To begin with, there isn’t such thing as a universal credit rating, and you will not be turned down based on this simply because it doesn’t exist! There is another post on this information if you want to read it…
What you will be assessed on is your credit score and how you compare with the lender’s own particular model of the customer they want (all these will be different dependent on the lender’s decisions).
The lender will be able to find out information such as:
- Previous financial history with their company.
- Court Records
- Electoral Roll
- Account Data
- Any Crimes of Fraud
They will base their decisions pretty firmly around these things, and they will not be able to access any of the information below, so don’t even concern yourself with it:-
- Declined Credit Applications
- Medical History.
- Criminal Records (with the exception of fraud).
- Student Loans.
- Child Support.
- Savings accounts.
- Salary (surprising!)
- Race, religion etc
So you can pretty much guarantee that this information cannot be used when in comes to making a decison about whether or not you a good risk (or should i say profitable risk or not). This is the information they can and can’t access, and this is what they use. How they use it however is very different from lender to lender, so if you get turned down from one of them, don’t worry, you can try another and it might be different.
Tags: credit cards, credit scoring, lenders