Credit score: things to consider

Maintaining a good credit score is imperative if you want to apply for a personal loan, mortgage or credit card. Lenders need to be sure you are reliable and will repay any money you borrow from them in full. They do this by obtaining a credit score, which outlines your personal credit history.


There are a number of barriers people with poor credit scores face.

The cost of poor credit

aqua’s ‘The cost of a poor credit rating’ report found poor credit households with middle levels of income could have to pay anywhere between £1,089 and £1,225 more than good credit households.

We also found that the greatest impact was felt by middle income families with more family members. For example, poor credit households made up of two adults with children suffer an average annual additional cost of £1,225 – that’s an extra £100 every month.

This equates to around 16 weeks’ worth of food shopping, or an average annual gas and electricity bill.

Check your credit score

Regularly assessing your credit history is a major part of financial self-awareness; you can access your credit report for free from Noddle. Your personal credit report displays both public and private information that lenders consider when making a decision about any personal loan or credit card applications.


It’s important to check your credit report regularly. If you’re thinking of applying for a new loan or credit card, review your credit report beforehand to ensure everything is accurate and up to date.

Monitoring your credit report can offer protection from identity fraud. This means you’ll be able to spot any problems or suspicious entries before they escalate.

If you ever notice an error or inaccuracy on your credit report, contact the credit reference agency and arrange for the error to be corrected.

Managing and improving your credit history

It may sound simple, but the key pillars of improving your credit rating are never borrowing more than you can afford and making your repayments every month on time and in full. This includes all outstanding loans along with all electricity, gas, mobile phone and other regular household bills.


Additionally, register to the electoral roll and keep it updated when you move house.

Improving your credit score with aqua

Remember it’s still possible to build and repair a poor credit rating. At aqua, we offer a solution. It’s our aim to make credit work for more people, through our range of cards and support for customers.

Whatever your financial situation, we take a pragmatic approach to your application to see if we can provide an affordable credit solution, which won’t place undue pressure on your personal finances. Responsible use and management of an aqua credit card can set you on the road to good credit.

Representative 35.9% APR variable on the aqua classic card.