What do you know about your credit file?

What do you know about your credit file?

Your credit file is your financial passport. Everyone has one. If you pay a phone bill, if you have a bank account, a loan or a credit card, you have a credit file and more importantly, a credit score. Love it, hate it or choose to ignore it, your credit file and the score displayed on it is are the most important factors in your financial life.
Even if you've never borrowed money before, you still have a credit file.

But what is a credit score?

When applying for credit, before lending to you responsible credit providers (aka lenders or credit card companies) will want to make sure you can afford to repay what you borrow. To help them work this out they will refer to your credit score. Your credit score is calculated from a bunch of different criteria and illustrates your ability to manage credit.

Managing your credit score

When it comes to managing your credit score it is vital you know what you are dealing with. Gaining visibility of your score is easy and can be achieved by visiting a number of free credit report sites. Our recommendations are Noddle and ClearScore. Once you know your score the steps needed to move forward will become much clearer.

If you don't know where you stand, how can you possibly move forward?

I have a low credit score!

You don't have a credit card, you've never taken out a loan, you must have an amazing credit score, right? In fact, the opposite is true - if you're new to borrowing, it's likely you'll have a low credit score. You're also likely to have a low score if you have a history of missed or late payments, defaulted on any credit accounts, have a high balance in comparison to your limits or have had any previous judgments made against you.

So how do I improve my credit score?


  • Register on the electoral roll
  • Don't miss or be late with repayments
  • Have a stable address
  • Consider Credit builder products
  • Talk to the companies in question

The bottom line

The bottom line is your credit score illustrates your creditworthiness to lenders of all types and is likely to play a pivotal role in any of your future financial decisions. Gain an understanding and take control. Once you have found out your credit score, you can start to look at appropriate lenders. Find out your credit score and then start a Choose Wisely Smart Search. This will provide you with a list of suitable lenders that you can compare.

Find out your chance of acceptance

Choose Wiselys smart search tool will provide you with the lenders most likely to accept you

Written by Mark
Published on 16th June 2017
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