Before a lender approves you, it checks your credit report. Your score influences which lenders will consider you and, with some lenders, the rate you're offered.
What's on your report
- Credit accounts you hold and their limits.
- Up to two years of monthly repayment history.
- Credit enquiries made when you apply for credit.
- Defaults, court judgments and bankruptcies.
Why shopping around can hurt
Each application usually leaves an enquiry on your file. Several in a short period can look like financial stress. That's one reason to use a broker: we compare lenders first and submit one application to the right one.
How to improve your score
- Pay every bill and repayment on time. Set up direct debits.
- Reduce credit card limits and close accounts you don't use.
- Avoid new credit applications in the months before you apply.
- Check your report and dispute any errors with the credit reporting body.
If you've had problems
Past defaults or late payments don't always mean no. Some lenders specialise in borrowers who've had issues, usually at a higher rate, with a plan to refinance to a mainstream lender later. If debts are the issue, debt consolidation may help, and our financial hardship page lists free support services.
Buy now, pay later and your application
Buy-now-pay-later accounts now appear on credit reports and in your bank statements. Lenders count the repayments and may ask about frequent use. Closing accounts you don't need before applying is a simple step.
Hardship arrangements
If you've had a hardship arrangement with a lender, it may be noted on your credit report for a period. It isn't a default, and some lenders will consider it with an explanation. If you're struggling now, see our financial hardship page.
Worried about your credit history? Let's talk
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