DonРІР‚в„ўt stress, the actual fact you obtain universal credit will likely not straight influence your credit rating. Nonetheless it may influence any applications you make for credit such as for instance mortgages, loans or perhaps a credit card that is new. Continue reading to learn more.
What exactly is Universal Credit?
Universal Credit is good results to aid you if youРІР‚в„ўre of working age as well as on an income that is low away from work. It’s a means-tested advantage, meaning the Department for Perform and Pensions (DWP) will evaluate your position to determine how much cash you’ll want to live on and exactly how much Universal Credit you’ll need.
To be eligible for Universal Credit you need to be:
- 18 or higher
- Under State Pension age
- Are now living in the united kingdom
So what does Universal Credit replace?
Universal Credit has changed these advantages:
- Child Tax Credit
- Housing Benefit
- Income-based JobseekerРІР‚в„ўs Allowance
- Income-related Employment and Help Allowance
- Earnings Support
- Performing Tax Credit
Does Universal Credit affect credit score?
If you’re claiming Universal Credit it wonРІР‚в„ўt influence your credit history. Your credit rating, or score, talks about your borrowing history, exactly what financial obligation you have got and whether you’ve got paid back the money you owe reliably. Continue reading “How Exactly Does Universal Credit Affect The Credit Score”