Check your credit
News from This is Leicestershire:

Barratt East Midlands has given top tips for applying for a mortgage:

1. Check your score

First of all, check your credit score. You can do this with credit reference agencies, Experian and Equifax. Ensure all information is correct.

2. Understand your limits

Ensure you can pay your minimum payments on loans and try not to exceed 30 per cent of your credit limit, which may be seen as ‘excessive’ debt.

3. The family connection

If a family member, partner or housemate has a poor credit score, keep your finances separate.

4. It’s all history

You may not realise, but those with no credit history are often viewed as less credible as lenders have no information to base their decision on.

5. Get on the electoral roll

If you aren’t already, register for the electoral roll as you’re unlikely to get credit without it.

6. Get it right

It sounds simple, but one slip up on the application form could scupper your chances for securing a mortgage.

…………… continues on This is Leicestershire
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Related News:

BMO Harris Financial Tip of the Week: Improve Your Credit Score
News from Stockhouse:

CHICAGO, Sept. 6, 2012 /PRNewswire/ — As part of BMO Harris Bank’s ongoing commitment to financial literacy and Helping Make Money Make Sense, BMO Harris is providing weekly financial tips.  This week’s tip offers steps to improve your credit.

Just like a top football, basketball or hockey player is drafted based on their stats, your credit score is used to determine your financial fitness.

Your credit score is the best way to define your ability to handle debt. It’s based on several aspects of your financial picture and can help creditors determine if you’re responsible with your money.

Improving your credit is one of the easiest ways to improve your overall financial scorecard. Doing so may help you get approved for loans and lower your interest rates and insurance premiums.

BMO Harris Bank recommends the following steps for improving your credit score:

  • Pay on time. Payment history is one of the most important factors used to calculate your credit score, so consistently paying on time is one of the easiest ways to boost your score…………… continues on Stockhouse

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