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Do you know what your credit file and credit score really mean?


You’ve no doubt heard a lot about credit scores, but we’d like to let you in on a trade secret. They don’t actually mean all that much to us lenders. We shall explain….


Your ‘credit score’ is just a score that is given by one of the three main Credit Reference agencies in the UK. It gives us lenders a quick and dirty idea of your current financial position. But what we really look for when we are accepting someone for a loan is that they meet our criteria. This is where is gets a bit more complicated because a lenders criteria is bespoke and individual to that lender.

Lenders will look in detail at your credit record. This shows a history of how much credit you have applied for and taken out in the past and how good you’ve been at paying it back. Your credit record is really important to you and it’s well worth looking after it.

Your credit record will show any past lending – your credit history, be it store cards, credit cards, loans, car finance, overdrafts etc. It will also show how effective you’ve been at paying these things back. If you’ve paid everything back on time and in full each month, your credit record will show this and your credit score will reflect this too. You will be seen as a trustworthy borrower and you are likely to be look upon favourably by lenders.

If on the other hand you haven’t met your monthly repayments on certain lending products, your credit record will reflect this. People who have had issues with repaying credit cards or loans on time and in full each month are likely to have more issues getting credit in the future.

That’s where TFS Loans comes in. As a leading Guarantor Loans provider, we specialise in  Guarantor Loans for people who have a poor credit record and credit score. So if you’re in this position, all is not lost. You still have lending options, even if you have been turned down by banks and other online lenders.

In addition to your credit record and score, lenders also research whether you are on the Electoral Roll, or how long it’s been since you missed a payment and how much you now owe in total.

You may have found, when applying for a loan, that some lenders will be able to offer you credit and others can’t. This is all down to the individual criteria of each lender. The criteria that each lender has is a heavily researched and historical criteria based on a number of different factors that allow lenders to assess how risky you are as a borrower and how likely you are to pay back the loan on time and in full every month. A lender has to be sure of this before they can lend you any money.

What all lenders need you to demonstrate is that you can afford to pay back the monthly loan instalments in full and on time, each and every month.

In fact, if you stick to this basic principle, you will soon find that even if you’ve had a bad credit record and poor credit score in the past, you can remedy this in the future and your lending options will be far greater.

Another big tip we’d recommend, to maximise your chance of any lender – including TFS Loans, accepting you, is to be registered on the electoral roll (a topic which we covered in a past blog) and to also consider whether you are financially linked to anyone with a poor credit history. If you are linked by way of a joint account or mortgage, then that person’s poor score could have an adverse effect on your own.

A guarantor loan might be ideal for someone with bad credit. It does not matter if you have had CCJ’s, defaults or missed payments, all that is required, is that you can afford your monthly payments and you have a guarantor that trusts you. In the event that you fail to make a repayment, then your guarantor will have to make them for you. (44.9% APR Representative Fixed). For more information about bad credit and Guarantor loans visit our dedicated Bad Credit page.


To see our own FAQ as a potential borrower (and for your Guarantor) please check out our Frequently Asked Questions page.

Alternatively, if you think you may be interested in a TFS Loan, please give us a call on the number below and one of our friendly staff will be more than happy to discuss the process with you.



TFS Loans are specialist Guarantor Loan lenders. A Guarantor Loan is a form of loan that requires someone to act as the Borrower’s Guarantor. We offer Guarantor Loans from £1,000 to £15,000, over 1 to 5 years.


To Apply for a TFS Guarantor Loan please click below:

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Or give us a call on: 0203 476 4170


Apply for a TFS Guarantor Loan using the button below:
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