How to improve your credit score?

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A credit score is a numerical representation of your credit behaviour, indicating to lenders how likely you are to repay your loan promptly.

When it comes to credit scores, the general rule is that the higher your credit score, the greater your chance of getting accepted for a mortgage compared to someone with a low credit score. Furthermore, lenders will look through your financial background to determine whether you can afford a mortgage.

Whether you are a first time buyer in Hull or looking to move home, keep in mind that each lender has its own lending criteria. So, if one lender rejects your application, don't be discouraged. It doesn't mean all lenders will do the same.

Boosting your credit score takes time and effort, but it's worth it. Here are some detailed steps you can take to improve your credit score:

Minimise unnecessary credit searches
Be mindful of unnecessary credit searches, as using price comparison sites can potentially harm your credit score.

Avoid applying for credit
In the circumstance where you are applying for a mortgage soon, don't apply for other credit in this time.

Ensure you are on the electoral register
Make sure you are on the electoral register as this can boost your score and if you have already signed up, check that your name and address are correct.

Remove any financial links that could negatively impact your score
Remove any shared financial connections, such as joint accounts or co-signed loans, and ensure that your credit report accurately reflects your individual financial responsibilities.

Avoid maxing out on your credit card every month
Avoid maxing out on your credit card every month as this can negatively impact your score, which is why it's best to use and pay the balance in full at the end of the month

Share an up-to-date credit report with your mortgage advisor in Hull

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Ensuring that you share an updated copy of your credit report with your dedicated mortgage advisor in Hull is crucial. This detailed report of your financial background will enable them to recommend the most suitable mortgage for your specific situation.