When it comes to accessing financial products like loans and credit cards or taking out a mortgage, having a good credit score backing you up can really make a big difference, making it a lot easier for you to borrow what you need.
However, if you don’t have a particularly strong score, there’s no need to worry unduly as there’s a lot you can do that can improve it and make lenders look more favourably upon you from a borrowing perspective.
Lenders want to know that they’re not taking a big risk when lending to you and one way you can go about demonstrating that you can manage your finances well is by making sure bills are paid on time.
Not all your bills will count where your credit score is concerned, but payments on credit cards, loans and other debts certainly will. Service and utility payments are also now taken into account. If you know you have missed some payments, make sure you get in touch with the provider as soon as you can to discuss your situation.
Another way to give your score a boost is to close down any joint bank accounts you have with someone else, as their credit rating can affect yours, as well.
And make sure that, if you are turned down for credit, you don’t then immediately try and apply or borrow from elsewhere immediately. Making lots of different applications within a short period of time can have an impact on your score.
If you’d like to find out more about your credit score and why it’s important, get in touch with the Create Finance team today to discuss adverse credit.
Your home may be repossessed if you do not keep up with your mortgage repayments.
There may be a fee for mortgage advice. The actual amount you pay will depend on your circumstances. The fee is up to 1% but a typical fee is £595.
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Create Finance Limited is an appointed representative of Mortgage Advice Bureau (Derby) Limited which is authorised and regulated by the Financial Conduct Authority.
Create Finance Limited. Registered Office: 35 Friar Gate Studios, Ford Street, Derby, Derbyshire, England, DE1 1EE. Registered in England Number: 09582938.
Think carefully before securing other debts against your home. Your home may be repossessed if you do not keep up repayments on a mortgage or any other debt secured on it. There may be a fee for mortgage advice. The actual amount you pay will depend on your circumstances. The fee is up to 1% but a typical fee is £595.
The guidance and/or advice contained within this website is subject to the UK regulatory regime, and is therefore targeted at consumers based in the UK. The actual rate available will depend upon your circumstances. Ask for a personalised illustration.
We may receive commission that will vary depending on the lender, product or permissible factors, The nature of any commission model will be confirmed to you before you proceed. Create Finance Ltd are a credit broker, not a lender.