"Millions of people are accidentally making themselves look bad to lenders. Something as simple as taking cash out on a credit card can damage your score, cost you money, and make borrowing harder. With more households carrying debt from month to month, it's more important than ever to understand how your day-to-day financial decisions affect your future."
"15.5 million Brits (28%) admit to doing this, not realising it triggers high interest from the day of withdrawal, even on a 0% card. It's a red flag for lenders and could cost up to 95 points on your credit score."
"7.2 million (13%) believe more applications will boost their score. In reality, each hard search stays on your file for six months, and too many in a short time can reduce your score by up to 125 points. Using an eligibility checker performs a soft search, helping protect your score."
16.6 million Brits have never checked their credit score, while 11.6 million do not know how to improve it and 6.6 million have been turned down for credit without understanding why. Withdrawing cash on a credit card is practiced by 15.5 million people and triggers high interest from the day of withdrawal, potentially costing up to 95 points on a score. Applying for multiple credit products creates hard searches that remain for six months and can reduce scores by up to 125 points; using an eligibility checker performs a soft search. Relying on BNPL involves risks of missed payments, late fees, and legal action.
Read at London Business News | Londonlovesbusiness.com
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