Credit Score / Rating

Did You Know that 50% of credit scores have fixable errors that will stop you getting a loan? Shocking isn’t it?!! Bingo Loans tackles ‘Credit Score Errors That Stop You Getting A Loan!’

Firstly, never fear Bingo Loans is here! We can assist with all of your concerns when it comes to Payday Loans, Loans for Bad Credit, Short Term Loans and 24hr/Late Night Loans.

If we can help the 50% of you missing out on an emergency loan when you really need it, we are doing our job right! Errors on your credit rating can also prevent you from accessing mortgages, credit cards and many other products that can support and enhance your financial future.

Who Will Give Me A Loan With Bad Credit?

In the UK there are 3 Credit Reference agencies that lenders use to help them decide whether you are suitable for credit. Along with other additional information (personal details, etc), lenders establish their own unique algorithms. This is based on the type of customer they want to attract for their specific product.

All 3 Credit agencies have slightly different spectrums on which they rate your score. So what calculates a bad credit score or rejected application for credit from one agency or lender may not be the case elsewhere.

Understanding Different Scores


0-560 = Very Poor

561-721 = Poor

721-880 = Fair

881-960 = Good

961-999 = Excellent


0-279 = Very Poor

280-379 = Poor

380-419 = Fair

420-465 = Good

466-700 = Excellent


WARNING: It’s important not to jump from lender to lender pursuing applications. Doing a lot of these can negatively affect whether you’ll be accepted for a loan/credit.

At Bingo Loans we often accept applicants with what could be considered a bad credit rating. As a direct lender and a broker, we can scour our panel of top UK lenders for the best emergency payday loan for you.


Credit Score Errors That Stop You Getting A Loan!

Is A Credit Score Calculated?

When deciding whether to accept your application, lenders will consider how likely you are to repay your debts based on past behaviours. Unfortunately at the moment lenders don’t disclose the full criteria they use for selecting eligible applicants. Important details to consider when it comes to improving your credit score are as follows –

  • Electoral Roll (Are you a registered voter?)
  • Court Records (Past convictions/Fines/Settlements)
  • Credit Applications (How many have you applied for/Have they been successful?)
  • Data from Banks (Savings/Debts etc)
  • Data from utilities and other bills (Have you paid them in full and on time?)

Can A Bad Credit Score Be Fixed?

There are certain steps you can take if you want to find out if an error is effecting your credit rating. You are entitled to request a statutory report FREE of charge, from all 3 credit reference agencies. This way you can check if any details on there are incorrect and contact them directly to rectify this.

You can also monitor the national hunter database to see if your details have been flagged for fraud. If any of your information is on this register you will find it near impossible to receive credit.

There are also credit building cards available. If you pay these off immediately when due, it can improve your credit rating more quickly than with other methods.