Every Friday we aim to post an answer to a FAQ about mortgages, tax, investments, money matters, business or retirement. You can have your say too. Send an email with your FAQ to [email protected]
This article does not constitute advice. Professional advice should be taken prior to acting on any part of it. Your home may be repossessed if you do not keep up repayments on your mortgage or any other debt secured on it.
Q: How do I improve my credit score?
Answer: Your credit score is a numeric representation of the probability that your application for credit will be approved. It is based on your credit report, which details your financial history and how you’ve handled credit in the past. It allows lenders to evaluate your level of risk and whether or not your credit request should be granted.
A great credit score will grant you access to the best credit and mortgage deals as well as a greater chance of approval.
To provide yourself with the best options, you’ll need to first check with one of the UK’s three credit reference agencies (CRAs) – Experian, Equifax, and Callcredit – to learn what your score actually is. We also recommend checking your score frequently, especially if anything changes in your financial situation.
If you wish to improve your credit score there are plenty of things you can do to help:
- Pay down/off your debts
- Register on the Electoral roll
- Continue making on-time, full payments for all debts and accounts
- Avoid multiple credit applications in a short time span
If you have any questions about the steps necessary to improve your credit, don’t hesitate to get in touch with the experts at Dental and Medical Financial Services.
We can provide professional advice during a significant financial event and can help you make the right fiscal decisions.