Credit rating? UK Question?

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UK QUESTION

I am wanting to get a loan, I am only 18 and whilst looking at different loans most say you need a good credit rating.

Well I've never been in debt lol so surely I must have an ok credit rating lol?

how do you find out your credit rating?

if I was to apply for a loan and get knocked back would that make my credit rating bad?

Credit rating? UK Question?

To check your credit rating you would need to contact the credit reference agencies such as Experian and Equifax. They will tell you what your credit rating is for a price of 拢2 (this is a legally regulated price). (Write to them and enclose a postal order).

Being 18, your credit rating will not be good, as you won't have had any prior credit cards (and therefore any history of paying things off on time), or a fulltime income.

If you did apply for a loan, they would run a credit check on you and if your rating was not good enough, this would be logged by the reference agency - lowering your credit rating further.

Credit rating? UK Question?

Go to equifax.co.uk , it will cost you 拢11 to register but they will give you your full credit history. This is the same service the banks use, so if that says its ok then the banks will too.

Credit rating? UK Question?

If you own your own home then you should have a good credit rating, because you would have not got a mortgage without one.

If you like with your parents, your address will be used towards your credit rating.

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Credit rating? UK Question?

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