Credit Score

Improving Your Credit Score In Sheffield | Mortgage Advice In Sheffield

Credit Score Mortgage Advisor in Sheffield

Mortgage Advisor | Sheffieldmoneyman

Credit Score

If you have a high credit score, then your application is more likely to be accepted than someone with a low credit score. Lenders study your application carefully in order to confirm that you can afford a mortgage. Even if you have a high credit score, you are still never guaranteed a mortgage as Lenders have their own individual lending criteria and it’s more than likely that you won’t meet all of them.

Each lending criteria could be completely different, and lenders have developed their own way of determining whether you match this or not. You could end up matching with the majority of them or maybe only a couple. It is your Mortgage Advisors’ job to try and find you the right lender who is offering the best deal for your personal circumstances and who has criteria that you will be able to meet. Whether your advisor is from your bank, the lender or a Mortgage Broker in Sheffield like us, they will try their best to match your mortgage needs.

Approaching a Mortgage Broker in Sheffield will benefit you as our advisors will have your best interests at heart and will aim to find you the best deal for your personal situation. You will constantly be updated with exactly what is going on and we will sort everything for you making the whole process smooth and easy which is exactly how you want it. Whether you are a First-Time Buyer, planning on Moving Home or Self-Employed, we will do our best to help you improve your credit score and secure an amazing mortgage that you’ll be extremely happy with!

How to Improve your Credit Score | MoneymanTV

Credit Score Mortgage Advisor in Sheffield

There are lots of different credit reference agencies in Sheffield you can go to, the most popular ones are Experian and Equifax. Before you rush into anything, make sure that you do some research into each agency as it is possible that some of them may be holding incorrect data and it could help you identify any discrepancies.

There are lots of different things you can do to improve your credit score, here are some for you to have a look at:

Avoid Unnecessary Credit Searches:

You will find that multiple credit searches could actually end up having a negative effect on your credit score. Even using price comparison websites could damage your score. If you are planning to apply for a mortgage, we advise that you avoid applying for any other credit in the meantime. Paying your credit back is a good thing for your score in the long run as you are showing lenders that you can pay off your payments in time. However, borrowing during a mortgage application could make the lender think that you cannot afford the deposit and are relying on the credit to help you.

Check You Are on the Voter’s Roll:

A great way to boost your credit score is to register for the Electoral Roll. It indicates stability and lenders really like that. Your name must be spelt correctly, and you must include your current registered address, not your old one. If you are not registered on the Voter’s Roll, you should sign up as it’s really easy to do online and it could help you improve your credit score.

Don’t Run Close To Your Maximum Limit:

Maxing out your card each month will reduce your credit score. The lender will prefer to see that you use a credit card and pay off the balance in full each month as it shows that you are good at managing your money. A lender, seeing that you are exceeding credit card limits or overdrafts, will think that you don’t take your finances seriously. This could threaten your chances of getting accepted by them.

Check Your Address History Is Keyed Correctly:

Sometimes, if you have forgotten to tell a previous credit provider that you’ve moved to a new house, it can appear to lenders that you live in multiple properties. Lenders don’t like to see this so you must make sure that you are on top of your address history that is listed on your credit reports.

Remove Financial Links to others:

If you have a family member or ex-partner connected to you then this could be affecting your score without you even knowing. You can’t get the financial association removed if the account is still live. If you want to remove any of these links, then you should get in touch with the credit reference agencies and make a request.

Applicants see credit scoring as an unfair way to assess a mortgage application. Lenders disagree as at the end of the day, they want to make money and they need to know that you will be able to afford the recurring payments. It’s also much cheaper for them to operate through a computer-generated credit scoring system as it’s consistent and fast.

Send an up-to-date copy of your credit report to your Mortgage Advisor in Sheffield upfront to increase your chances of being accepted the first time. The more your advisor knows about your finances the better. Also, there are still some lenders that prefer to operate the old-fashioned way and will manually assess your application. They will still have rules that they stick by about the number of defaults and CCJ’s that they will allow.

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Open & Honest Mortgage Advice in Sheffield & Sheffieldmoneyman are trading styles of UK Moneyman Limited, which 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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0114 4070086

The Financial Conduct Authority does not regulate most buy to let mortgages.

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