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Guarantor Loans UK

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  • Jonathon Monk
  • July 10, 2018 05:34:14 PM

A Little About Us

Guarantor Loans UK has been designed to help cut through the red tape and hard work when trying to find an affordable bad credit loan. By securing the help of a third party guarantor for your repayments, you will be able to access affordable quotes from the UK's leading bad credit lenders through the submission of one easy to complete form. Designed to offer a lifeline to borrowers who cannot access loans from high street lenders, a poor credit rating no longer needs to push you towards the ultra expensive payday loan option should you need to take out a loan.

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    4 Do’s and Don’ts When Looking for Emergency Cash

    Emergencies put the pressure on and can quickly lead to bad decisions when looking to solve a cash flow problem. In these uncertain times, level-headed thinking […] The post 4 Do’s and Don’ts When Looking for Emergency Cash appeared first on...

    Emergencies put the pressure on and can quickly lead to bad decisions when looking to solve a cash flow problem.

    In these uncertain times, level-headed thinking is more important than ever, so if you’re in desperate need of cash we look at some do’s and don’ts, to make sure you don’t do something you’ll regret later on.

    This is especially important if you have got a poor credit rating, so more limited options!


    DO NOT LET DESPERATION DRIVE YOUR DECISIONS

    The pressure caused by mounting bills can lead people into making quick decisions that could have bad long-term consequences, such as taking out an expensive loan.

    Just because you are desperate for money, this does not mean that you should rush in and take the first option available; this could lead to a poor decision.


    ✓ DO EXPLORE ALL OPTIONS

    One of the best options for a short-term cash boost is often one of the last options that we think of;  do not be afraid to ask family and friends for a loan if you believe they may be in a position to help.

    Pride or an unwillingness to put people on the spot can be very powerful reasons for not choosing this option but you may be surprised at how many family and close friends would like to help if given the chance.

    The loan can be as formal or informal as both sides wish, and the chances are it will certainly be the cheapest option available to you.

    If you would like to weigh up the pros and cons of borrowing from family and friends, the Money Advice Service has drawn up a very helpful guide titled – Should you borrow from family or friends? Should you borrow from family or friends?


    DO NOT GET AN EXPENSIVE SHORT-TERM LOAN (IF POSSIBLE)

    Short terms loans can be relatively easy to get, and fast! But they can be very expensive, and especially if you cannot afford to pay back when agreed, can get you stuck into a debt spiral.

    There are two main types of short-term loan:

    • Payday: typically borrow up to £1,000 for up to four weeks (your next payday), with high-interest rates up to 1,314% APR. To give you an example of costs from the lender Cash ASAP (Representative Example):

    £250 loan for 3 months at a fixed interest rate of 290% pa. The total amount payable is £351.31 in monthly instalments of £123.06, £124.38, and £103.87. This is based on the amount of credit plus interest, no other fees apply.

    • Instalment: typically borrow up to £2,000 for up to 6-months, with high-interest rates up to 1,314% APR. To give you an example of costs from the lender Cash4UNow (Representative Example):

    Loan amount £200 repayable over 4 months. Total amount repayable £332.00 in 4 payments of £83.00. Interest 292% pa (fixed). REPRESENTATIVE 1,306% APR.

    If you can show suitable affordability, and meet all the other lender criteria, there loans can be relatively easy to get out, and quickly also.

    Though they are an expensive solution, so if you can avoid this type of loan please try too.


    ✓ DO STOP AND THINK

    As the saying goes “there are many ways to skin a cat”, so if you have a problem that needs solving, there could be multiple potential solutions.

    In the example below, we look at some of the potential solutions to a ‘boiler emergency’.

    Let’s say your boiler has just broken down and you have no spare cash to fix it; we are going into winter and without a boiler it’s there could be no heating of hot water! So, let us consider the following possible solutions:

    • Drive for the lowest price – get multiple quotes so as to find the very cheapest price to fix it, which may be less than originally thought? Challenge the tradesman to do the job as cheaply as possible and keep their price low. Is there a way that you can push down the cost of your potential emergency expense?
    • Alternative cheaper solutions – let’s say it turns out that it’s only the heating that is not working? One short-term solution could be to buy some electric radiators which could be a lot cheaper than fixing the boiler? Is there an alternative cheaper solution to your problem?
    • Other ways to save money – are there other expenses that you have that you could cut down on temporarily, to save the money for the emergency repair? What other things could you cut back on?
    • Borrow as a last resort – borrowing should really be your last resort, as it always must be paid back! Firstly, are there friends or family who would be able to help you out with a small loan? If this is not possible, then for any other loans, take your time and look out for the cheapest option.

    So, before you start taking action to solve your cash problem, please stop and think of all the possible solutions first.


    STILL, NEED A LOAN?

    Read this article and still need a loan?

    There are emergency loan solutions for bad credit that are often much more cost-effective than short terms loans such as payday, or instalment loans.

    See our fast guarantor loan deals.

    The post 4 Do’s and Don’ts When Looking for Emergency Cash appeared first on .


    Save Money with These 7 Really Useful Free Software Solutions

    Buying a computer itself is expensive enough, but once you start adding extras like subscriptions to Microsoft Office, getting anything done starts to become very expensive! […] The post Save Money with These 7 Really Useful Free Software Solutions appeared first on...

    Buying a computer itself is expensive enough, but once you start adding extras like subscriptions to Microsoft Office, getting anything done starts to become very expensive!

    If you look around, there are some great free alternatives which work like many of the standard programs you need day-to-day, chances are you just have not heard of them.

    Here are some suggestions to get you going:


    1. Free Video Calling and Conferencing

    Since the unfortunate advent of Covid-19, lockdown, and millions of people worldwide only able to work from home or unable to visit family in the usual way, the video calling, and the conferencing scene has really taken off. 

    Platforms who previously did not have this option or ones that did not really push it have vastly improved their offerings.

    Many people already used or at least were aware of Skype, but others have sprung up; House Party, WhatsApp, Zoom, Google Due, to name but a few.

    All can be used on mobiles, tablets, and PCs and they are all generally reliable.

    It is really about doing a little research online to choose which option suits you best and whether their free options suit your needs.

    For example, Zoom allows free ‘meetings’ for a limited period of time for each meeting, meaning that if you want to ‘Zoom’ for longer, you need to either purchase a business version or swap around between your ‘Zoomers’ or log off and then back on again, every 40 minutes.

    It often comes down to the company you and your friernds and family already have accounts with! Microsoft (Skype), Google (Due), etc!


    2. Free Security Software: take a look at Avast

    It is crucial that you protect yourself and your computer from hackers and any form of outside attack; you do not want your banking details and other sensitive information stolen.

    Many computers now come with security software, but these are often stripped-down versions or expire after a short time.

    Avast is a free program that we have found to be as reliable as any other security software we have tried.

    Beware, however, that Avast and McAfee (another popular security solution) do not work together, and it is likely to be the same with others. You cannot run both, so we recommend you research your options thoroughly.


    3. Free Media Player: VLC Player

    We have not found a media file VLC can’t play!

    It is a great program despite the slightly odd logo.

    It also takes away all the hassle of converting media files or downloading dedicated programs.

    One of the first on my download list when I get a new computer.


    4. Free Alternative to MS Office: Google Docs

    Just like Microsoft Office, Google Docs also lets you create and amend documents, spreadsheets, and presentations.

    One of its main benefits is that you can easily share documents, and even have two people working on them at the same time.

    Built-in, you also have some free storage on Google Drive.

    Whilst it’s a ‘cloud-based’ solution, rather than software that you download, there is still an ‘offline’ mode, so you do not always need to be connected to the internet to get work done.


    5. Free PC Cleaner (keeping it running fast): CCleaner

    If your PC is unusually slow this is a great program which is designed to clean out all the unused ‘crap’ (hence the C) clogging up your machine.

    Unlike Avast it is not constantly running in the background; you simply use it whenever your computer needs a spring clean.

    We have been a big fan of CCleaner for many years.


    6. Free PDF Document Creator: PrimoPDF

    A really simple and straightforward program that allows you to create PDFs from almost any kind of file.

    PDF documents are a really great way of sharing your documents so in a way that they are not then changed by the recipient. For example, if you are sending out an invoice.

    It achieved a 5-star rating from CNET.


    7. Free Website Builder: WordPress

    Stuck of things to do in the lockdown? How’s about start a blog, create a hoppy, or professional website!

    If you want to create a website or blog and are reasonably computer literate WordPress is the platform. WordPress.com will host your website free of charge – the URL will be [yourwebsitename].wordpress.com – and there are many free of charge ‘themes’ to choose from.

    This is a great way to experiment with creating a website without committing to web hosting and design costs.


    Finding Other Free Stuff

    With so much free downloadable, or cloud-based software available there is a free version of almost everything. 

    We recommend doing some research and reading reviews on sites like CNET to check for any problems.  Software that is regularly updated is particularly useful as this should iron out any unexpected glitches.

    Also, The Money Saving Expert website by Martin Lewis has a comprehensive list of free downloads but here are some of our favorites.

    Please remember that different software often slows down or disrupts other programs, so we recommend you double-check before you download whether the software is compatible.

    A simple Google search should tell you whether you might run into difficulties.


    Why Have We Written This Post?

    As the old saying goes “a penny saved is like a penny made”.

    We understand how important money is for people, especially in these very difficult times; so, we share a few ideas for saving a few pounds here and there.

    The post Save Money with These 7 Really Useful Free Software Solutions appeared first on .


    Paying Too Much? – A Guide To Saving Money On Broadband

    Sadly when it comes to staying loyal to an ISP, customers are too often rewarded with overpayment. We cast a frugal eye over why and how […] The post Paying Too Much? – A Guide To Saving Money On Broadband appeared first on .

    Sadly when it comes to staying loyal to an ISP, customers are too often rewarded with overpayment. We cast a frugal eye over why and how you can make savings instead. 

    Nobody likes to pay more than they need to, for anything in life. The bill for modern utilities is only rising and for most people keen to budget, every penny or pound needs to count.

    Broadband products, much like our mobile phones, are an increasingly essential expense here with most subject to fixed-term contracts. As a result, such services are slightly unique in the way they can find us overpaying by considerable amounts.

    In this guide, we will examine how and why this can occur, before identifying several popular strategies for cutting unnecessary costs.


    Minimum matters

    So what is the leading cause for this overpayment?

    Typically and most directly, it can be attributed to a failure to recognise and observe the expiry of a minimum contract period.

    According to Ofcom figures from May 2019, more than 20 million UK customers were past their minimum contract term for a variety of contractual services. These would span phone and subscription TV, but more crucially a staggering 8.8 million broadband consumers possibly paying over the odds.

    After a contract ends, rolling terms then kick in for the foreseeable ongoing basis, but often at a higher cost.

    At this time the customer is fundamentally free to “shop around” for a cheaper option, switch vendors or indeed negotiate a better deal with the current provider.

    However, many of us fail to take advantage of this opportunity. 


    Loyalty penalty?

    The irony here is that such potential overpayment for broadband can be seen as a penalty for showing loyalty to a provider. “Why do I keep seeing incentive deals for new customers and nothing for loyal ‘ol me?”

    If you find yourself asking those sorts of questions after passing current contract terms, then you could be in the driving seat. With Ofcom figures also asserting that average savings could be as much as £100 per year, don’t underestimate the value in politely challenging your existing provider first.

    You might have a special relationship with a broadband company you trust. In all other ways they deliver good service, so while you want to stay they want to keep you.


    How to save money

    To start with, never underestimate the effectiveness of haggling.

    Speaking to your current provider, over the phone preferably, is a must-try tactic when trying to secure a cheaper deal.

    However, you don’t want to go into a conversation uniformed. Not only should you know and be able to recite what you currently pay, but also versus what you could be paying if you switched to a cheaper provider. Do some price comparisons with rival providers, find those that undercut your current deal and use that information to haggle.

    Remember that cheaper broadband is like anything in life, you don’t get if you don’t ask!


    Switch to get a deal

    Often the assertion you plan to leave a provider is enough to secure an improved, cheaper deal to keep you.

    While it’s true you will be asked to sign a new contract subject to new minimum terms, if you’re happy then great!

    However, sometimes staying loyal can’t match a better offer elsewhere and switching providers is the way forward. If you had experienced difficulties or dissatisfaction with a current provider previously, then being out of contract is the ideal chance to swap.

    Broadband price comparison websites such as Broadband Genie are ideal for shopping around and starting the switching process. Just be sure to not only compare price but all the equivalent package specs and indeed any setup or installation costs to factor in. 


    Bundling services

    One of the more popular ways that broadband providers like BT, Sky and Virgin market services more “cheaply” is with bundles.

    These packages tie fast fibre-based internet to on-demand TV and telephony products to consolidate your bills. You can read more about fibre broadband here.

    While on the surface this bundling may seem more cost-effective, generally this is true, it depends on your needs. A good tip is to think about your usage habits now and not be coerced into adding unwanted extras under the perception a more expensive bundle is better value.

    Bundles can also tend to offer free rewards for new customer signups, which is another bonus worth considering.


    Vouchers & freebies

    Everybody loves the carrot of vouchers and freebies. The leading broadband providers know this and regularly entice with various promotional partnerships, Amazon gift cards and the like.

    Often these can be persuasive and if they make a material practical difference in your existing spending habits, worth considering towards potential savings.

    For instance, a £100 spending voucher with a retailer you already shop with could be enough to effectively constitute three months of free broadband at £33 per month.

    Additionally, some service packages pass on limited-term discounts or the waving of setup fees. Look at these carefully and remember to think about where prices leap to after the discount expires, while also factoring in all deals and “freebies” when comparing deals.


    Why Are We Writing This Post

    As people borrow money based on the information found on this website, we understand the importance of making the most of your money and getting the very best value. We hope you found the post useful?

    The post Paying Too Much? – A Guide To Saving Money On Broadband appeared first on .


    Pet Insurance – Do You Need It?

    The number of pets owned in the UK an estimated 51 million, however, it is estimated that 84% of cats and 67% of dogs do not […] The post Pet Insurance – Do You Need It? appeared first on .


    The number of pets owned in the UK an estimated 51 million, however, it is estimated that 84% of cats and 67% of dogs do not have insurance!


    Corona Virus Update November 2020

    • Q. Can pets catch Coronavirus?
    • A. Yes – there have been a couple of cases where pets have tested positive
    • Q. Will pet insurance cover my pet if they get Coronavirus?
    • A. Yes, unless your policy states otherwise.

    Read more in the article “Can animals catch Coronavirus (Covid-19)?” by GoCompare.


    The Costs of a Pet

    A recent report from MORE TH>N, based on a study of 10,000 cat and dog owners, reveals insight into the associated costs of looking after our beloved companions:

    British dog owners are spending an average of £240 on their pooch each month, with costs incurred including food, treats, professional grooming, pet insurance and vets fees. Cat owners meanwhile are spending £100 on similar items in comparison. This equates to a whopping £24.5 billion being spent on dogs, and £9.6 billion being spent on cats, in the UK each year.

    Average monthly spend on a dog Average monthly spend on a cat
    Food  £58 £36
    Treats  £34 £12
    Toys  £27 £9
    Professional Grooming  £29 £6
    Dog Walker  £22 £10
    Pet Insurance  £34 £11
    Medication/Vet Bills  £37 £17
    Total  £240 £100

    For more on this study click here.

    One of the biggest expenses when it comes to larger animals is their health, there is no free NHS to treat them and vet’s bills can be very expensive.


    Do You Need Pet Insurance?An image of a dog on a vets table

    Pet insurance is designed to cover all sorts of health conditions, covering expenses that you would otherwise have to pay out of your own pocket.

    See some estimated dog condition costs:

    Condition Average condition cost
    Tumour £621.10
    Arthritis/DJD £230.48
    Lameness £392.13
    Cruciate rupture £1,060.53
    Gastro-enteritis £482.14
    Lump £420.53
    Wound £356.71
    Wart/growth £387.19
    Lipoma £449.15
    Otitis externa £271.68
    Epilepsy/fitting/seizure £300.92
    Injury £411.72
    Vomiting £419.01
    Gastric condition £512.64
    Poisoning £380.51
    Dermatitis £245.77
    Pancreatitis £560.45
    Injured/infected claw £263.20
    Skin condition £241.76
    Corneal ulcer £360.84
    Respiratory condition £597.85
    Mast cell tumour £638.53
    Diarrhoea £306.91
    Vomiting and diarrhoea £414.43
    Liver condition £383.71
    Cushing’s disease £319.03
    Diabetes £321.54
    Skin allergy £239.97
    Atopy £224.51
    Patella luxation £908.10
    Eye condition £339.75
    Hip dysplasia £485.73
    Heart failure £288.13
    Hypothyroidism £152.29
    Ear condition £285.42
    Heart condition £433.29
    Coughing £376.63
    Back/spinal condition £630.85

    Source: Based on the total amount of all closed claims for cats received by Tesco Bank Pet Insurance from July 2015 to August 2016. The average costs provided for illustration costs only. Actual costs will vary. Tesco Pet Insurance.


    Insurance ChecksAn image of a smiling Golden Retriever

    Things you need to check:

    • Certain breeds of dogs are not covered under any form of pet insurance so it is important that you discuss this with your insurer in detail.
    • Make sure you declare any known medical conditions exactly as you would with your own travel insurance for example.
    • Pets over a certain age will not be insurable as the risk is simply too great; this is something you really need to plan ahead for.
    • There are multi-pet policies available if you have more than one pet which should bring down the total premiums.
    • Consider the amount you wish to pay in excess. As with all insurance, the higher the excess the lower the monthly premium.

    For a little further insight, the excellent Mila Araujo of The Balance has written a hugely informative article titled ‘The Top 10 Questions to Ask When Buying Pet Insurance‘ focusing on all the pertinent questions.


    Self Cover?

    Another option is paying a little a month into a savings fund to cover you in case of an emergency.

    You might, however, find you have to dip into the savings too soon or you have unexpected legal bills.An image of a small dog asleep

    For smaller pets like rabbits, hamsters and guinea pigs you can usually get help and advice for simple issues from a local pet shop.

    After an £80 bill to treat two guinea pigs with mites, a friend learned that buying the treatment and having the pet shop owner administer it was a much better option!


    The Cost of Pet Insurance

    The cost of insurance can vary greatly dependant on the species of your pet, and age. 

    This article runs through the costs in much greater detail and is a great read.

    So the next step of finding out the insurance premium that you may be faced with is to get some quotes. For example, moneysupermarket.com provides a compare service that does this.


    A Difficult Choice?

    It often comes down to the cost of insurance versus the likely costs of treatment.

    So if you do not take out insurance, there could be a scenario where if the vet’s bills are unaffordable, you may have to choose not to undertake the treatment, and instead have to put your beloved pet to sleep!

    A difficult choice indeed, but one that should be thought about, and decided upon one way or another.


    Please note we are not insurance brokers, and nothing in this article constitutes advice in any way, just hopefully some helpful tips of things to think about relating to your pets.



    About Us

    We help those who may be unlucky enough to have a poor credit rating to get access to more affordable loans.

    • This website specialises in comparing the guarantor type of loan, which typically has lower rates than other “bad credit” type loans.
    • We, therefore, take time to write articles on ways to save money, as the best way to avoid the interest costs of any loan is to not have to take one out in the first place.
    • So if you have insurance cover on your pets, this may one day help you avoid large vets bills, and the need to take out a loan?

    We hope this article was helpful?


     

    The post Pet Insurance – Do You Need It? appeared first on .


    Are Short Term Loans an Answer when you have a Bad Credit Rating?

    With COVID-19 causing devastation to the UK economy, many people are looking at ways to ‘make ends meet’, which is especially difficult with a poor credit […] The post Are Short Term Loans an Answer when you have a Bad Credit Rating? appeared first on...


    With COVID-19 causing devastation to the UK economy, many people are looking at ways to ‘make ends meet’, which is especially difficult with a poor credit score!

    Short term borrowing such as payday advances can cause more problems than they solve!



    An image of a question mark word cloud

    Is a short term loan really the answer?

    It may be tempting for anyone with bad credit problems to think that a short term loan is an answer.

    After all, they’re available for people who would find it difficult or even impossible to find an alternative solution, but they are fraught with danger.

    The major problem with short term lending can be very expensive, and typically is only designed for one of two months. If you keep ‘rolling over’ the debt, it can get very expensive, and a major burden.



    A mind the gap sign

    Only for bridging a gap

    A short term loan is designed to bridge a gap, and a date will be set at the beginning of the loan when it will need to be paid back in full.

    This will usually be your next payday, hence the often alternative name of payday loans.

    The real problems can start if you fail to meet the repayment schedule and interest plus other charges can soon escalate out of control.

    Think about it – if you are having problems making your salary stretch to the next payday already (hence your debt problems) how difficult will it be to use a large chunk of salary on the loan and still survive for the remainder of the month?

    It is pretty easy to get into the desperation borrowing cycle which can be exceedingly difficult to get out of and you can find yourself spiraling further out of control and into a sea of debt.

    For more on breaking this cycle, please take a moment to view the following video:



    An image of a pros and cons list

    More cons than pro’s!

    Short term borrowing options are easy to get – that’s both an advantage and a disadvantage of them. 

    It can be a great relief when you are desperately in need of a cash boost but can also cause real problems if you start to take out loans which you do not really need.

    Don’t automatically head down this road without first exploring other options. Hows about:

    • Having a clear-out and selling some unwanted items
    • Cutting back on your expenses
    • Asking friends or family for help – this may mean swallowing your pride but can also help to save a lot of worry in the future

    If you can find an alternative to using a short term loan then take it. It may not be quite so quick, easy, and convenient at first but it really is good advice for many debt problems.

    • For some additional personal money-saving tips, please check out the following Which article – 50 ways to save money


    An image of a risk and reward sign

    Warning

    Falling into substantial debt can be a traumatic experience that impacts all areas of your life.

    Which? explains the steps you can take to get back in control from paying less interest on credit cards to the grants and benefits you can claim.



    Short term loans damage your credit file!

    What many people do not realise, is that short terms ‘payday’ type loans damage your credit score!

    This is because mainstream lenders take the view that these loans are a result of poor money management (even if this is not the case).

    For more information see:



    Alternative longer-term solutions

    If you can somehow avoid using short term loans, there are alternative longer-term solutions to consider:



     

    The post Are Short Term Loans an Answer when you have a Bad Credit Rating? appeared first on .


    Your Credit Score Explained

    Your credit score is a number that the credit referencing agencies put against your credit file for lenders to quickly assess how ‘creditworthy’ you are to […] The post Your Credit Score Explained appeared first on .


    Your credit score is a number that the credit referencing agencies put against your credit file for lenders to quickly assess how ‘creditworthy’ you are to lend to or not!


    In the ‘good old days’, to get a loan you would meet the bank manager and they would make their decision to lend based on many factors, your credit score is only one.

    Though in today’s world of ‘automation’ and minimising costs, lenders rely heavily on credit scores as a major way of deciding whether to lend or not. Your credit score is like an exam grade; so:

    • The higher you score – the greater the number of lenders who are likely to grant you a lower interest rate loan.
    • The lower your score – you will be more restricted to ‘bad credit lenders’ who are more expensive.

     



    What Your Credit Score Means

    Experian provides a good explanation in the graphic below:

    Explanation of credit score

    The score you need for a loan will vary depending on the specific lender.

    Many lenders do not just look at this, they will also look at your credit history to see if it looks acceptable to them.

     



    The Make-Up Of Your Credit Score

    Your score is made of 5 categories:

    Pie Chart Descriping Credit Score

    1. Record of paying your bills on time (payment history) – the more history you can show making payments as you should, the better your score will be

    2. Total indebtedness – how much you owe in total does affect your score, especially if they are balances being run on credit cards.

    3. Credit mix – if you have a good mix of credit all with a good payment history this looks good and helps your score

    4. New Accounts and Credit Requests – if you make lots of applications without taking out a new agreement, this looks bad and can reduce your score

    5. Length of credit history – in the UK we can only see back 6 years on your credit file, but the longer your credit file is showing good payment history over a range of credit agreements, the better.

     


    For hints and tips about boosting your score see our credit score improvement guide


    Do you know what your credit file looks like?

    To check out your credit rating, a couple of options

    • Checkmyfile –  multi-agency credit report, which will show you all the entries from all the three credit reference agencies (FREE for 30 days, then just £14.99 a month – cancel anytime)
    • Credibble – can show you your credit file, plus what you need to do to improve your credit score 👍 (Only £7.75 a month – cancel anytime)

     



    Loan options

    Unfortunately, if you have sub 600 poor credit score, apart from friends and family, it is only the ‘poor credit’ lenders that are available for a loan.

    As you have probably guessed, we are a loan broker and specialise in online guarantor loans.

    We have included a lot of information on our site to help you to decide whether or not this is the right type loan for you, as well as a compare loans page to quickly browse the various options:

    Screenshot of compare loans page

     

     

     

     

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