Your 3 Stage Credit Score Guidelines

Why is it important?
Whether you are changing your mobile phone to a new network or you are about to invest in your first home and are preparing to take out a mortgage, then your credit score is crucial. Anyone thinking of offering you credit, whether it is the monthly phone payments or thousands on the house, will check your credit score and be certain that that you are good for the loan.

And on the bigger loans your credit score will not just determine whether you get the loan, but how much they will give you, how much you need to put down yourself as a deposit (in the case of a house purchase) and the rate of interest you will be charged.

So following your credit score checklist is crucial.

The checklist
1) Be certain that you have some history
You might think that not having had any credit in the past would make you the perfect candidate for a loan. However, this is not always the case because you have not proven to any lenders that you can handle the responsibilities of having someone else’s cash. It might sound a catch-22 scenario, but by starting with a simple credit card you lead the way to a mortgage. Only ensure that that you keep the credit card payments up – the best way might be destroying the card the moment it arrives!

2) Don’t miss a payment
Do you feel the need to miss a payment? Is there some huge expense coming up in the future, or a break in your funds? Probably you are a seasonal worker and your off season is around to hit. If so, speak to your building society and arrange with them for you to take a payment holiday and make sure that it does not reflect in your credit score badly. Merely do it in good time.

3) Check your report
There are a lot of places where you could download your credit report for free. Get hold of a copy and see what it says about you. In particular, you are looking for 2 pieces of information that could be corrected, if they are wrong.

And these are first to be sure that that any debts that have been paid off are correctly shown as paid off and secondly that there are no unexpected debts there that do not belong to you. If there are omissions or errors, speak to the building society and the credit report company and get them fixed.

Following these three easy checklist points should mean that your credit score is the best it could be, which means that you will get your hands on cash when you need it at an interest rate that you can afford.

Written by Keith Lunt of Compare Mortgage Rates. If you want to know more about how to compare UK mortgage rates, call in!

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