Car Finance Southampton Credit Assessment

At Car finance in Southampton we understand that every ones financial history is personal and completely different when you are looking for finance how you have managed your money in the past can have an impact on what you will be able to get going forward with most companies. At car finance Southampton we pride ourselves on partnering with some of the leading finance companies in the UK allowing us to give majority of people the car finance they are looking for.

We have compiled a brief guide of different credit score types below tio give you an indication of how your credit score may be. If you are concerned about your credit file or have never looked at it we have team up with Experian who can offer uyou a free credit profile trial to allow you to see where you stand.

Excellent

You will more than likely have an excellent credit score if you have been registered at the same address for many years. Your credit profile would show a long history of making your repayments to lenders on time for things like loans credit cards and mortgages. You will not have any missed payments on your record and very rarely have to apply for credit.

Good

Good credit would come from having a long standing address history where you are registered on the electoral roll. More than likely own your home or have been paying tenant for a long period of time with a stable employment history and regular income. You will have an active credit file meaning that you may have had loans credit cards or mortgages in the past showing very few missed payments.

Fair

Your credit report could show you as having fair credit if you have recently changed address or an irregular electoral roll history. Your job may have recently changed or you could have large amounts of debts. Missing payments and exceeding limits on credit cards and loans could cause this to happen. On your credit file you may have some old CCJ’S or Defaults that appear even if satisfied they can take up to six years to come off your file completely.

Poor

Poor credit can be caused by many things one of the key factors is a frequent house moves and missing information on the electoral roll. You are over your existing credit limits and regularly late with payments on your credit agreements. You may have active CCJ’S and defaults appearing as well as recent missed payments.

Bad

You may have no regular address history and no electoral roll information. You could be over committed on loans and credit cards meaning that your monthly income does not cover your credit out goings. You may be in an IVA debt management plan or bankrupt.

These examples are not set in stone but give you a rough idea as to where your credit file may be currently due to personal circumstances. For an accurate assessment of your credit profile you should contact the credit referencing agency Experian to get an up to date and personal credit report. We work with a huge team of lenders to get you the deal when looking for you new car finance, If you have bad credit we could help you.