Your Credit Score
Thinking about applying for credit? Check Your Credit Score for free, with no impact on your credit file.
If you’re considering taking out a loan, our guide will help you better understand how a lender may judge your eligibility.
Here are some of the common factors that lenders take into consideration when checking whether you’re eligible for a loan:
Your credit score, also known as your credit rating, is important as it measures how you’ve managed your personal finances in the past. This gives lenders a picture of whether you might meet your loan repayments in the future.
Lenders may use this information to decide how much they are willing to lend to you and at what interest rate. A good credit score may mean you can borrow more money at a better rate.Back to top
Your credit score is based on information about you and your finances that is collected by credit reference agencies (CRAs).
The main CRAs: TransUnion, Experian and Equifax, all collect slightly different data about you, so it’s often worth requesting a credit report from all three. You have the right to request this report at any time, it’s free of charge and will not impact your eligibility for future credit. This may help you to identify any factors which are lowering your credit score.Back to top
There are some actions you can take to improve your credit score and, with it, your loan eligibility.
You can apply for a Personal Loan with us if:
The decision to lend to you and which rate you’ll receive is based on our assessment of your personal circumstances and additional affordability checks.
If you’re an existing customer of Bank of Scotland, you can log in to Internet Banking to see how much you could borrow and if you’re likely to be approved.Back to top