How to Improve your Credit Score in Doncaster

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To Improve Your Credit Rating:

Avoid Unnecessary Credit Searches

Check You Are on the Voter’s Roll

Don’t Run Close To Your Maximum Limit

Check Your Address History is Keyed Correctly

Close Any Unused Credit Accounts

Remove Financial Links to Others

If you are looking to boost your credit score, a specialist mortgage advice in Doncaster could be the option for you! An applicant who has a high credit score will have more of a chance of getting a mortgage acceptance compared to one with a much lower score. Contrary to this, it all depends on the lenders having their own internal scoring systems.

Every lender has built their own scoring system over the years. In the case where your application isn’t successful, it doesn’t mean it will apply to all lenders. If you do have a Mortgage Advisor in Doncaster by your side in the process, they will provide you with the support and information you need as well as try and match you to the right lender. The role of your advisor is to invest in you and has the same goal as you which is to find you the best deal.

In the UK, there are a variety of credit reference agencies such as Experian and Equifax. We do recommend checking as many of these agencies as possible in order to get a full picture of your credit score. As well as this, one of the agencies may have incorrect data. Here at Doncastermoneyman, we recommend Check My File to customers. This platform collates data from major agencies including the two mentioned above and provide a broader view of how your credit score is performing. When you sign up, you will have a 30 day free trial on the platform and then it will be around £14.99 a month, however, the account can be cancelled at the end of the trial.

Try it FREE for 30 days, then £14.99 a month – cancel online anytime.

Wondering what you can do to improve your credit score? Check out the best practices you can follow below.

To Improve Your Credit Rating:

Avoid Unnecessary Credit Searches:

One thing that can harm your score is carrying out multiple credit searches. We recommend that you are careful when using price comparison websites which have a reputation to credit search you. If you are wanting to apply for a mortgage in the near future, it is best that you stay away from other credit. Even though having some credit and paying it back helps your score, further down the line, lenders will not like to see you increasing your borrowings right before making a mortgage application.

Check You Are on the Voter’s Roll:

A great way to boost your credit score is to be on the electoral roll. It shows a lender your stability. Check that your name is spelt correctly and that it’s registered at your current address, not an old one. You can easily register online.

Don’t Run Close To Your Maximum Limit:

Maxing out your card every month can harm your score. If you do use a credit card, make sure you pay
off the balance in full each month. By doing this, you are showing that you are good at managing your money. The worst case scenario is exceeding an agreed card limit or overdraft. Lenders want to know that you take your finances seriously.

Check Your Address History is Keyed Correctly:

There have been cases where credit reports highlight that the applicant is living in two places at once. The reason behind this is that the applicant may have forgotten to tell one of their credit providers that they have moved to a new house. Make sure all addresses are spelt correctly. You may find it difficult to do this if you live in a flat due to the flat/apartment number can be formatted in different ways.

Close Any Unused Credit Accounts:

If you have any store/credit cards you no longer use, you should contact the providers to get the account closed. Initially, this can harm your score briefly as the credit reference won’t be able to see if it’s you closing the account down or the provider. On the flip side, it’s one step back to take two forward. As well as this, it’s a good thing to do to reduce your chance of falling victim to fraud should you not be aware that you have lost a card that you don’t regularly use.

Remove Financial Links to Others:

In the circumstance you are financially linked to a family member or ex-partner, this could impact your score. The account will remain in operation for a long the financial association is still active. In order to remove one of these links, you should get in touch with the credit reference agencies and make a request.

The common opinion amongst consumers is that it’s unfair how lenders assess applications, however, lenders feel differently about this. The way they operate is a cheaper option with computers providing more consistent outcomes.

A way to increase your chances of being accepted the first time is to send an up to date copy of your credit report to your Mortgage Advisor in Doncaster. Make sure you give enough information to your advisor for them to get the full picture of your finances. We do find that there is a small majority of lenders that do not assess credit scores. This is because they go for a more old fashioned manual approach. Keep in mind that they may have specific rules about the amount of defaults CCJ’s they will allow.

Date Last Edited: December 6, 2023