit application, and what you could do to help give your credit application a better chance of success. You can see more videos from Experian’s Experts on our YouTube channel.

Who decides if you get approved for credit?

In the first of a regular video series that we’ll be hosting on our YouTube channel - the Credit Café -  Experian Experts James Jones and Joanne Leahy explain who decides if you get approved for credit.

This video is one of four short episodes in the ‘Demystifying Credit’ series that we’ll be posting on YouTube, every Friday for the rest of January. Look out for the next one coming soon on our YouTube channel.

How your credit card can affect your credit rating

Here are 4 ways your credit report can show how good management of your credit card could help improve your credit rating:

 

  1. credit-score-report-history-300x200Check out your credit report before you apply for new credit, as this can give you the best indication of whether or not you’d get accepted, and after that check your credit report on an on-going basis.
  2. Ensure that the information on your credit report is accurate, up-to-date, and reflects your present circumstances, as there may be some discrepancies. Should you find anything that isn’t right, then contact the relevant lenders to get it altered. Watch out too for unfamiliar or suspicious entries there that could indicate identity fraud, and financial associations which are no longer relevant. Continue reading

How you could get your mortgage approved

Men bringing boxes into house-300One of the key things to do when preparing for a mortgage application is tidying up your financial situation.

Your mortgage is likely to be the biggest financial commitment you’re ever going to make – so it’s going to be important to make sure that you find the best deal for your circumstances.

 

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