Start Effect of consolidating student loans on credit score

Effect of consolidating student loans on credit score

Incentive based credit cards Some credit cards offer incentives in return for spending money on the card.

You may wish to consolidate existing credit and store card debt by transferring your existing balances to another new card with a lower rate of interest.

Typically, you can request balance transfers up to a total of 95% of your available credit limit, although this varies depending on card provider.

Low rate credit cards Low rate credit cards could save you money in interest when making purchases.

Always consider the APR associated with each card to understand the overall cost for comparison.

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Lenders can access a credit file that gives them information about your borrowing.

If you want to see your credit file to help with your financial planning you can request a copy (the statutory report costs £2) from a credit reference agency such as Experian.

It’s used by banks and other credit card providers to illustrate the overall costs you’ll pay when using the card.

The APR includes any upfront fees charged by the lender, spread over the period for which you borrow the money.

There are a number of different types of credit cards on the market.