How to check your credit score

A credit score is used by lenders to decide whether or not an application made for credit will be accepted.

The better, or higher a credit score, the more likely the applicant will be accepted. This is because they will be classes as lower risk. The lower, or smaller a credit score is, the more likely the applicant is to be turned down.

Before you apply for any form of credit, it’s a good idea to check your credit score. This allows you to understand what is happening with your credit and help you pick a lender which is right for you.

Applying for lots of credit, and getting turned down, could have negative impact on your score.

By making lots of applications it can seem to lenders that you’re having money problems, or that you have been a victim of fraud.

That’s why at Juo, we offer our customers a risk free application. You can apply and see your offers, without this impacting your credit file. This is called a ‘soft search’ or quotation search which doesn’t show as an application for credit. If you decide to go ahead with a loan with us, it’s only then that your application will show on your credit file.

Not only that, at Juo we don’t just base our lending decisions on that computer generated score. Our customers are real people, just like we are, so we base our decisions on lots of factors.

Where can I check my credit score?

You have a few options when it comes to checking your credit score. There are free services you can use, like Noddle and Clear Score. The credit reference agencies also offer monthly subscription services like Experian, here you pay a monthly fee and get a full detailed report.

You can also write to the credit reference agencies to obtain a copy of your credit report. The Credit Reference Agencies have a statutory obligation to provide you with a copy of your credit report for £2.

Can I improve my credit score?

Absolutely.

A loan from Juo could help improve your credit. We update credit reference agencies monthly with the status of our customers’ accounts, so by meeting your monthly repayments on time, this will improve your credit score and show other lenders you can afford and manage your credit.