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5 ways to improve your credit score

25.07.2022

If you’re considering applying for a mortgage in the near future, then you will need to make sure you have a good credit score.

Improving your credit score is one of the most effective things you can to do prepare for a mortgage application and will make a huge difference when lenders look at your credit profile.

Here are five things you can do to help improve your credit score and get you well on your way to being an appealing mortgage applicant…

1. Find out what your credit score is
Check your credit score and credit report and make sure all the information is up-to-date and correct.

2. Register to vote
if you’re not already on the electoral roll. It is thought that appearing on the electoral roll at your current address can add 50 points to your credit score.

3. Make sure all bills are paid on time.
Missing a payment will have an impact on your credit score, so to try and avoid this, set up direct debits for your monthly outgoings.

4. Prove you can manage debt
If you have never borrowed money, your credit score may be quite low because you haven’t shown that you can responsibly manage debt. You can apply for a credit card and pay off the full balance each month – just be wary of high interest rates.

5. Reduce your use of credit
If you use a lot of unsecured credit, such as credit cards or overdrafts, this can be seen as a negative thing as it is potentially a sign that you cannot manage your money or live beyond your means. If you can lower this to below 50% of what you have available now, this will have a positive impact on your score.

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