Your eligibility could be affected for a number of reasons:

You have a limited credit history

Even if you have a good income and savings, if you’ve not had much experience with credit, your score may be lower.

Your income isn't regular

Perhaps you’re self-employed or your income isn’t regular. When you’re employed, or have another regular source of income, this can help your application.

There isn’t much money left after your essential outgoings

Usually lenders must check your current outgoings, such as monthly bills and expenses, to make sure you have enough money to be able to repay any borrowing.

Poor credit history

Late and missed payments can impact your application. Lenders may keep records of accounts you’ve held with them in the past.

How your credit score could help

Your credit score helps to paint a picture of what potential lenders see.

Usually, a good credit score can also mean being offered lower interest rates, which could cost you less overall. 

Things that could impact your ability to get credit, and possibly lower your credit score may include:

  • Not registering to vote.
  • Already having a significant amount of existing borrowing.
  • Missing or making late payments.
  • Making multiple full credit applications in a short space of time. 
  • Having judgments (CCJs), defaults, bankruptcies or insolvencies.

Lenders have their own scoring systems when considering credit applications and will usually look at…

  • Your affordability. What you can afford to repay based on what you earn and spend, and any existing debt. 
  • Your details. Personal information, such as your address and employment status. 
  • Your account history. Records of previous accounts held with them.

If you have been declined credit, you might like to see your credit report. You can contact a credit reference agency, such as TransUnion, to view your credit report. You could learn how to make improvements which might help you in the future.

Keep reading

Know where you stand with MBNA

Sign up for ‘Your Credit Score’. We’ve partnered with TransUnion to provide you with access to your credit score. It’s free to use and won’t impact your credit file.

  • View your updated credit score every 28 days.
  • See what you’re doing well. 
  • Understand what you can do that might help to improve your score. 
  • Find out how your score compares to the UK average.

More on Your Credit Score

Worried about money?

If you’re worried about money or struggling to make payments on time, you can speak to us. We’re here to help. 

How we can help