Coronavirus has affected many people’s finances, and you might need credit at the moment to help with everyday spending.
But lenders are being stricter with applications right now, so you could find it harder to be accepted. That’s why you should check your eligibility before you apply.
You can see where you stand, and apply for a product you’re more likely to be accepted for.
When you apply for a credit product, such as a loan or credit card, the lender will do a hard search on your credit report. This means the search will show up on future searches by banks and lenders.
If you’ve been turned down by one lender, you might be keen to apply for another product. But if you have multiple hard searches in a short space of time, lenders might think you look eager for credit and could reject your application.
At TotallyMoney, we show you your likelihood of acceptance, based on your profile and the info you give us. And, when we check your eligibility, we run a soft search — this doesn’t affect your credit score.
Some lenders may even let you know if you’re pre-approved*. So, you can apply with confidence for the credit card or loan.
Just make sure you only borrow what you can afford to repay and keep up with your agreed repayments. This protects your credit score, so you can move on up to a better financial future.
*Pre-approved means you will get the card or loan, and at the rate advertised, providing the information you give is accurate and you pass the lender's checks.