Improving your Credit Score

If you’ve got no idea what a credit score is, then how are you on this page? But don’t worry, move the mouse away from that back button! You’re in the exact place you need to be to learn all about credit scores…

Welcome to Zing, expert mortgage brokers, and masters of all things related to mortgages. Your credit score is most definitely one of the most important factors for landing yourself a mortgage – other than the initial deposit.

To learn about improving your credit and learning what your score is, read through our blog below.

Credit Score?

So, your credit score is basically the most important thing in your financial life (other than money…). That’s because it’s why lenders use to determine your reliability as a borrower, low or no credit means you won’t qualify for credit – like mortgages, loans and credit cards. Your credit score a financial footprint, digitised and tracked over your entire life. It’s every phone bill you’ve paid late, every loan you’ve taken out and all your credit cards you own/ have owned.

It’s the measurement of how lenders will judge you, and there’s three main agencies that set the scores… These are Equifax, Experian and Call Credit. Their scoring scales are as follows:

  • Equifax: out of 700
  • Experian: out of 999
  • Callcredit: out of 5

If you’re credit score isn’t considered on the ‘good’ side of the scale, then we have some bad news… It may be harder for you to secure a mortgage and other financial products. The better your credit, the better rates you’ll receive – so, with that in mind, you’ll probably need to know how to improve your credit. Luckily for you, you’re on the right page, according to the title…

Increasing your Score

In this step by step guide, you’ll see how you can improve your credit score – so you can get better rates on mortgages and any other financial product you may need to borrow.

Step 1: Know the score

One of the first steps to improving your credit, is to make sure you know what your score is. There’s so many free websites you can use to check your credit score. Each site is linked to a different agency; thus, your credit score will be on different scales depending which website you use. There is MSEs Credit Club, Clear Score and Noddle. Whilst they don’t provide you with the fully updated version of your credit score (unless you pay), you can see everything with about a 2-month delay. You’ll be able to see check for any errors on your account, including being linked to someone (financially) with bad credit, as well as any cases of fraud or other errors. These can be fixed, if proven false, and removed from your account – which means you credit score should be better off.

Step 2: The Little Things

There are some really simple things you can do to help your credit score. Registering for the electoral list can help improve your credit profile, as well as ensuring that you’re not changing address too much. It’s about building up a presence, so your reliability can be established by lenders. If you’re living at home, with family, ask for your name to be put on the some of the bills, this will help improve your credit score (even if you don’t actually pay the bill yourself… Thanks mum).

Step 3: Clear Debts

If you’ve got any outstanding debt, then it’s key to ensure that you clear it (if possible) missing repayments on loans, credit cards and bills can negatively impact your credit score, which means you’ll be unable to get better rates in the future. By paying those debts on time, and clearing them, you’re score will begin to increase. Paying your mum that £20 you owe doesn’t count (and she can wait), your credit score is more important – just ask nicely to repay her later…

Watch out for Cons

Have you ever seen adverts offering to ‘rebuild your credit score’? They’ll charge you a fee to help improve it, but the kicker is they’ll only do the things we’ve already advised you to do. It’s a waste of money, especially when you can do it yourself. Why pay out when you can do the work yourself?

Your credit score is your ticket to financial lending, so make sure you improve your score. It will help you get better rates for mortgages, loans and more. A little work goes a long way, to help save you money in the future. Good credit means good mortgage rates.

If you want to discuss if your credit is good enough to borrow a mortgage? Speak to a member of the Zing team for expert mortgage advice.

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