Frequently Asked Questions

Defaults (or missed payments) and county court judgements will be visible on your credit file for six years (regardless of whether you do pay it off later). Bankruptcies can be on your file for up to 15 years. Hard searches (or enquiries made on your credit report by lenders) will be visible on file for one year.  

A hard search or credit check happens when a company performs a check on your credit file - for example; you apply for a credit card or a car loan. Mobile phone providers and utility providers also perform hard searches.

A hard search will appear on your report, other companies and lenders will be able to see you have been applying for credit. Many hard searches over a short period will harm your ability to apply for credit successfully. These type of searches stay visible on your credit file for one year. 

Credit Reference Agencies (or CRA) collect and store personal and financial information that is used to create a credit file or report. The same information is used to calculate a credit score. The higher the number, the better your credit rating, and the better your chance of being approved for credit. The main Credit Reference Agencies in the UK who provide credit checks are Equifax, Experian and TransUnion. 

This will depend on the credit reference agency as they all have their own system. Good to excellent credit scores are rated as follows:

• Experian credit score
  Good: 881-960
  Excellent: 961-999
• Equifax credit score
  Good: 420-466
  Excellent: 467-700
• TransUnion credit score
  Good: 604-627
  Excellent: 628-710

The document request for your business to be approved will vary and include business bank statements, revenue statements, business tax returns and business plans. They will also want to view personal financial details such as personal tax returns, credit history, other investments you may have and outstanding debt.

You may also be required to stand as a guarantee or have a form of life insurance in place. An asset that you can provide as collateral may also be required should the business fail to make repayments.

You will be able to top up your card by logging into your account on your provider's website or by using their mobile app. You will likely be able to load your card using one or more of the following methods: 

• Bank transfers 
• Wages and salaries loaded directly your card 
• Top-ups using your debit card or credit card 
• Cash top-ups (usually at PayPoint locations and Post Offices) 

It's important to note that fees will apply with some top-up methods, for example, cash top-ups at Paypoint or post Office locations. Bank transfers normally have no cost. 

Most likely, limits and restrictions can apply to:

• Top-ups
• Balance (at any given time or over a period of time)
• Withdrawals (these can be capped by amount and frequency)
• Number of additional cards on one account
• Minimum age requirements
• Spending restrictions (these can be capped by amount and on a daily, monthly or yearly basis)

Normally, you can find all limits and restrictions listed in the Terms and Conditions.