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How Can Universal Credit Affect The Credit History
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Dont stress, the very fact you get universal credit will maybe not straight impact your credit rating. However it may influence any applications you create for credit such as for example mortgages, loans or even a credit card that is new. Continue reading to learn more.
What's Universal Credit?
Universal Credit is an advantage to aid you if youre of working age as well as on an income that is low away from work. It really is a means-tested advantage, which means that the Department for Perform and Pensions (DWP) will evaluate your position to choose how much cash you'll want to go on and exactly how much Universal Credit you will need.
To be eligible for Universal Credit you need to be:
18 or higher http://www.cashlandloans.net/payday-loans-mn/
Under State Pension age
Reside in the united kingdom
Exactly What does Universal Credit replace?
Universal Credit has changed these advantages:
Child Tax Credit
Income-based Jobseekers Allowance
Income-related Employment and Help Allowance
Performing Tax Credit
Does Universal Credit affect credit history?
If you're claiming Universal Credit it wont impact your credit score. Your credit score, or score, talks about your borrowing history, just just what financial obligation you've got and whether you've got repaid your financial situation reliably.