Credit history

Your credit history can have a big impact on the cost of borrowing money and the options available to you. It is a bit like an ongoing school report that chronicles your financial behaviour!

Your credit history also looks at your current debt and a number of other factors. Always remember it’s easier to harm your credit rating than to improve it - prevention is always better than cure.

Loan applications

Most lenders use some form of credit checking to assess your application for a loan, so ensure you do everything you can to protect your credit rating.

If you are having problems getting credit, it’s worth visiting a credit reference agency to find out more about your credit rating and how you can improve it. The three top agencies in the UK are Callcredit, Equifax, and Experian.

Manage your finances

If you love money management and get a kick from staying on top of your finances, or if you are a novice in personal finance and want to learn the ropes, Wonga offers a free budget tool that can help.  Wonga's budget calculator is user-friendly, allowing you to go at your own pace, move back and forth between screens and to also save your work and come back to it or print it and take it with you. However, if you feel overwhelmed by the stress of debt, Wonga also offers direction to those seeking debt help.

TIP! 

Taking and repaying personal loans on time improves your credit rating - by showing other potential lenders that you are a reliable borrower. Obviously you should never take out a loan just for this purpose, but using Wonga's short term service in a responsible way may have the added benefit of improving your credit rating.