If you are looking to apply for a mortgage or other forms of credit there are a few processes you can go through in order to improve your credit score. For any mortgage application through traditional means your credit score and history will weight heavily on a decision, although with Central Mortgages we can support those applying with an adverse credit history.
Know Your Credit Score – Before putting together a mortgage application you can check your own credit report to see what will be looked at during the application process. From here you can work out a plan of action.
Amend Inaccurate Information b If there is any information that is incorrect on your credit report it is important for you to ensure it is amended. False information can hurt both your credit score and a mortgage application.
Pay-Off Outstanding Late Payments b You have to demonstrate that you are able to make payments on time, so for any outstanding debts where payments have been late or missed, begin a new pattern of paying early and/or on time and have no late payments listed.
Reduce Debt-to-Income Ratio b The lower you can get the percentage of debt to your monthly income, the higher the chances of being successful with a mortgage application, as this will significantly increase should you be accepted for a mortgage. Donbt add any new debt in the run up to your mortgage application.
To find out more about our mortgage application process and the impact of your credit rating, contact Central Mortgages and webll be happy to talk through your specific situation and how we can help you secure a mortgage for your dream property.
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