Do all Lenders Care About Credit Score?

It is fairly well-known that it is important to have a good credit score because if you want to borrow money, all lenders have to do a credit check. They will take a look at your credit report and they will use it to decide whether they will lend you money. However, it is also important to realise that there are some lenders, that although will look at your credit report, will not use your financial record to decide whether to lend you money. They will actually just be looking at your credit report in order to do an identity check. It is worth knowing who will check and who will not though, as then you will know who you will be able to borrow from, should you struggle with your finances and find that your credit report is not in a good shape.

Which Lenders Care About Credit Scores?

It is a good idea to know which lenders will be interested in your credit score and this will allow you to be able to decide whether it is important for you to do your best to have a good one. You will find that all traditional lenders, high street banks, mortgage companies, credit card companies, personal lenders and places like this will all want to look at your credit report. They will want to make sure that you are capable of repaying them and so they will be interested in checking out your credit report to see whether they feel that you will be able to do this. They will look at your previous borrowing and see if you repaid on time as well as looking at your current payments to make sure that you are not getting behind. They will also be interested in looking at whether you are borrowing money elsewhere as they will want to check to see whether you are likely to miss their repayments due to being overwhelmed with repaying others.

Which Lenders do not Care About Credit Scores?

There are some lenders though, that will not look at these things. They are happy to lend to people even if they do not have a good credit history. This means that even if you do not have a good credit record, you will still be able to borrow money. These lenders tend to provide payday loans and guarantor loans. A payday loan is a short term loan and you will only be able to borrow up to £1,000 until you next get paid. They can be useful for emergencies as long as you are confident that you will be able to repay them. The guarantor loans are for up to £10,000 but you will need to find someone that will be prepared to cover any repayments that you cannot manage yourself.

So, although there are some options, they are limited and you will need to think about whether you feel that you will need to borrow money and how much and whether these loans are likely to suit your need or if you think that you will be more likely to want a mortgage or credit card and in that case you will need to make sure that you have a decent credit record. It can be best to have a good credit record anyway because you will benefit personally. This is because making payments on time will mean that you avoid late payment charges and not taking out too many loans will mean that you avoid loan charges and interest payments on them. So as well as having access to more products you will also pay out less money as well.


I have always enjoyed writing and so it has been so great to be able to make a career out of it. It is something that I can do at home, so I can be around for my family and work at the same time. It is a satisfying job too. I learn a lot of things and get to pass on that information, hopefully in a way that will help other people. I try to write in a clear way and explain everything so that I hope that people will not only be able to enjoy it but also learn things. They may even change some of the things that they do and feel happier as a result.

Recommended Articles

Leave a Reply

Your email address will not be published. Required fields are marked *