Martin Lewis’ MoneySavingExpert launches new credit card tool

People looking to get a credit card or loan can use a handy new tool on Martin Lewis’ MoneySavingExpert to help them on their way. The website shares its new credit card eligibility assessment tool in a user newsletter.

It combines three features that will let you know if you’re likely to be accepted for a new credit card, loan or other form of credit. The tool allows users to find out their credit score using data from TransUnion, one of the big three consumer credit reference agencies.

Your credit score is a financial record that informs lenders of your history of repaying any loan you have borrowed. Users of the new tool can also get their Affordability Score, which takes income into account as opposed to a credit score.

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The feature takes into account how much debt you have compared to your income, disposable income and the amount of credit you have available. These are things lenders need to know before they’ll give you credit, but they don’t show up in your credit score, The Sun reports.

You can also use the tool to see how your creditworthiness rating changes over time. A statement on the website says: “A few years ago, the only way to know if you’d be accepted for a credit card was to apply, but that leaves a mark on your credit report that lenders could see, affecting your ability to get credit in the future.

“Our eligibility calculator uses a ‘soft search’ (which lenders can’t use) to calculate and show your percentage chance of getting the best credit cards.”