Top 10 credit myths
Financial products are hard to understand and even harder to compare. So when you need credit, it can be a real headache to go through all the options to pick the right one. Plus, once you’ve made a choice, you don’t even know if your application is likely to be approved.
Experian can help make comparing credit cards and personal loans easier by showing you your chance of being approved before you apply.
This is called your eligibility rating. We calculate it by looking at your credit information and the lender’s criteria.
Your eligibility rating is your likelihood of getting accepted, based on your credit information.
When you use CreditMatcher to search for credit cards and personal loans, you’ll see your eligibility next to each deal.
There are lots of factors to consider when picking a credit deal – along with showing you your eligibility rating, you can also compare the benefits and costs of each option.
Not only does CreditMatcher help take the guesswork out of searching for credit, it also helps protect your credit score. This is because making several credit applications in a short space of time can look bad on your credit report, and can even cause your score to go down.
Using CreditMatcher to compare multiple credit deals doesn’t affect your credit report or score and helps you avoid making multiple applications.
Pre-approval is the highest eligibility rating – letting you know your application should be approved.
If you’re looking for a credit card, in some cases you might even be pre-approved. This means that if you apply for that card, your application should be successful – but the final approval is at the lender’s discretion so it’s worth understanding that certain conditions could apply.
The lender will need to carry out its usual checks, such as ID verification, and assessing the information on your application form, before you know you’re approved. And there are some situations which could invalidate your pre-approval, such as your circumstances changing, applying for multiple products at once, or not applying via CreditMatcher.
After you’ve picked the credit deal you want, you’ll click through to apply with the lender. If your application is successful, the lender may offer you an annual percentage rate (APR), credit limit or promotional deal that's different from the one shown in the search results – but they’ll need to make you aware of this before you agree to take out the credit.
Use Experian CreditMatcher to help put yourself in the best position possible when you’re looking for credit cards and personal loans – find out how eligible you are before you apply.
We are a credit broker and not a lender. †