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What is a credit score?
Banks and other lenders use a credit score to decide how likely you are to pay them back. Your score's based on how you manage your finances. It's like a financial footprint that shows if you’ve missed any bills for example.
The higher your credit score the better your chances of getting a loan or mortgage. A higher score might make it easier to borrow more money at a better interest rate.
Credit scores are one factor used in making the decision to lend money. Lenders will also look at your income and outgoings.
Want to explore our borrowing options?
We know it can be difficult deciding which type of borrowing best suits your needs. To help, we’ve summarised the options for you to compare and contrast.