|By PR Newswire||
|January 7, 2013 06:13 AM EST||
CHESTER, England, January 7, 2013 /PRNewswire/ --
- MoneySupermarket.com provides advice to consumers applying for credit in 2013
In the aftermath of Christmas 2012's debts, more than one in six* people may be looking to consolidate their debts or take out new loans or credit cards this New Year, according to a recent poll from MoneySupermarket. Yet borrowers should take time to understand their credit file before applying. The UK's number one comparison site offers useful tips for those applying for credit, to maximise chances of being accepted and avoid blemishing credit profiles.
The MoneySupermarket site poll* found of those who are planning to borrow money this year, 43 per cent plan to transfer their existing debt onto a zero per cent balance transfer card, while a third (34 per cent) will take out a loan. A quarter of those needing to borrow (23 per cent) plan to apply for a zero per cent purchase credit card.
Tim Moss, head of loans and debt at MoneySupermarket.com, said: "It is vitally important people understand their credit file before applying to avoid rejection or being offered higher rates than expected. Each lender applies their own criteria when processing an application and it is almost impossible to second guess when applying. Consumers need to be savvy and understand what they can do to minimise the risk of being rejected.
"If you know your credit score is less than perfect, or you don't have much of a credit history, it's not the end of the road as there are steps you can take to improve your rating and increase your chances of getting a loan. Doing a little bit of research and using MoneySupermarket's SmartSearch tool, which matches borrowers with suitable credit card products without leaving a footprint on your credit file, can make all the difference between being accepted or rejected from receiving a loan or credit card in 2013."
MoneySupermarket.com offers the following tips to improve your chances of being accepted for credit:
1. Check the information on your credit report is correct
This is crucial in determining whether or not your application is successful. It's important to understand your credit profile and to check for any errors. If you find mistake, contact the credit reference agency immediately and ask for it to be corrected, as even minor inaccuracies could count against you when a lender uses your credit report to make a lending decision. It is worth checking your credit file with all three credit reference agencies, Experian, Equifax and Call Credit as information can vary. Statutory credit reports can be purchased for just £2.
2. Remember to pay on time
Avoid missing or late payments- paying bills on time shows a lender that you are able to manage your finances effectively, even if it's just the minimum amount. Otherwise you could risk a black mark on your credit score and penalty charges. It's easy to forget so set up a direct debit or standing order to safeguard your payments - lenders like it as they know they will receive money from you every month. If you are unable to make a payment, contact your lender as soon as possible.
3. Watch out for unused accounts- and close them
Financial companies are paying more attention to the total amount of credit available to individuals, rather than just focusing on the amount they owe. It is therefore important to close any accounts you no longer use.
4. Avoid a high balance
Maxing out your card can be taken as a sign of financial stress. Not skating too close to the edge also eliminates the chance of you being charged for exceeding your limit and losing any introductory offers you might be on. Try to remain within 30 per cent of your credit limit.
5. Register to vote
Most companies use the Electoral Roll to combat identity fraud so it is vital you are registered to be considered as a safe bet. Make sure you're registered at your current address, or your application will be declined - even if your credit record is clean. Speak to your local council or sign up online.
6. Prove you have credit history
Demonstrating you are credit active and can be responsible managing credit is essential. Providers assess potential customers on their previous behaviour and will look for signs that you are capable of repaying money. While you don't want to access too much, the trick is to build up your history slowly. It is worth considering opening an account to establish credit history - even if you pay it off in full each month. Ensure you have a bank account and pay your bills on time as this will help to show that you can manage your finances and are a good candidate for credit. If you use a mobile phone then having it on contract and paying it in full and on time with a direct debit to prevent missing a payment can have a positive impact on your credit profile.
7. Stay honest and take action- pay ahead of time if possible
Always complete applications for credit accurately and honestly, lenders will be able to discover lies or half-truths easily and decline your application. If your circumstances have changed- such as redundancy or a divorce, then it's important to say so rather than struggling to keep up credit payments in silence. If you've had a CCJ and it is now settled, make sure the settlement is recorded on your credit file, as they can bring your credit score down considerably. You can place a Notice of Correction on your credit file explaining the background to any arrears. It is never too late to get back on track, clean up your act and get up to date with payments. Providers may also look favourably on those who can pay off loans agreements ahead of schedule.
8. Stop applying and aim for the right targets
If you have been refused credit, obtain a copy of your credit rating but don't keep on applying everywhere else. Each lender search will leave a footprint on your credit profile- rejected applications to several lenders within a short period will show up and may damage your credit prospects. Avoid a scattergun approach and do a bit of research beforehand.
9. Show you are stable and secure
Moving home or switching jobs can impact on the chances of successfully applying for credit. Lenders want to know that you are 'stable and secure' so if you have moved a lot, this could have a negative impact as lenders may see you as a greater risk than someone who has been at the same address or job for a period of time. Having a bank account and a good banking history can also reflect well on your applications for credit.
10. Search Smart
MoneySupermarket has a SmartSearch credit profiling tool to help those looking for the best credit card deals for their circumstances. Anyone identified as high risk will be guided towards a set of products that offer them the greatest chance of being accepted.
Will you need to borrow money in the New Year?
- Yes - I will take a loan (5.5%)
- Yes - I'll apply for a credit card that offers 0% on purchases (3.8%)
- Yes - I'll transfer existing debt to a 0% balance transfer card (6.9%)
- No - I don't have any debts and I don't need to borrow (68.9%)
- No - I am still paying off current debt (12.8%)
- Maybe - I haven't thought about it (2.1%)
Total votes: 2,011
Poll ran from 21st December 2012- 4th January 2013
MoneySupermarket.com compares (at 29th November 2012)
- 130 car insurance brands and 99 home insurance brands
- 9 broadband providers and 20 energy providers
- 30 unsecured loan and 5 secured loan providers
- 62 mortgage lenders and 27 credit card providers
- 63 savings providers and 38 current account providers.
- Over 920,000 mobile phone deals
We help our customers to save money on all of their household bills by providing a free, easy to use online service so they can compare a wide range of products in one place and find the product most suited to their needs. Our size means we are able to offer our customers exclusive, market-leading deals, including some they can't even get direct from providers.
By having considerable volumes of informed customers actively looking for products and ready to purchase, we offer our providers an efficient and cost effective customer acquisition solution across all of our channels. This enables our providers to target their marketing spend in an effective and completely measurable way.
Our revenue comes predominantly from fees paid to us by product providers when a customer clicks through to their website and actually applies for or purchases a product. It is a success based marketing fee.
Our customer commitment
- We make it easy to find the brands you expect to see
- We strive to ensure a product cannot be found cheaper by going direct
- We let you remain in control of your personal data
- We are independent and impartial
- We make it easy to switch and save
- We strive to always show the most competitive product available
Extreme Computing is the ability to leverage highly performant infrastructure and software to accelerate Big Data, machine learning, HPC, and Enterprise applications. High IOPS Storage, low-latency networks, in-memory databases, GPUs and other parallel accelerators are being used to achieve faster results and help businesses make better decisions. In his session at 18th Cloud Expo, Michael O'Neill, Strategic Business Development at NVIDIA, focused on some of the unique ways extreme computing is...
Jul. 28, 2016 07:15 PM EDT Reads: 340
I wanted to gather all of my Internet of Things (IOT) blogs into a single blog (that I could later use with my University of San Francisco (USF) Big Data “MBA” course). However as I started to pull these blogs together, I realized that my IOT discussion lacked a vision; it lacked an end point towards which an organization could drive their IOT envisioning, proof of value, app dev, data engineering and data science efforts. And I think that the IOT end point is really quite simple…
Jul. 28, 2016 07:15 PM EDT Reads: 1,225
"We view the cloud not really as a specific technology but as a way of doing business and that way of doing business is transforming the way software, infrastructure and services are being delivered to business," explained Matthew Rosen, CEO and Director at Fusion, in this SYS-CON.tv interview at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York City, NY.
Jul. 28, 2016 06:45 PM EDT Reads: 1,627
Redis is not only the fastest database, but it is the most popular among the new wave of databases running in containers. Redis speeds up just about every data interaction between your users or operational systems. In his session at 19th Cloud Expo, Dave Nielsen, Developer Advocate, Redis Labs, will share the functions and data structures used to solve everyday use cases that are driving Redis' popularity.
Jul. 28, 2016 06:30 PM EDT Reads: 1,655
Aspose.Total for .NET is the most complete package of all file format APIs for .NET as offered by Aspose. It empowers developers to create, edit, render, print and convert between a wide range of popular document formats within any .NET, C#, ASP.NET and VB.NET applications. Aspose compiles all .NET APIs on a daily basis to ensure that it contains the most up to date versions of each of Aspose .NET APIs. If a new .NET API or a new version of existing APIs is released during the subscription peri...
Jul. 28, 2016 06:00 PM EDT Reads: 948
Organizations planning enterprise data center consolidation and modernization projects are faced with a challenging, costly reality. Requirements to deploy modern, cloud-native applications simultaneously with traditional client/server applications are almost impossible to achieve with hardware-centric enterprise infrastructure. Compute and network infrastructure are fast moving down a software-defined path, but storage has been a laggard. Until now.
Jul. 28, 2016 05:30 PM EDT Reads: 1,857
"My role is working with customers, helping them go through this digital transformation. I spend a lot of time talking to banks, big industries, manufacturers working through how they are integrating and transforming their IT platforms and moving them forward," explained William Morrish, General Manager Product Sales at Interoute, in this SYS-CON.tv interview at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York City, NY.
Jul. 28, 2016 05:30 PM EDT Reads: 2,213
To leverage Continuous Delivery, enterprises must consider impacts that span functional silos, as well as applications that touch older, slower moving components. Managing the many dependencies can cause slowdowns. See how to achieve continuous delivery in the enterprise.
Jul. 28, 2016 05:00 PM EDT Reads: 425
You think you know what’s in your data. But do you? Most organizations are now aware of the business intelligence represented by their data. Data science stands to take this to a level you never thought of – literally. The techniques of data science, when used with the capabilities of Big Data technologies, can make connections you had not yet imagined, helping you discover new insights and ask new questions of your data. In his session at @ThingsExpo, Sarbjit Sarkaria, data science team lead ...
Jul. 28, 2016 04:30 PM EDT Reads: 1,184
SYS-CON Events announced today the Kubernetes and Google Container Engine Workshop, being held November 3, 2016, in conjunction with @DevOpsSummit at 19th Cloud Expo at the Santa Clara Convention Center in Santa Clara, CA. This workshop led by Sebastian Scheele introduces participants to Kubernetes and Google Container Engine (GKE). Through a combination of instructor-led presentations, demonstrations, and hands-on labs, students learn the key concepts and practices for deploying and maintainin...
Jul. 28, 2016 04:30 PM EDT Reads: 904
Security, data privacy, reliability, and regulatory compliance are critical factors when evaluating whether to move business applications from in-house, client-hosted environments to a cloud platform. Quality assurance plays a vital role in ensuring that the appropriate level of risk assessment, verification, and validation takes place to ensure business continuity during the migration to a new cloud platform.
Jul. 28, 2016 04:15 PM EDT Reads: 368
Extracting business value from Internet of Things (IoT) data doesn’t happen overnight. There are several requirements that must be satisfied, including IoT device enablement, data analysis, real-time detection of complex events and automated orchestration of actions. Unfortunately, too many companies fall short in achieving their business goals by implementing incomplete solutions or not focusing on tangible use cases. In his general session at @ThingsExpo, Dave McCarthy, Director of Products...
Jul. 28, 2016 04:15 PM EDT Reads: 1,773
WebRTC is bringing significant change to the communications landscape that will bridge the worlds of web and telephony, making the Internet the new standard for communications. Cloud9 took the road less traveled and used WebRTC to create a downloadable enterprise-grade communications platform that is changing the communication dynamic in the financial sector. In his session at @ThingsExpo, Leo Papadopoulos, CTO of Cloud9, discussed the importance of WebRTC and how it enables companies to focus...
Jul. 28, 2016 03:45 PM EDT Reads: 1,027
Security, data privacy, reliability and regulatory compliance are critical factors when evaluating whether to move business applications from in-house client hosted environments to a cloud platform. In her session at 18th Cloud Expo, Vandana Viswanathan, Associate Director at Cognizant, In this session, will provide an orientation to the five stages required to implement a cloud hosted solution validation strategy.
Jul. 28, 2016 03:45 PM EDT Reads: 1,119
Up until last year, enterprises that were looking into cloud services usually undertook a long-term pilot with one of the large cloud providers, running test and dev workloads in the cloud. With cloud’s transition to mainstream adoption in 2015, and with enterprises migrating more and more workloads into the cloud and in between public and private environments, the single-provider approach must be revisited. In his session at 18th Cloud Expo, Yoav Mor, multi-cloud solution evangelist at Cloudy...
Jul. 28, 2016 03:30 PM EDT Reads: 378