Credible credit rating important to lenders
20th June 2008
Consumers looking to loans and credit cards to fill the gap in their finances left by rising household bills need to make sure they have a credible credit rating.
That is the advice given by personal finance research website, Moneynet.co.uk, which said that getting approved for loans is "directly related to your personal credit rating".
Richard Brown, chief executive of moneynet.co.uk, explained the importance of a good rating is tantamount, regardless of your income.
He explained: "Whether you are a graduate, a dustman or a high earning professional, if your credit rating is very poor, lenders will be very reluctant to lend to you."
Mr Brown warned that in the present economic climate, lenders give approval for things such as credit cards to those who are "demonstrating that they can repay it".
According to research by uswitch, 77 per cent of consumers did not get their credit card from their bank.
Other statistics show that the average credit limit on a card is £3,545.