A Poor Credit Rating can be a Real Headache
Every Situation is Different So Talk to Us First
You may have simply had an issue with a mobile phone provider, missed a few credit card payments, had a County Court Judgement or you may be a discharged Bankrupt. These may have been caused by a divorce or separation or a business problem.
Whatever the cause of these problems, a poor credit rating can be a real headache when trying to get a mortgage.
The good news is, we have Lenders that may be able to help!
Get your Credit Report
A great place to start is to apply for your Credit Report.
Most Lenders perform a credit search on Experian, so it would be helpful if you could obtain a copy of your full Experian Report.
This will show your credit commitments and payment history for the last 6 years. It will also show any County Court Judgements and information on your financial associations with other people.
In the meantime, here are a few tips which may help you improve your credit score:
- Avoid making lots of applications for credit – this will reduce your credit score
- Electoral Roll – make sure that your information is correct and up to date
- Consider your partner’s debt – buying with a partner will mean their credit history gets taken into account, as well as yours
- Repair your credit history – establish a pattern of consistent payments and responsible credit usage
- Reduce your credit card debt – this will help improve your score
- Present as a lower risk – apply when you have a stable income and try to offer a high deposit, which may mean looking at cheaper properties
- Be honest – mortgage lenders will conduct thorough searches, and trying to hide adverse credit will look bad
- Have an explanation – lenders will be interested in why you got into financial trouble and what has happened since then
- Timing – blemishes on your record could be seen as less serious over time, especially if your financial situation has improved