Thinking about a mortgage? – Check your score
It’s well documented that wannabe borrowers are finding it harder and harder to convince banks to lend them money. Therefore if you are thinking about getting on the property ladder or moving your mortgage to a better deal it’s crucial that you have a high credit score. Most people have no idea how theirs stacks up. Give yourself the best possible chance by checking your score, and if necessary improving it. You may even get paid for doing so….
You can get a free credit score by ordering a report from Equifax, Experian or CallCredit. Equifax and Experian will require you to set up a DD but both have a “free 30 day trial”. Go on, get your score, and make sure you cancel your membership within the 30 days unless you want to continue using the service.
If you have a low score there are things you can do to improve it, such as:
- Get registered on the electoral role
- Space out applications, not just for credit but for car insurance, mobile phones and others, as all can leave searches on your file.
- Get Credit – if you have never borrowed you probably won’t have a score. Get a credit card, spend on it and pay off the balance in a timely manner. This will prove that you can be trusted by lenders.
‘Cash back websites’ pay you when you click to other websites through them. If you click through sites such as Topcashback and Quidco you will actually get paid for checking your credit score.