There are number of ways to improve your credit rating
- Check your credit file: to get your credit report you will need to contact a credit reference agency. There are three main agencies who you can contact: Experian, Callcredit and Equifax. They will send you a copy of your credit report for a small fee. Once you have received your report check if anything is incorrect, if yes then contact the agency to change it.
- Register to vote:it may be more difficult to get a mortgage if you are not on the electoral roll. In order to register please visit www.aboutmyvote.co.uk to download a form.
- Cancel unused credit cards or accounts: make sure all active accounts are registered to your current address. Unused credit cards increase the amount of credit you have available and may decrease your credit score.
- Keep up payments and never be late: late payments, CCJ’s or missed payments will make an impact on your credit score, making it harder to get a mortgage. To build your credit score higher make sure all credit agreements are paid on time. Contact your lender if you are struggling to make the repayments who may be able to help.
- Build relationships: Often it is easier to get a mortgage from the same lender who you bank with. Lenders happier to lend to customers with whom they have an existing relationship. If you have a preferred lender but are not a existing customer then consider moving your account and savings with them.
