Ensuring your credit score is healthy is a major step to tick off before applying for a mortgage. While it isn’t impossible to get a mortgage with bad credit,
it certainly makes it more difficult.
We’ve complied a few tips & tricks to help get your credit score squeaky clean ready for that mortgage application. And don’t forget to keep tabs of your score for free, as you make these changes.
Perhaps the easiest thing to do when ensuring your credit file looks healthy is to prove where you live, simply enrol on the electoral roll where you live (even if that’s at home with parents)
Make regular payments on time. It sounds like a no brainer, right? But keeping on top of your repayments on things like credit cards should always be done by the deadline and try to pay off more than the minimum if possible. It is often suggested that placing regular amounts on your credit card, that are easily repaid can help your credit score.
Keep your credit spend at under 30% (ideally), so if your card limit is £1,000, aim not to put more than £300 on there at any one time. And pay it off as quickly as you are able to.
To gain a good understanding of your credit score and file, we recommend ‘Checkmyfile’ as this is the most comprehensive credit file checking solution encompassing all four of the major credit agencies used by lenders and credit providers, which means nothing can be missed. Checkmyfile is free as long as you cancel your account once you’ve generated the full pdf report within 28 days.