What is a credit score?
When you apply for credit, financial companies use information from your credit report, application form, and any data they already hold on you to calculate a numerical credit score. Your credit score can affect whether or not a lender accepts your car lease application.
Can I view my credit score?
The three individual credit reference agencies, Experian, Equifax, and Callcredit, can provide you with a credit score. Each agency will score you differently based on their unique criteria. This credit score will only be an estimate of how financial institutions may score you, based on the information in your credit report.
What factors affect my credit score?
Credit reference agencies and lenders use information from your credit report to calculate your credit score or rating. Various things can affect your credit score:
Missed or late rentals.
Defaults, court judgments, IVAs or bankruptcy.
Frequent address changes.
Your credit utilisation rate and debt to income ratio.
The volume of credit applications you make.
“Credit reference agencies use the information in your credit report to estimate your credit score.”
How do car leasing companies use my credit score?
Car leasing companies calculate your credit score to determine whether you meet the criteria for the car lease agreement you apply for. Each credit deal has a threshold score that customers must meet to qualify. A high credit score indicates you are a low-risk customer and increases your chances of securing the best car lease deals. However, if you have a bad credit rating, car leasing companies may reject your application, increase the monthly rentals or charge a higher rate of interest.
At Eureka, we can offer you a car leasing deal even if you have a poor credit score. We understand that sometimes circumstances are out of your control. Even if you have a previously bad credit history, we know that your situation can change and we want to help you get back on track.