How to Check Your Credit Score
Regardless of your credit rating, we always recommend checking your score before applying for finance. In the UK, three Credit Reference Agencies (CRAs) track and report your credit score:
Equifax
Experian
TransUnion
You can also check your credit score for free through the following partner sites:
ClearScore (Equifax)
MSE’s Credit Club (Experian)
Credit Karma (TransUnion)
By regularly reviewing your credit report, you can ensure accuracy and take proactive steps to improve your financial standing.
- Equifax
- Experian
- TransUnion
- ClearScore (Equifax)
- MSE’s Credit Club (Experian)
- Credit Karma (TransUnion)
What Affects Your Credit Score?
Your credit score is updated monthly and can fluctuate based on multiple factors. Key influences include:
Existing loans and finance agreements
Repayment history on loans, credit cards, and utility bills
Moving house frequently
Opening new credit accounts
Credit utilization rate (the percentage of available credit you’re using; ideally under 30%)
Length of credit history
Types of credit accounts (e.g., credit cards, installment loans, revolving credit)
Each CRA may report slightly different scores due to variations in the data they receive from lenders. Additionally, missed payments from years ago may have less impact over time, but maintaining a consistent repayment history is crucial.
- Existing loans and finance agreements
- Repayment history on loans, credit cards, and utility bills
- Moving house frequently
- Opening new credit accounts
- Credit utilization rate (the percentage of available credit you’re using; ideally under 30%)
- Length of credit history
- Types of credit accounts (e.g., credit cards, installment loans, revolving credit)
What Doesn't Affect Your Credit Score?
Some financial factors do not impact your credit score, including:
Your salary
Student loans
Medical history
Criminal record
Council tax arrears
Parking or driving fines
While lenders may consider these factors when evaluating loan applications, they won’t influence your credit score itself.
- Your salary
- Student loans
- Medical history
- Criminal record
- Council tax arrears
- Parking or driving fines
Does Applying for Car Finance Affect Your Credit Score?
Applying with Roadwise Finance doesn't impact your credit score. You can freely browse cars and financing options without worrying about harming your score. However, if you do go ahead and take out car finance then this will impact your credit score.
How to Improve Your Credit Score
If your credit score needs improvement, here are some practical steps:
Make regular payments on time - this shows lenders you are a responsible borrower.
Use less credit - aim to use less than 30% of your available credit.
Register to vote - being on the electoral roll verifies your identity and address.
Build credit history - having a longer credit history strengthens your profile.
Check for errors on your report - mistakes, such as incorrect addresses, can lower your score.
Apply for credit carefully - too many applications in a short period can be a red flag.
- Make regular payments on time - this shows lenders you are a responsible borrower.
- Use less credit - aim to use less than 30% of your available credit.
- Register to vote - being on the electoral roll verifies your identity and address.
- Build credit history - having a longer credit history strengthens your profile.
- Check for errors on your report - mistakes, such as incorrect addresses, can lower your score.
- Apply for credit carefully - too many applications in a short period can be a red flag.
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Rates from 9.9 % APR. Representative APR 21.9 % We are a credit broker, not a lender
Can you get car finance with an IVA?
If you currently have an active IVA, securing car finance can be more difficult, but not impossible.
What proof of income do I need to provide for car finance?
Most lenders will require you to provide proof of income, usually from a recent payslip or bank statement. If you are self-employed they may also ask for a tax return.
What are the basic eligibility criteria for car finance in the UK?
Most lenders will consider someone eligible if they're over 18 years old, a UK resident with 3 years address history and 12 months employment history. They must usually hold a full UK driving licence.
