Credit ratings – do you need to improve yours?

May 14, 2019

Enable’s IFA’s in Bishop’s Stortford can help you look at getting a mortgage or reviewing your mortgage. Credit rating can be critical for those just starting off as first time buyers in the housing market.

How to improve your mortgage score

Many younger people are looking to get onto the housing ladder but have had some money troubles in the past as they have navigated the post-student early years of their careers. Some are worried that they will not be accepted for a mortgage if they have a less than perfect credit score.

“Your credit rating has the potential to make or break your financial future.” says Ricky Knox, chief executive of Tandem Bank. “Thin or poor credit files are an issue affecting many as they look to secure a mortgage and make a move onto the property ladder and many people simply don’t pay enough attention to their credit until they think they need to.”

Before you even think of applying for a mortgage Enable’s IFA’s in Bishop’s Stortford would suggest you look at your credit score. This will help you understand how this reflects your profile as a responsible borrower. Remember if at first aren’t being offered a good deal on a mortgage it may be worth waiting before applying.

But there are also some things you can I do to try and improve your credit rating before you apply.  Some specialist credit cards can be a good way to build up your credit score but you have to make sure you use them carefully. If you’re struggling with a ‘thin’ file which essentially means you are new to credit, you should consider signing up for a credit card that is designed to help you build up a healthy score.

Do your research first and if you have too many card applications it could look suspicious on your record. Find the card that works for you, apply and start borrowing responsibly. Then Enable’s IFA’s may be able to help you secure a great mortgage.

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