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How do lenders decide whether to give me credit?

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They use a combination of the following:

  • Information supplied by you at the point of application
  • Data supplied by a credit reference agency
  • Information about any existing accounts you already have with the lender
Most lenders use a technique known as credit scoring to help them decide whether to give you credit. Lenders also apply policy rules when processing your application. For instance, they may have an automatic policy rule relating to applicants who have a County Court Judgment over a specified amount. If someone applies for credit and the data supplied by Callcredit reveals the applicant has a County Court Judgment over this specified amount, the application would be automatically declined. Lenders use different credit scoring systems and policy rules, therefore if you are declined by one organisation this does not necessarily mean that other companies will make the same decision. Please note that if you make a large number of applications for credit each one will leave a credit search on your credit file. Some lenders view a large number of credit searches as a negative attribute.



Next FAQ:  What is credit scoring?

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