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How to Improve Your Credit Score in Hull

The importance of credit score

First Time Buyers or any applicants with high credit scores are more likely to get accepted a mortgage over applicants with a low score. Lenders study your application carefully in order to ensure that you can afford a mortgage. You will never be guaranteed a mortgage and this is because every lender has a different lending criteria and it is unlikely that you will match every single one of them.

Each lender has devolved their own way of deciding whether you match their criteria or not. You could match the majority of them but you also may not. It is your Mortgage Advisors’ job to try and find you a lender who has criteria that you will fit into. Also, they will try and find the best deal for your personal circumstances. Whether your advisor is from your bank, the lender or a Mortgage Broker in Hull like us, they will try their best to match your mortgage needs

Going to a Mortgage Broker in Hull will allow you to Speak to a Mortgage Advisor in Hull who will try and find you the best deal possible based on your personal situation. You will always know what is going on and will always be updated if anything changes or something comes up. Hullmoneyman, your devoted mortgage broker is here to help improve your credit score and help secure that perfect mortgage deal. Whether you are a First Time Buyer, Moving Home or Self Employed, we think that you would benefit from our fantastic Mortgage Advice service in Hull.

How to Improve your Credit Score | MoneymanTV

Credit Score Mortgage Advisor in Hull

There are a handful of different credit reference agencies in Hull that you can go to, however, the most popular are Experian and Equifax. Before you make a decision, research each agency as it is a possibility that some of them could be holding incorrect data and it could help you discover any discrepancies.

Improving your credit score can be difficult but here are a few simpler ways of going about it:

Avoid unnecessary credit searches:

Making multiple credit searches could actually have a negative impact on your credit score. Price comparison websites will also damage your score, so be extra careful. We also advise you to not apply for credit during the mortgage process as a lender may look at this and think that you are struggling financially. It is a good thing in the long term though as it shows that you are able to pay recurring payments.

Check that you are on the voter’s roll:

Another way to improve your credit score is by registering for the Electoral Roll. In the lender’s eyes, it shows stability which they want to see. When registering, you must spell your name correctly and set your address to your current one and not an old one. If you are not registered then you definitely should as it’s quick and easy to set up and it could help improve your credit score. Make sure everything is correct though!

Don’t run close to your maximum limit:

Maxing out your card each month is bound to reduce your credit score. The lender looks at your credit card statements to check whether you have paid off balances by the due date or not. If you are meeting due dates and have never exceeded overdraft limits then a lender will see that you can manage your finances quite well and it could prove beneficial towards your application. However, if you don’t manage your finances carefully then the lender will believe that you don’t take payments seriously, hence making your chances of being accepted by them low.

Check your address history is keyed correctly:

We sometimes find that people who have moved house have not told their previous credit provider. This means that on their records you still live in the other property. So there are two separate addresses/properties linked with your name. Again, make sure you are on top of this as lenders don’t like to see your address history all mixed up.

Remove financial links to others:

Do you have a family member or ex-partner connected to your financial commitments? You might not even know if you do, but it’s worth checking just to be sure because you can’t get the financial association removed if the account is still live. If you are trying o remove any of these links then you should contact the credit reference agencies and make a request.

Applicants see credit scoring as being an unfair approach to accessing whether they can get a mortgage or not. Lenders disagree as this method provides a faster, fresher approach to the credit scoring system. It’s also a lot cheaper for them and it provides always provides a result that they can trust.

If you want to get ahead of the game, you should send an up-to-date copy of your credit report to your Mortgage Advisor in Hull. Starting early will increase your chances of being accepted the first time. The more that your advisor knows about your financial situation the better. Also, there are still some lenders that will want to do the process the old-fashioned way and will prefer a manual approach. They will have certain rules that they stick by about the number of defaults and CCJ’s that they will allow.

Hullmoneyman.com & Hullmoneyman are trading styles of UK Moneyman Limited, which is authorised and regulated by the Financial Conduct Authority.
UK Moneyman Limited is authorised and regulated by the Financial Conduct Authority.
UK Moneyman Limited registered in England, registered number 6789312 and registered office 10 Consort Court, Hull, HU9 1PU.

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