Different Ways to Improve Your Credit Score in Sunderland

If you are applying for a mortgage, having a high credit score can make it more likely to get accepted for a mortgage and this is especially the case for first time buyers in Sunderland. Lenders will have a thorough check of your application to make sure that you can manage your monthly mortgage payments.

Keep in mind that there is no guarantee that you obtain a mortgage. You will find that find every lender has their own different lending criteria, meaning that you may not match every single of them.

Because of this, you may be unsure of which mortgage product to go for – this is where we come in. As an experienced mortgage broker in Sunderland, we can provide you with a tailored recommendation based on your financial and personal circumstances as well as your mortgage goals.

Approaching a mortgage broker, like ourselves, will give you the chance to speak to a mortgage advisor in Sunderland who will ask you a series of questions to build a picture of your financial situation in order to find you the most appropriate mortgage deal

Your credit score can play a big role in getting a mortgage which is why we will always be available to provide insight on ways to improve your credit score and help you find the perfect mortgage deal.

Credit reference agencies in the UK

If you are looking to get a more detailed insight into your credit, check out the wide range of credit scoring agencies like Experian and Equifax. Prior to making a decision, research each agency it is possible that they could be keeping incorrect data and could help you find 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.

Date Last Edited: 06/04/2023