7 Things That May Be Affecting Your Credit Rating

3rd February 2021 / in Contractor Mortgages & Protection Blog / by Gordon Hunter, MD

Getting your credit rating in shape doesn’t need to be difficult. There are simple ways to improve your credit rating, which in turn can help your chances of getting a contractor mortgage. We hope our list not only educates but helps you on your way to contractor mortgage success.

Read on for our list of 7 Things That May Be Affecting Your Credit Rating.

  1. Giant credit footprints

Each time you apply for credit such as a loan, credit card, car insurance or mobile phone – your credit footprint will be getting bigger. Too many applications in a short space of time can lead to rejections. It’s better to stagger out these applications throughout the year.

  1. Missing a payment

Missing or making a late payment could have an impact on your credit rating. This could be on anything from your credit card, gas or electricity bill, car payment or personal loan. Make sure to keep on top of these payments.

  1. Maxing out the credit cards

If you spend like there is no tomorrow, but don’t have the money to back it up – you need to think again. Banks may be nervous about lending to you when you’re maxing out your credit card – so think before you spend.

  1. CCJ

An unpaid bill can lead to a county court judgement (CCJ), called a decree in Scotland. This can have a serious impact on your credit file and can stay on your credit file for six years.

  1. Unused credit cards

Credit cards that haven’t been used for a while could be hurting your credit score. So if you have no reason to use them again, go ahead and get them cancelled.

  1. Missing from the electoral roll

If you’ve moved house, you need to make sure you’ve registered your current address with all the right people. If your name isn’t on the electoral register, then then lender may have trouble verifying that you are who you say you are.

  1. Your partner’s credit

Being tied into any join form of credit with someone who has a poor credit history, known as “financial association” could affect your ability to gain credit. Just reconsider whether a joint account is necessary. Also pass them the weblink to this blog. It’ll point them in the right direction on how to improve their credit.

You can check what your credit score is through various websites such as Experian, ClearScore and Noddle. The higher the credit score, generally the better your chances are of getting a mortgage.

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Super Contractors are a contractor mortgage specialist. We help contractors secure mortgages all over the UK. Our expert mortgage advisers are trained to understand contractor specific challenges and we only work with contractor friendly lenders.

For more information, speak to our expert contractor mortgage advisers – freephone 0800 211 8700 or fill in our online enquiry form.
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Your home may be repossessed if you do not keep up repayments on your mortgage.

This firm charges a fee of up to £595 for mortgage advice. This firm will depend on circumstances and will be discussed and agreed with you at the earliest opportunity.

Lifetime Finance Group Limited trading as Super Contractors is an appointed representative of PRIMIS Mortgage Name, a trading name of First Complete Limited which is authorised and regulated by the Financial Conduct Authority.

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