What can you do before applying for credit?
There are some simple ways to improve your chances of being accepted before you apply for credit:
Check your credit report and details
Before a new application, check your credit report for corrections and out of-date information. If you're applying with ClearScore, check your account details too. Keeping your details up to date means you'll get the most accurate offers.
Check and work on what's impacting your score
We show you items that are impacting your score. Some of these insights are for you to monitor. Other insights have actions that you can take to level up your Credit Health.
Get credit healthy
Protect, improve and grow by activating your Credit Health. This helps you get a fuller picture of how lenders see you. In 3 easy steps, you can see more insights on how to shape up your finances before applying for an offer.
Apply for one credit offer at a time
If you apply for lots of credit in a short space of time, lenders may reject your application. Every application results in a hard search being applied to your report. Too many hard searches may result in a rejection.
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What happens after you apply for credit?
When you apply for credit, the lender will complete a credit search using your details.
This credit search will show on your credit reports as a hard search. Lenders will combine the credit check and their own tools to decide on you as a borrower.
Your score dropped after you took an offer
Your score will most likely drop after a new application, which is normal. A hard search and new account being added to your report can affect your score. If you make your repayments on time your score will build again over time.
An offer you were previously eligible for has disappeared
Your offers, eligibility and chances of acceptance depend on the information we have for you. Offers can update or disappear for lots of reasons, such as:
• The credit provider no longer has that product available or the offer has now come to an end.
• Something changed in your report or personal details and you're no longer eligible.
• The lender’s criteria has changed so we’re unable to continue showing you the offer.
• Your chances of approval changed.
You weren’t approved by the lender
There are different reasons why you could’ve been rejected for a product we recommended, like not meeting the lender’s criteria, having a mistake in your report, or your personal details being outdated.
You can read more about rejections in our article.