In the final part of our mini guide to moving home or moving your mortgage, I want to delve into the world of the Credit Score.
It can sometimes seem shrouded in mystery but with a little understanding and some diligence on your part, you can soon get to grips with it and start to use it to your advantage when seeking to move.
With Golden Rules 1 and 2 we discussed Affordability and Preparation, now with Golden Rule number 3 we will take a look at your Credit Score, what it is and how it can help you.
In simple terms, lenders will look at your credit score when you apply for a mortgage to help them decide various factors from how much they might lend you to what rate of interest they might charge you.
As ever, if you are looking to move home or move your mortgage, a little bit of preparation goes a long way and if your credit score is a little lower than you might have hoped there are some things you can do to improve it.
- Check it via a range of providers such as Experian, Equifax and Callcredit.
- Show an account history.
- Declare your address.
- Use credit responsibly
- Don’t miss repayments
- Don’t apply for more credit if your score is poor
- Don’t keep unused cards
For more information on your Credit Score and how to improve it, check out our free guide here.
If in your research you notice that your Credit Score contains errors you must challenge them. They are rare but it is worth checking and it is essential to get them corrected so do take the time to check it out.
At Mortgage Advice Bureau we have a fantastic team of fully qualified mortgage advisers who can help you find the ideal mortgage for you.
Drop us a line on [email protected] or call us on 07812 125592 and we can help you make your next move.