Your Checkmyfile score

While an excellent credit score makes you more eligible for many lenders, it doesn't always guarantee a successful credit application.

Each lender will have its own criteria when processing an application, which may include any of the following, in addition to your credit score:

1. The number of accounts you hold and how long they’ve been open.

2. Employment status.

3. Credit utilisation.

4. Financial associations.

5. The lender’s risk appetite.

Keep in mind that one unsuccessful application doesn’t mean you won’t be able to obtain credit from another provider – some are simply stricter than others.

Which account should I pay first to improve my credit score?

It’s the type, age, and maintenance of each account which is more likely to affect your credit score rather than which credit agreement you choose to pay off first.

On that basis, it’s probably better to base your decision on what suits you financially.

Why hasn’t my credit score changed?

Unless there’s a significant change to the information on your credit report, you’re unlikely to see big changes in your credit score. Generally, the following factors contribute to the gradual increase in your credit score:

Holding a mix of open and closed credit agreements.

Making all monthly payments on time.

Remaining registered on the Electoral Roll.

Will a lender use my Checkmyfile credit score?

The purpose of your Checkmyfile report is to bring you all the detailed information from the UK’s three main credit reference agencies: Experian, Equifax, and TransUnion. Your Checkmyfile score (the number) will never be used by a lender to make a decision on whether or not to lend to you.

Each lender will use one or more of the credit reference agencies when processing a credit application.

If the information on your Checkmyfile report is what you expected to see, you can be confident that any lenders searching your credit report will see that too, regardless of which credit reference agency they use.