Does a bad credit rating matter?
Defaulted payments, missed credit/debit payments and other payments that you may have failed to commit to can leave a black mark against your name, immediately affecting your ability to secure credit in the future.
Even though we offer bad credit mortgages and CCJ mortgages specifically for those with a bad credit history, we understand that improving your credit score maybe something you’re looking to achieve. Before applying for a loan or mortgage, remember to check your credit files and get any errors corrected if there are any.
What is a credit score?
A credit score is a number that represents the ‘creditworthiness’ or a person, which indicates their capability to repay a loan.
Failed High Street Credit Score?
If you have been declined by a lender then don’t keep applying elsewhere. Doing so can have a detrimental effect on your credit rating, making it even harder to get a mortgage agreed in future.
Mosaic Mortgages recommend that you obtain a copy for your credit file through Experian, Equifax or Callcredit. We can then review your file and discuss what exactly each entry means. We will also provide you with advice or how to improve your credit rating so that we can get you a High Street mortgage as soon as possible.
For more information, please feel free to contact us.