How can I improve my credit score?

28th March 2020

Tips for improving your credit score

If you were about to lend someone a large amount of money then you’d want to know that they are responsible, capable of paying it back and aren’t hiding anything below the surface, right?

That’s why lenders look at credit ratings to help decide whether to a) lend you money b) how much to lend you, and sometimes c) how much interest to charge.

Given this, there are a number of ways to prove you are a trustworthy individual who can manage your finances responsibly, and are able to pay back what you borrow. If you can clearly prove that you have a good credit score, then you’ll stand a better chance of getting the mortgage deal you want, and ultimately will be able to borrow the maximum amount to help you buy the house of your dreams.

1. Check your credit score

The first place to start is to find out how good or bad your credit score is. There are various companies out there i.e. Experian, Equifax, Callcredit, who can give you your credit score. This will be a thorough report of all your credit accounts, including outstanding loans and any missed or late payments over the last six years, as well as any other people who are financially linked to you.

2. Show an account history

Start by proving you have a good history when it comes to managing your finances. Having a history of bank accounts e.g. a current account, savings accounts, ISAs, credit card etc. will give your mortgage adviser a decent history of your credit to look back through.

3. Declare your address

Lenders will need to see proof of your name and address in order to trust you are who you say you are. Register on the electoral roll and make sure all of your bills are registered to your current address. This way, everything is easy to trace back to you and confirms your identity.

If you’d like to find out more about improving your credit score, talk to our team of expert mortgage advisers on 08454 500200 or click here to make an enquiry.

 

< Back to News and Blog

We used this service to get our most recent mortgage. I cannot fault our Adviser or the team there. If we needed to speak to them they were always available. Explained things in simple terms and made us feel comfortable when talking about finances and also mortgage protection too. Thank you. We will use you again!

Glenda R

April 2020

Get the Right Mortgage Advice