How to raise your credit score
Here are some key points you should know in learning how to raise your credit score.
There are many lenders offering a wide range of secured and unsecured loan facilities. Finding a loan which meets with your requirements at the most competitive interest rate for your own specific circumstances can be confusing and complicated particularly if you have been turned down by failing the lenders credit score and nothing else.
Unfortunately, all lenders credit score applications against their criteria. However, there are number of key factors which affect your credit score and could lead to your application being declined.
Key points in how to raise your credit score:
- Must be on the electoral roll – If you are not on the electoral roll at the address on the application there is a high chance of rejection.
- Bad credit history – Past credit history contributes about 35% of your credit score. County Court Judgments also have an effect but missed and late payments will be detrimental to your score.
- At current address less than 3 years – Stability for lenders is key. The longer in residence, the better the stability.
- New job – Lenders are looking for someone who has had the same job for a number of years but if you have had 3 or more jobs in the last 3 years your credit score will be affected.
- No or new bank account – The longer you have been with a bank the better. No bank account will seriously affect your credit score.
- Too many credit applications – Every time you apply for credit a search is made and is recorded on your credit file. Numerous credit applications in a short space of time will affect your credit score as it may be perceived by lenders that you are desperate to obtain credit.
If you are unsure about your credit score contact Equifax or Experian to obtain a copy of your credit data file.
Whether you require free personal loans advice, a debt consolidation loan, free mortgage advice, or free re-mortgage advice, we can help you obtain the finance you need based on your credit file and current circumstances.
To apply use our loan application form or call us now on 0114 244 6200.
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