36.48% APRC Typical Variable

Typical Example: Loan Amount: £5,000, Loan Term: 72 Months, Monthly Repayments: £155.33, Total Amount Repayable: £11,183.76. This example includes a fee of £900 (18%). Read about our Rates and Fees

THINK CAREFULLY BEFORE SECURING DEBTS AGAINST YOUR HOME. YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE OR ANY OTHER LOAN SECURED AGAINST IT.
IF YOU ARE THINKING OF CONSOLIDATING EXISTING BORROWING, YOU SHOULD BE AWARE THAT YOU MAY BE EXTENDING THE TERMS OF THE DEBT AND INCREASING THE TOTAL AMOUNT YOU REPAY.
Evolution Money Direct dial to see if you qualify 0161 814 9291

Credit scores demystified...

Credit Scores – What are they?

Home > Infographics > What is a Credit Score?

What exactly is a credit score, and why is it so important? If you’ve been unlucky enough to be turned down for a mortgage, loan or a credit card limit increase, don’t panic – you’re not alone. For many people, this is the first time they learn that they even have a credit score, let alone be told that their credit rating isn’t high enough to grant them the product they’d applied for.

When you apply for any kind of credit, most lenders will need some form of assurance that you are in a position to repay the money they have lent you, including any interest. To help them assess this, they collect information and calculate a credit score. Generally, the higher the score, the lower the risk it is for them to give you credit.

If you make an application for a loan, mortgage, credit card or other form of borrowing, the lender will perform a credit check on you. The credit check will be used to form part of the lender’s decision-making process to ascertain whether you would be a risky borrower and assess your ability to pay the loan back.

Nevertheless, when it comes to securing a product from Evolution Money, whether it’s a secured or an unsecured loan, a credit score isn’t the be all and end all of the application. We assess the individual as a whole, making sure we take all personal factors and circumstances into consideration when we make our decision. We wouldn’t rely solely on a computer generated credit score on whether to say yes or no.

In our new infographic, we break down credit scores to explain how they are generated and what exactly they are used for. We’ve also included some of the most important information that makes it’s way onto a credit report, and what are some of the different ways that credit scores can be improved.

Credit infographic final
Warning: Late payment can cause you serious money problems. For help, go to moneyadviceservice.org.uk

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Evolution Money 91 out of 100, based on 266 ratings.
266 user reviews. Read our reviews

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Our Address

Evolution Money,
9 Portland Street,
Manchester,
M1 3BE


Registered Company Number: 06987852

Contact by Phone

General Enquiries:
0800 781 4095

Calling from a mobile:
0161 814 9940

Complaints:
0800 781 4095

Contact by Email

Evolution Money Limited is a licensed credit broker and service provider to Evolution Lending Limited. If your application doesn’t meet the underwriting requirements of Evolution Lending Limited we may pass your information to other lenders and brokers. Evolution Money Limited is a company registered in England & Wales, registration number 06987852 and registered at 8 St John Street, Manchester, M3 4DU. Authorised and regulated by the Financial Conduct Authority, firm reference number 708324.

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