This is why it’s important to focus on your credit history. This is what lenders will look at when you apply to them for credit. They want to know that you’re a responsible borrower and looking at your credit history is one way to determine this.
But while services like Noddle and ClearScore let you delve into your credit history, CreditMatcher will only give you a credit score. You’ll have to upgrade to the fee-paying service to access your full credit history.
Check your credit history
While you can’t see your credit history using CreditMatcher, we think it’s a good idea to sign up to one of the services that does let you see it.
If you’ve previously missed any payments or defaulted on your accounts, your credit history will show this. Lenders can actually see details of your borrowing history going back over the last six years or so.
Your credit history will be one of the deciding factors on whether your application is successful. If lenders view you as a ‘risk’ – maybe you’ve missed payments before – this can affect the interest rate and credit limit (if it’s a credit card) you’ll be accepted for.
When you apply for credit, it leaves a mark – known as a hard footprint – that lenders can see. They will be able to see your credit applications and whether they’ve been rejected. If you’ve applied for a number of products within a short space of time, lenders may conclude that you’re desperate for the money and reject your application.
With CreditMatcher, you can compare a variety of credit cards, loans and mortgage deals it believes you’re eligible for based on the credit score it gives you. This gives you a better chance of knowing if you’ll be accepted before you apply, so you don’t have to worry about your credit history being negatively affected.
Keep in mind that this soft search function doesn’t necessarily mean you’ll be accepted. Ultimately, that’s up to the lender, who will make a decision based on their own criteria. However, it gives you more of an idea than if you just apply for the first deal you see.
For tips on how to keep your credit history in the best shape, check out our previous blog.
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Intelligent Lending Ltd (Credit Broker). Capital One is the exclusive lender.