Your Borrowing Power score is calculated by using the information you provide us with when registering your TotallyMoney account and the information that Experian collect to create your credit report. It then matches this with information the lenders tell us they are looking for.
Because this service uses live market data, your score can fluctuate more often than what you may be used to with your credit score.
Live market data is influenced by a few different financial aspects, which can cause your Borrowing Power score to go up and down — even if your personal circumstances remain unchanged.
Similarly, lenders can alter their criteria for accepting applications. For example, if they impose stricter application rules, the products you’re eligible for may also change.
Finally, the introduction of more — or new — card and loan products to our website can also cause your Borrowing Power to change.
Think of these as the twists and turns in your Borrowing Power’s story. Even though they change the situation, it’s not necessarily a bad thing and your Borrowing Power will still work, guiding you towards more informed credit application decisions.