Why should I improve my credit score?
When you apply for credit, the lender will calculate your credit score to help it decide whether to lend to you. It's usually based on:
- Information from your credit report.
- Your application details.
- Data they already hold on you, if you've been a customer before.
Each lender may have a different way of calculating your credit score, depending on what information they have access to and their lending criteria.
Credit reference agencies (CRAs) like Experian also calculate credit scores, for lenders and the public. You can get an idea of how lenders may view your credit history by looking at your free Experian Credit Score. And don't worry, checking your score won't affect it.