Tag Archives: Experian Credit Score

Car finance: how to get the deals you want

Making memoriesDid you know that new car registrations are on the up? They were higher than ever in 2016, with over 2.6 million cars registered throughout the year.

And from 1 March, all new cars for the next six months now have the new 17 number plate. However, the forecast is not all rosy. The chief executive of the SMMT (Society of Motor Manufacturers & Traders), Mike Hawes, said on 5 January that he thought this may have been a peak, and that 2017 would see a 5% decline due to the weak pound and the effects of Brexit.

Car finance is one of the most common examples of how we pay for ‘large ticket’ items, and a good credit rating can be the difference between getting a good interest rate or not, or sometimes getting any deal at all.

What are your car finance options?

If you decide to borrow credit to buy a car, the marketplace is vast, with plenty of rate and payment options. It’s worth comparing different loans and methods of finance so you get the one that’s best suited to your needs.

How could joint finances affect your credit rating?

Share a credit account? Then you share credit report information too.  Sharing finances can mean you’re more linked than you think, as lenders will often look at both of your credit reports when assessing your credit. 

If and when you apply for credit together, lenders will be able to see your partner’s financial information too and may use this when they make a decision about you when you next apply for credit. So we’ve put some tips to help you get up to speed with shared finances and credit.

Five top things you need to know about love and money

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  • Financial association means that your credit report can become linked to someone else’s through joint financial activity. This could be applying for a mortgage, opening a joint credit account, or in some cases even being on the same broadband or utility contract.

 

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  • Your credit report will only contain your financial information, but will show the name of anyone you share a financial connection with. If you share a credit application, each of you would see the other’s name in the section of your Experian Credit Report entitled ‘Financial Associations’.

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Credit card jargon buster – 10 top terms

Credit cardsEver wondered what some of the key credit card terms really mean? Here are our top ten.

  1. 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.
  2. 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
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How well do you know yourself?

How well do you know yourself? We decided to try and find out, one day last month in Nottingham.

And it turns out that while there’s a lot we do know about ourselves, one thing not many of us know is our credit score.

We set up a booth where people could pop in and answer some simple questions in our quiz – but one question above all foxed them.  Watch the video to find out how and why!

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Experian CreditExpert has a mobile app

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 either iTunes or Android.

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What’s the average Experian Credit Score where you live?

Average Experian Credit Score in Edinburgh 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

What is a good credit score?

A good credit score

A “good” credit score depends on the scoring system used by your particular lender – there’s no one credit score or magic number – different lenders score differently.

However, if you have a good credit score from one of the main credit reporting agencies such as Experian, you are likely to have a good credit score with your lender.

  • The Experian Credit Score runs from 0-999 and is an indication of how lenders may view you.
  • It is based on the information in your Experian Credit Report
  • 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.†*

Credit score bands

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Experian Credit Score is now FREE. FOREVER.

The cat’s out of the bag – for the first time, the UK’s most trusted credit score* is now free, for everyone**, forever.

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 CreditMatchera 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†.

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Experian Credit Score top tip 5 of 5: Review your credit report regularly

tip 5 - 600x300Everyone has an Experian Credit Score. Looking after it, nurturing, growing and improving it can help you get a better rate on loans, credit card or mortgages.

Reviewing your credit report can help you look after your finances better. The data & information held there summarises your credit history, so it can be worth reviewing it on a regular basis, and making sure it provides an accurate and up-to-date picture of your credit histories.

Video: 5 top tips to improve your Experian Credit Score

Lenders usually check your credit report when you apply for financial products, as it helps them decide whether to offer you the product and which terms to set, such as interest rates. Continue reading

Experian Credit Score top tip #3 of 5: Set up direct debit payments

tip 3  - 600x300Everyone has an Experian Credit Score. Looking after it, nurturing, growing and improving it can help you get a better rate on loans, credit card or mortgages.

If you apply for new credit, and lenders see late or missed payments on credit agreements with other lenders, they may be concerned that you will miss payments to them too. Continue reading