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How to improve your credit score

How to improve your credit score

How to improve your credit score

A credit score is a number that represents the ‘creditworthiness’ of a person based on an analysis of a person’s credit files, which indicates their capability to repay a loan. Any payments you have failed to commit to can immediately limit your borrowing options and your ability to secure credit in the future.

Although we offer bad credit mortgages, adverse credit mortgages and CCJ mortgages, we understand that improving your credit score may be something you are looking to achieve. We’ve listed a few basic checks to help improve and maintain a good credit rating:

  • Ensure all your debts are registered to your full, correct name and your current address.
  • Similarly, correct any mistakes on your credit file; this could include other people’s debts.
  • End any credit agreements you no longer use.
  • Build a good credit history of lending and paying it back. You could choose to take out a store card or credit card and build a history of paying back any amounts you owe. Avoid committing to a payment you don’t think you’ll be able to pay back in the future.
  • Do everything you can to keep up all agreed repayments.
  • If you have a bank overdraft, be very careful not to exceed your limit. If you continually exceed your overdraft limit and fail to repay funds into your account then you’ll land a black mark against your name.

Where to start if I have a poor credit rating?

Although it seems obvious, the first thing to do is to make sure all your payments to creditors are made on time. Pay off any outstanding defaults or ask for smaller repayments if you’re really struggling to pay off the money owed.

Next, obtain a copy of your credit history through Experian, Equifax or Callcredit. Ensure everything is up to date and that everything is registered to the correct address and register on the Electoral Roll.

Mosaic Mortgages can review your credit file and provide you with advice on how to improve your credit rating. If you have a failed high street credit score than refrain from applying to multiple lenders; this will only make you look desperate and seriously affect your credit rating.

We will always try to help in the majority of circumstances, yet should we feel that it’s not the right time to apply for a mortgage now, we will advise you what to do to make sure you can secure a mortgage in the future.

Contact us for more information on our independent mortgage advice, failed credit score advice or bad credit mortgages.

Check your credit history

We recommend obtaining a copy of your credit file though one of the three credit reference agencies, Experian, Equifax or Callcredit and we can review your file with you to explain exactly what the various entries mean. All of these companies are currently offering a free 30 day trial so if you are thinking of applying for a mortgage then we recommend taking advantage of this service so that you can see exactly what a lender will see when you apply for a mortgage and they credit search you.

We will provide you with advice of how to improve your credit rating so that we can get you a High Street mortgage as soon as possible.

* Please note that monthly fees apply to the consumer following the 30 day Free Trial of these products if the user does not cancel within the trial period. The monthly fees are £7.95 for the Equifax Credit Report & Score. A user can cancel their subscription with Equifax at any time.

The author, Shaun Bielby has over 25 years experience in financial services and is a specialist mortgage and protection advisor with Mosaic Mortgages who are mortgage brokers that give independent mortgage advice to first time buyers, borrowers with an adverse or bad credit mortgage history or those looking to invest in buy to let.