MoneyMagpie

Oct 23

Looking for a credit card to cover the festive season?

Borrow wisely this Christmas

With Christmas just around the corner, it’s time to start your holiday spending plan. Avoid kicking off the New Year with expensive credit cards to pay back and get yourself a better deal.

Getting approved for credit (such as a mortgage, loan or credit card) isn’t guaranteed, and having your application rejected could delay your plans. But you can raise your chances of approval by increasing your credit score.

Your credit score influences your chances of getting:

  • Credit cards, loans and mortgages
  • Car financing
  • Gas & electricity monthly payments
  • Mobile phone contracts
  • Insurance monthly payments
  • Property rentals

The Experian Credit Score gives you an idea of how lenders may view you. It reflects your credit history, which companies look at to help them decide if you’re a reliable borrower.

An Experian account lets you access your Experian Credit Score for free which is updated every 30 days each time you log in. Your credit score could make the difference to your chance of getting credit, and Experian believes that everybody should be able to access it without paying a penny. On Experian.co.uk you can also see your chance of being approved for credit cards and personal loans before you put in an application.

Check your free Experian Credit Score

Is your Data Self as good as it can be? Find out with a free Experian account. Get to know the version of you lenders see when deciding to offer you credit – your Data Self. And let it start helping you make better financial decisions by showing you your chances of acceptance for credit cards and personal loans.

Worried that checking your score will reduce it? To check it won’t wreck it. No matter how many times you check your score, it won’t be affected. Comparing and searching won’t impact your score either, so you can check, compare, and search away to your heart’s content. With a free Experian account, you can see your updated score every 30 days if you log in.

 

What your score means

Your Experian Credit Score is a number from 0-999. The higher it is, the better your chances of getting credit at good rates. See where you fit into our score bands:

961-999: Excellent – You should get the best credit cards, loans and mortgages (but there are no guarantees).
881-960: Good –
You should get most credit cards, loans and mortgages but the very best deals may reject you.
721-880: Fair –
You might get OK interest rates but your credit limits may not be very high.
561-720: Poor –
You might be accepted for credit cards, loans and mortgages but they may have higher interest rates.
0-560: Very poor –
 You’re more likely to be rejected for most credit cards, loans and mortgages that are available.

Sign up to get your free Experian Credit Score here. 

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