Poor Credit

Poor credit mortgage advice

Your credit report is an electronic document containing your financial history that lenders can see if you apply for credit like a mortgage, loan or credit card. If your credit record includes missed payments, defaults, too much debt or problems like bankruptcy and CCJs, this is known as bad or poor credit.

What if you don’t have a credit history?

If you have never borrowed money or used any form of credit, your credit record will not give lenders any idea of how well you can handle repaying a mortgage. Borrowing money and paying it off in full when it is due can improve this.

How to improve your credit record

If you are currently unable to get a mortgage, we advise that you wait for 3 to 6 months before you apply again. This will give you a chance to improve your credit report by taking control. Here are a few tips;

• Always make your repayments in time
  
• Stay in your credit limit or overdraft limit
  
• Avoid applying for too much credit
  
• Keep your name and address details up to date
  
• Make sure you’re on the electoral register

We understand this can be a tricky time, but we will work with you to find a solution.

Speak to Phillippina on 07792 608 942