We are an Introducer Appointed Representative of Quint Group Limited, who are a credit broker, not a lender. OinkMoney.com Introduces customers to Monevo Ltd who are an Appointed Representative of Quint Group Ltd for the purposes of obtaining a loan. Oink Money does not provide any loan or consumer credit products directly.
Monday 12th of June 2017
Credit rating is very important when it comes to your finances and though many people have heard the term, few have a full understanding of what it means to them, what this will affect and how you can turn a poor credit rating over to a good one. Credit rating is a score that we all carry, showing how reliable each person is with their money. This score can affect whether or not you can get a loan or receive credit like a credit card, car finance or a mobile phone contract. Don’t panic, if you do have a high credit rating then there are ways to bring this back down, so you don’t have to worry.
Those that have a low credit rating may be turned down to receive finance, though just because one company will not offer finance to you, other companies might be happy to. Those with lower credit ratings who are granted finance may be struck with high interest rates and other financial penalties than those who have a high credit score. If you are struggling to bring down your credit rating then read this guide to get you back to square one.
Credit rating is a very important score that reflects how reliable you are with your money. Companies and businesses use this score to determine whether you will be able to pay them back for money companies loan to you. Those that have a higher credit rating find themselves able to get a loan or finance easily and without much hassle. Those that don’t usually have a low credit rating and companies worry you cannot afford to repay them during or at the end of your contract.
There are a number of instances where credit rating comes into play. Those that want to get a mortgage on a house, take out car finance for their vehicle or want to get a phone contract for their mobile, are all given the opportunity to take finance (a loan) to help with payments. These loans or finance break down the large payment into smaller, more manageable chunks to pay every month, making buying these expensive things more affordable.
Before we go into the nitty-gritty of how to improve your credit rating, it’s important to understand what affects your credit score in the first place. Your credit history is a very good indicator of how reliable you are as a customer to pay money back on time and so companies will usually check to see your past history before granting you a loan.
If you are struggling to keep up with any repayments then it is important to contact your lender company to discuss this with them. They will be able to advise you on the best action to take and will help you to make more manageable payments and keep your credit rating stable.
The first question on everyone’s lips when they are declined finance is why. There are usually a number of different reasons that credit ratings drop and it could be a combination of a couple of things. As mentioned above, even if you are declined from one company, that doesn’t mean that you will not be granted finance from other companies.
Everyone will be relieved to know that your credit rating can be improved with a little strategic hard work and dedication, you can turn your credit score around making it easier to get a loan or finance. Heres how:
Credit rating is something that everyone should strive to maintain and it ensures that you don’t pay extra on high interest if you do manage to get finance or a loan. With a good credit score you will find it easier to get finance or a loan on any future purchases. Are you wanting to boost your credit rating? How will you improve your credit rating? Let me know in the comments below.
OinkMoney.com Introduces customers to Monevo Ltd who are an Appointed Representative of Quint Group Ltd for the purposes of obtaining a loan. Oink Money does not provide any loan or consumer credit products directly. We do not make short term loan or credit decisions.
We do not charge any fees. If you are contacted by anyone saying they are calling from Oink Money requesting you make them a payment, you should report this to www.actionfraud.police.uk immediately. We will never contact you asking for a payment.
*The loan amount and interest rate you are offered are subject to lenders requirements and approval. If accepted by a lender, a full credit check will be carried out. If Monevo are unable to find you a loan, they may offer you an alternative product. The time it takes for the funds to appear in your account may take longer, and will depend on your bank and the lender's own policies and procedures.