How can I improve my credit rating to get a mortgage?

Your credit bscoreb is held by referencing agencies such as Experian, Call Credit and Equifax. This bscoreb is based on a variety of factors which determine whether or not a lender deems you suitable for a loan or if your financial situation is too risk averse. Although getting a mortgage with adverse credit history may be more complex, it is not impossible. A very bad credit rating can be a barrier to getting a mortgage or other types of loans. So what can you do to improve your chances and increase your score? Here are a few tips to get you started. b” If you have a CCJ, have defaulted or missed a credit card payment or have a bankruptcy order, your borrowing options may be limited. How you manage your commitments will affect your financial options. b” If you apply for credit and get turned down this will leave what is known as a bfootprintb on your file. It can make getting credit more difficult. b” Experianbs, bCredit Expertb offers an initial 30 day trial, where you can subscribe and enter all of your personal details. After verification, it generates a report that explains your credit score and offers advice on how to improve it. The monthly subscription fee is B#14.99 thereafter. b” Make sure that you are on the electoral role for where you live, this counts as a big tick on your rating. b” Register any debts that you may have to your current address. b” Check that there are no mistakes on your file, for example that there are no debts registered that arenbt yours. If you have joint finances with a partner who has bad credit then make sure you write and tell any debt agencies if you part company. b” Donbt be in a panic to get credit. If you make a number of applications in a short space of time a lender will see this as desperation. b” Only apply for credit you think you will get and always ask for a bquotationb search rather than a bcredit searchb. This will minimise the footprint on your file. b” Show responsibility by borrowing and always paying back on time. For example look at taking out a credit card (even if it has high interest), spend a minimum amount and clear the whole balance before any interest is charged. Over a six month period this will improve your credit score. b” Lenders like landlines, long term employment history, longevity with the same bank and the amount of time you have lived in the same property.