How does credit scoring work?
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Every time you apply for credit – a store card, bank account, credit card, even a mobile phone contract – the ‘lender’ will run what’s called a credit check on you. This is a comparison of your financial history against their ideal checklist. If you don’t meet their criteria, you may be turned down.
1. Each seller’s credit check is based on their own credit scoring system. If you don’t pass with one, you may pass with another (although avoid making lots of applications in a short space of time...
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