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Different Ways to Improve Your Credit Score in Sunderland

How to improve your credit score? | MoneymanTV

Any applicants like first-time buyers in Sunderland with a “good” credit score are more likely to get accepted a mortgage. Lenders study your application with a fine-tooth comb to ensure that you can afford to keep up your monthly mortgage payments.

Bear in mind; there’s no guarantee that you can obtain a mortgage. You see every lender has their own different lending criteria, and it’s not very confident that you will match every single one of them.

Each lender has devolved their way of deciding whether you match their criteria or not. You could compare the majority of them, but you also may not. It is your Mortgage Advisors’ job to try and find you a lender who has criteria matches.

Again, they will try and find the best deal for your circumstances. Whether your advisor is from your bank, the lender or a Mortgage Broker in Sunderland like us, they will try their best to match your mortgage needs

Going to a Mortgage Broker will allow you to Speak to a Mortgage Advisor in Sunderland who will try and find you the best deal possible based on your situation. You will always know what is going on and will continually be updated if anything changes or something comes up.

We are a devoted mortgage broker who’s here to help improve your credit score and help secure that perfect mortgage deal.

Credit reference agencies in the UK

There are a handful of different credit reference agencies in Sunderland that you can go to; however, the most popular are Experian and Equifax. Before you make a decision. Research each agency as it is a possibility that some of them could be holding incorrect data and it could help you discover any inconsistencies.

Improving your credit score can be challenging, but here are a few more straightforward ways of going about it:

Avoid unnecessary credit searches:

Making multiple credit searches could harm your credit score. Price comparison websites will also damage your score, so be extra careful. We also advise you to not apply for credit during the mortgage process as a lender may look at this and think that you are struggling financially.

It is a good thing in the long term though as it shows that you can pay recurring payments.

Check that you are on the voter’s roll

Another way to improve your credit score is by registering for the Electoral Roll. In the lender’s eyes, it shows stability which they want to see. When enrolling, you must spell your name correctly and set your address to your current one and not an old one.

If you are not registered, then you definitely should as it’s quick and easy to set up and it could help improve your credit score. Make sure everything is correct.

Don’t run close to your maximum limit

Maxing out your card each month is bound to reduce your credit score. The lender looks at your credit card statements to check whether you have paid off balances by the due date or not. If you are meeting due dates and have never exceeded overdraft limits.

Then a lender will see that you can manage your finances quite well and it could prove beneficial towards your application.

However, if you don’t manage your finances carefully, then the lender will believe that you don’t take payments seriously, hence making your chances of being accepted by them low.

Check your address history is keyed correctly:

We sometimes find that people who have moved house have not told their previous credit provider. It means that on their records, you still live in the other property.

So there are two separate addresses/properties linked with your name. Again, make sure you are on top of this as lenders don’t like to see your address history all mixed up.

Remove financial links to others

Do you have a family member or ex-partner connected to your financial commitments?

You might not even know if you do, but it’s worth checking to be sure because you can’t get the economic association removed if the account is still live. If you are trying to remove any of these links. Then you should contact the credit reference agencies and make a request.

Applicants see credit scoring as being an unfair approach to accessing whether they can get a mortgage or not. Lenders disagree as this method provides a faster, fresher approach to the credit scoring system. It’s also a lot cheaper for them, and it gives always provides a result that they can trust.

If you want to get ahead of the game. You should send an up-to-date copy of your credit report to your Mortgage Advisor in Sunderland. Starting in advance will increase your chances of being accepted the first time. The more that your advisor knows about your financial situation, the better.

Also, there are still some lenders that will want to do the process the old-fashioned way and will prefer a manual approach. They will have specific rules that they stick by about the number of defaults and CCJ’s that they will allow.

Sunderlandmoneyman.com & Sunderlandmoneyman are trading styles of UK Moneyman Limited, which is authorised and regulated by the Financial Conduct Authority.
UK Moneyman Limited 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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