Glossary - Credt Score Rating

Credit Score rating covers your financial history.
A credit check will be done before any finance can be arranged. A lot of factors are taken into account whilst doing a credit check such as time at your currant address, your employment status, age and credit rating. If there is found to be any adverse credit history such as arrears, late payments or any County Court Judgments then it will make it harder for you to find a lender who would be willing to grant you any future finance.

Example: Adverse Credit Mortgage
These mortgages are known in the industry as sub prime or non-status mortgages, they are tailor made for people who have a poor credit rating. These type of mortgages are sometimes referred to non-status or bad credit mortgages. Poor credit scoring is usually a result of county court judgments, mortgage arrears or bankruptcy.

Useful Tip
If you have a low credit score a lender will consider yo to be a high risk borrower, this will mean that they will charge more interest on any finance they loan to you. Some lenders consider very low credit scores too much of a risk and they may refuse a loan Enquiry. You should not despair UK lenders can be found online and there are lenders out there who specialise in dealing with people who have poor credit scores.

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