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Credit FAQs

  • I have a student overdraft, can I get a loan?

    Generally a student overdraft doesn’t affect your credit rating. As long you’re still in the time frame of paying it off, you should be ok and able to purchase a car through Oodle. 

    Our credit check will look at other direct debits you have and whether you pay these on time, for example a mobile phone contract. We also recommend you are on the electoral roll – this will help you in a big way. 

    Alternatively, if you’re concerned or haven’t been great at paying direct debits on time for one reason or another, you could always apply with a guarantor.

  • What can I do to improve my credit score?

    Oodle's top five things you can do to improve your credit score are:

    •  Register on the electoral roll. If your names not on there, you’ll find it much harder to get credit.
    •  Pay your bills on time. This proves to lenders you’re capable of managing your finances. 
    •  Keep your credit card low. Try and keep your credit utilisation at 25% or lower. 
    •  Check if you’re linked to another person. Even if they’re your loved one, if their credit rating is low and you have a joint account it could affect your personal rating.
    •  Clear any existing debt. Lenders are less likely to lend to you if you already have a lot of existing debt.
  • What is a credit broker?

    A credit broker is an individual or company that acts as an agent and charges a fee or commission to link someone looking for consumer credit with a company willing to provide credit.

  • What is a credit score?

    A credit score is a number that evaluates a consumer’s creditworthiness based on their credit history. 

     Lenders use credit scores to figure out how likely it will be that a consumer will repay his or her debts in time, on time. The higher the number, the lower the risk to the lender. 

     Oodle uses your credit score to decide whether to lend to you and how to structure the finance arrangement.

  • I’ve been declared bankrupt, can I still get an Oodle loan?

    This will depend on how long ago you declared bankruptcy.

    If you have since shown that you can pay bills on time and have no debt, your credit rating may have improved.

    Whether you can take out an Oodle loan will depend upon your credit score and whether the regular payments you’d need to make under the proposed loan are likely to be affordable for you.

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