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What happens if I've got a bad credit history?

Having a bad credit score or credit history is not the end of the world. In an earlier post I reviewed an article and suggested that banks prefer slow methodical waltzes over flamenco dancing- they like a steady and planned approach to money, not a wild or erratic-looking approach. It scares them if they think a borrower mightn't have a solid approach to their managing their money. I suggest that you need to be on the look out things like the following: Taking a car for a test drive - you can ask them not to do a check. Accessing one of those 'what is the cheapest credit card' calculators - do a ring around and ask. Just keep a pen and paper handy. Filling out an enquiry form for an online l

What is a credit score anyway?

Your credit score is what banks and lenders use as part of their determination of your risk- that is how likely it might be that you may not be able to make your repayments. A site like can give you an example of your credit history. The tricky bit is that you may be adding to your credit score without realising it and this may cause problems later when you want to get a home loan or refinance your current loan. Many things can add to your credit score, including: Taking a car for a test drive...who knew? Accessing one of those 'what is the cheapest credit card' calculators Filling out an enquiry form for an online lender Making a purchase using an interest free offer B

Your credit score may affect your ability to get a loan!

Did you know that applying for a loan in more than one place can decrease your chances of getting a loan? Banks like tight, regular movements. Just like a waltz has rhythm and methodical movements, bank like customers who save regularly and plan their movements. Multiple loan applications give you a profile that is more like a flamenco dance, full of passion which can look less planned out! Potential borrowers can pick up multiple loan applications without realising and this affects your credit score. Bank look at your credit score when deciding if your application is worth their risk in lending you money. It sounds harsh but really they are just making sure that you have adequate capacity t



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