REASONS FOR POOR CREDIT RATING/CREDIT SCORING

>>Credit History
Your credit history contributes to one third of your credit rating. Late or missed loan/credit card payments, essentially arrears have an affect on your credit score as well as defaults and CCJs (county court judgements). Any record of these will remain in your credit history for six years. However missed or late payments can have less influence on your credit score if you have made continuous payments, on time, for at least 12 months before you apply for credit again.

>>Moving Home Often
Having more than two addresses in the past three years can be a reason for poor credit rating, as this can be considered as instability. Also being at your current address for less than six months affects your credit scoring, meaning that if you are renting your credit rating is more than likely to be affected by this aspect.

>>Numerous Credit Applications
When you apply for credit, a credit search is undertaken each time, which is noted on your credit file. Making many applications in a relatively short period of time can be seen as someone desperately trying to get credit and can be a reason for poor credit rating. If you receive a number of declined credit applications you should try not to make any other credit applications for six months after to reduce the affect on your credit rating.

>>Employment History
Your employment history over the past three years is generally considered for your credit rating. Having three or more jobs in that time or periods of unemployment are likely to have an unfavourable affect on your credit score. Being in a job for at least a few months is recommended, as you will often be asked by lenders for recent payslips.

>>Bank Account
Your credit score will benefit greatly if you have been with your bank for a number of years, with a recently opened one reducing the credit score. Not having an account of any sort has an even greater negative influence.

>>Electoral Register
You should be registered to vote at the address on the credit application as this can significantly increase the chance of your application being rejected and is a mjor reason for poor credit rating.

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