What does a credit score represent?
Your credit score is a numerical summary of information held on your credit report. This information helps lenders understand how you’ve managed credit in the past.
Factors that may influence a credit score include payment history, outstanding balances, how long you’ve had credit, and how frequently you apply for new credit.
Who calculates credit scores?
In the UK, credit scores are calculated by credit reference agencies such as Experian, Equifax, and TransUnion.
Each agency uses its own scoring model and range, which means your score can differ between agencies even though the underlying credit information is similar.
How do lenders use credit scores?
Lenders use credit scores as one factor when assessing finance applications. A score can help indicate how likely an applicant is to repay credit on time.
However, many lenders also consider additional factors such as affordability, income stability, and recent financial behaviour, rather than relying on the score alone.
Does a low credit score mean finance is impossible?
No. While a low credit score can make borrowing more challenging, it does not automatically mean finance is unavailable.
Some lenders specialise in applications from people with poor credit histories and assess applications based on individual circumstances.
Explore your options
A short enquiry allows us to review your situation and assess which lenders may be suitable based on your individual circumstances.
Apply now