So, you’ve missed a few credit card/loan payments or been declared bankrupt in the past and now you’d like to get a mortgage, is there anything you can do to help your application?
It would certainly be worth running your credit reports to see how your credit score is fairing. These companies are a selection of the online credit report companies that you could use:
www.experian.co.uk
www.equifax.co.uk
www.callcredit.co.uk
Once you’ve run your report, you’ll know what your credit score is and if there is some work that needs to be done. There are ways in which you can improve your credit history in a relatively short time. If you’re looking to apply for a mortgage in the not too distant future, you can certainly make a few changes that will improve your credit score and put you in a better position to have your mortgage approved:
- Make sure you pay your bills on time and in full.
- Don’t go overdrawn on your bank account.
- Get yourself on the electoral roll. This confirms you are who you say you are, it’s free and easy to do so make this a priority.
- Close any credit accounts you don’t use.
- Apply for a credit builder credit card that could help improve your credit rating, but make sure you pay it off in full every month.
- A guarantor loan could be an idea to clear any debts but also has the added benefit of improving your credit score if you meet your monthly payments.
- Make regular checks on your credit report, it’s not unknown for errors to happen. If you notice a mistake, call the relevant lender and ask for the error to be rectified.
- Don’t use payday loan companies as these will definitely not help you credit score!
