Credit Cards for good CreditCards for good creditworthiness
Therefore, it is advisable to research the relevant items before applying in order to find the best solution. Which is a good credit rating? These instructions benefit both the claimant, who knows that he does not have to request a non-qualifying item, and credit cardholders, who can help reducing the number of unsuccessful claims he processes.
Entitlement guidelines usually cover ages, incomes, UK banking accounts and UK residency conditions - all of which leaves little room for miscalculation. Nevertheless, many emitters also provide guidelines on creditworthiness standards, which may be much more personal in the United Kingdom. In contrast to the United States, where FICO provides predefined bandwidths between which different grades are categorized, the United Kingdom does not have a general credit-system.
There are three different ratings schemes; one for each of the major UK credit bureaus (CRAs) - Experian, Equifax and Callcredit. CRAs use their own information (together with that of third parties) to determine individual creditworthiness. The precise source of information of each credit assessment agency, however, varies slightly, as do the'weightings' they provide with different information items as they try to best mirror their understandings of what different credit categories are.
That may make the UK credit guide very unclear. Naturally, some individuals are fully conscious of their creditworthiness, especially those who are extreme. Nevertheless, for those who are not at the extreme of creditworthiness, it can be hard to comprehend what class they are in.
So how good is good? Credit cards companies also comprehend the problem, however, and many today provide âDown-Sellâ services for those who do not comply with the stringent requirements for the promoted item. Granted, these can be a bad mirror image of the one person's application, but some are still competing as such.
Naturally, some individuals are pleased to advertise for our services and reject them. While others like to take the down-sell items on offer to them when they are applying for other items, perhaps the best way to make sure which item is available is to use the quality checker that is now available from a number of different emitters now.
Tradically regarded as a tool for poor ly creditworthy individuals to see if they can be acceptable, proficiency testing is now common even among first-rate credit cardholders and is a useful way to see whether an applicant is likely to be approved before a full proposal is made.