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Bad Credit

Bad credit is something that affects almost one third of the population and in some cases it isn’t until a credit card application has been submitted and subsequently refused that they are unaware there was something which is “flagging” up with lenders.

What is a credit rating?

Very simply, it is a personal profile that shows a potential lender everything about one’s credit history from paying everyday household bills on time to clearing any existing credit / store cards and any other finance on your account.

The slightest blemish which could show up when submitting a credit card application could result in you being turned down. This is unlikely with one or two missed payments but frequent missed payments etc will count as bad credit and will therefore need to consider the possibility of obtaining a card elsewhere.

If my partner has bad credit, will I be affected?

In most cases, the answer to this will be no unless you have joint applications involving financing which could affect the outcome of a credit card application.

Should you not have any involvement with your partner’s finances then you will not be affected in any way at all and this will result in your application being approved as a credit rating is linked to every person living in the country.

I am unsure if I do have bad credit, what can I do?

Whether you are not 100% certain if poor credit is listed on your file or perhaps you want to know whether or not you will be accepted should you submit a credit card application then for just £16.95, you can view your FULL credit file which is supplied by Equifax.

This will give you the full extent of your current and past credit history and will help you understand if you are likely to be accepted or turned down when you complete a credit card application.

If you do not have access to the internet then a copy of your credit history can be obtained by writing to the following address:

Credit File Advice Centre
PO Box 1140
It is not essential that you require a copy of this report because when any lender submits your application for subsequent credit scoring and a final decision, they will commonly use Equifax to establish suitability to become one of their customers.
If you choose to purchase a copy of the report and there is anything you need to query which perhaps shouldn’t be there, then you can write to the above address to express any concerns and try to alleviate them.
There can be some instances where a blemish on your record shouldn’t be there at all and when it usually takes around 12 months for a credit rating to rebuild itself, why must you risk having credit card applications amongst over things turned down?
If there is anything you are unsure about then query it as soon as possible before more permanent damage is done.

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