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What doesn’t impact your credit score?

Oktay Sengoz

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25/10/2022

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1 min read

Most lenders will review your credit score as part of the application process. Your credit score plays a big part in the assessment of your credit worthiness, as it’s a report card of how you have managed your debts in the past or how you are managing any outstanding debt you may have.

Your credit report includes a list of all the loan applications you have applied for in the past 5 years.

Being a major part of the application, heres 3 things that don’t impact your credit score, so you can put your best foot forward when applying for any loan.

Your income

Your income does not form part of the credit report. The credit report does not report or have access to income data. There are companies now that can access your bank statements and look forward regular income credits and assume your income, but this information is not recorded on your credit report.

A debit card

Paying with a debit card rather than a credit card won't impact your credit score. Debit cards allow you to access your savings, whereas credit cards allow you to access borrowed funds.

Having a loan application declined

Even though it's not ideal for an application to be submitted and declined, this won't affect your credit score. What will affect your credit score is if you apply with numerous lenders at the same time for the same transaction.

Talk to us today about finding out your credit score.

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