How to Improve Your Credit Score In Easy Steps
If you want to improve your credit score from one of bad credit record then the following advice will help your progress your credit score overall.
The purpose of repairing your credit rating is manifold and you need to be aware it won’t happen overnight.
Indeed before you even start, you need to approach credit agencies like Equifax and Experian to get a score of your current rating. Hopefully it’s not too bad a credit rating to start with.
When you get it you may feel angry as many people do as it can appear that many items in your score might not actually be your fault, or have found there way onto your score from other individuals or simply via people who used to live at your address.
When you apply for a mortgage the lender will access credit reports and scores from all three major credit reporting agencies: including, Equifax and Experian. Normally they’ll use the middle score to work your mortgage loan application. If you have queries you can ask your lender to clarify which credit scores will be used and how they may affect your mortgage loan application.
Lenders to rate your scoring on 5 things: Firstly your payment history, secondly the amount of debt outstanding, thirdly the overall length of your credit history, fourthly the types of credit you are using and last but not least on the new credit you are requesting.
It’s important to note the first two items listed account for approximately 65% of your credit score. Hence you can seethe importance attached to getting a good payment history and to keep the outstanding debt within easy affordability.
However, if you find that you do have a poor credit rating it’s not the end of the world. Even with the ‘credit crunch’ and the fact you have a bad credit rating that you know will take months if not years to repair you can still benefit from some products available from specialist lenders.
All you need to do is call The Bad Credit Mortgage Centre for friendly advice on how you can still acquire a competitive mortgage relative to your current bad credit score situation…
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