How to Improve your Credit Score in Grimsby?

What is a Credit Score? | MoneymanTV

Mortgage Advice in Grimsby

Your credit score is something that plays a significant factor in the process of submitting your application. This is because the likelihood of your application being successful lies in how high your credit score is. In some instances, this may not be the case because it is down to how the lenders go by their internal scoring systems.

Each lender’s criteria is data-driven and, it will develop over time. There is no need to worry if you have been unsuccessful with one lender as they will be more lenders who may be more accepting. Our mortgage advisors in Grimsby might be able to match you with the right lender so, get in touch so we can strive for the same thing you want- to get the best available deal.

There are a plethora of credit reference agencies within the UK with the most popular being Experian and Equifax. It’s best that you look into as many of these agencies as possible prior in order to get a more generalised overview. Check My File is a platform we suggest our customers use. It collates data from major agencies, including the aforementioned two, which then provides our customers with a broader view of how your credit score is performing. When you sign up, you will have a 30 day free trial on the platform then this will become a monthly fee of £14.99, however, your account can be canceled at the end of the trial. 

Below are some ways you can improve your credit score:

Keep Credit searches to a reasonable amount:

Carrying our multiple credit searches can have a detrimental effect on your score. The first thing you need to do when you have registered with one of the credit reference agencies is not to start applying for new items of credit. A simple search of comparing car insurance on a price comparison website can register unwanted credit searches.

Applying for more credit later can be a wise decision if you’re applying for a mortgage anytime soon. Borrowing credit and paying it back later works out in the long run and lenders don’t want to see this just before you apply for a mortgage application. 

Check you are on the Voter’s Roll:

A way to increase your credit score in a significant way can be to update your address and enlisting yourself on the electoral roll. By doing this you can give a good sense of stability and organisation, which lenders are impressed by. Make sure all information is correct .e.g. your name and your current address. You can register online if you aren’t on the voter’s roll.

Know your Maximum Limit:

Maxing out your credit each month is something you make sure you don’t do. This will reduce your score,therefore, it’s best to keep consistent with your payments each month. This way you can get in the lender’s good books as it shows you are responsible and can manage your money.

Exceeding an agreed card limit or overdraft can be a deterrent to a lender. This is because lenders want to know you’re taking your finances responsibly hence why they look over it.

Check your Address History gets keyed correctly:

Updating your details with your providers is important as it can sometimes appear that you’re living in two addresses at once. 

You need to make sure that the addresses that you detail are correct. It can be difficult in terms of formatting if you live in a flat.

Keep up to date with Credit Accounts:

Getting in contact with the providers of the credit cards which you no longer use to close the accounts can provide you with extra security. Initially, it might have an effect as lenders wouldn’t be able to find who closed the account .e.g. you or the provider.

This will help you in the long run and reduces the risk of being a victim of fraud.

Look out for Financial Links to others:

Removing any previous financial links with people like your family members or ex-partner can improve your credit score. As long as the financial association is still active, then the account will always remain in operation.

In order to remove this financial link, it’s best that you contact the reference agencies and make a request. The quicker you get this done, the more beneficial it will be. 

Credit scoring can be seen as an unfair way for applications to get assessed by many consumers. The lender, however, sees this as a way to make their job easier but following these tips will help improve your credit score over time.

An up to date copy of your credit report is something you can give to your specialist mortgage advisor in Grimsby in order for them to have a detailed idea of your financial situation so they can then recommend you the most appropriate mortgage for your circumstances.

Product Transfer V Remortgage Advice In Grimsby

Remortgage Advice in Grimsby

When you are coming to the end of your fixed mortgage term, it’s important that you look to take out a new product. This ideally should be happening around 6 months early.

The process of taking out a new product is either known as a product transfer or a remortgage. However, a product transfer happens when you take out a new mortgage product with your current lender and remortgage is when you take out a new mortgage product with a different lender.

Are you rewarded for being loyal?

It would be nice, however, the majority of lenders don’t reward you for your loyalty to them. It’s unjust, however, it’s more likely that they’re offering First Time Buyers in Grimsby a more favourable rate than existing borrowers like yourself.

Obtaining open and honest Mortgage Advice in Grimsby is something we strongly suggest before accepting a deal. Finding a competitive deal with the same lender can be a challenge so it’s best that you search through some deals or approach a Mortgage Broker in Grimsby.

Here at Grimsbymoneyman, our team can search through thousands of competitive mortgage deals to find the one that is fitting for your personal and financial circumstances. We always have your best interests at heart and will work hard to find your dream deal.

Tempted by an online switch?

Even though changing over to a new deal with your current lender through an online switch may sound like a simple route, you may want to see what other deals you may be eligible for. It’s common for lenders to try and tempt you to take their online offer instead of getting Remortgage Advice in Grimsby.

Approaching a reputable Mortgage Broker in Grimsby, like ourselves, means that you are guaranteed consumer protection which is something you don’t get with an online switch.

You’ll be opting out of advice

Through our experience, we find that many customers decide to go for the most convenient option. This can result in them missing out on a good deal that they had access to if they took more time in the process or approached a Mortgage Broker in Grimsby.

It’s important to take advice, especially if it’s free! Here at Grimsbymoneyman, all our customers are offered a free mortgage consultation to every single customer. Our job is to shop around for you across our large panel of lenders to find you the most appropriate deal for your situation

In the event that an individual ends up on the wrong deal by accident or feels like they could’ve had a better one down the line, they may regret not seeking advice and just going down the route of an online switch. Furthermore, you may realise that seeking Mortgage Advice in Grimsby could save you money compared to switching deals in the future.

Open & Honest Mortgage Advice in Grimsby

We have a plethora of experience in the mortgage industry and have an excellent reputation when it comes to finding customers the perfect deal for their situation. Our team strive in providing a fast and friendly service that aims to take off any stress in the remortgage process.

Regardless of whether your situation is simple and straightforward, we always recommend you seek Mortgage Advice in Grimsby. Look at it this way, a second opinion costs nothing but making a mistake when taking out a new product can be costly.

By simply searching the market for a new deal could save a lot of money. As a Mortgage Broker in Grimsby, this is where we can help. We offer all our customers a free remortgage review with one of our expert advisors who can provide you with top-quality, tailored service to achieve your remortgage goals. Simply get in touch or book online today.

Remortgage Advice in Grimsby

Grimsbymoneyman.com & Grimsbymoneyman are trading styles of UK Moneyman Limited, which is authorised and regulated by the Financial Conduct Authority.
UK Moneyman Limited is Registered in England, No. 6789312 | Registered Address: 10 Consort Court, Hull, HU9 1PU.

Authorised and Regulated by the Financial Conduct Authority.
We are entered on the Financial Services Register No. 627742 at www.register.fca.org.uk

The information contained within the website is subject to the UK regulatory regime and is therefore primarily targeted at customers in the UK.
Should you have cause to complain and you are not satisfied with our response to your complaint, you may be able to refer it
to the Financial Ombudsman Service, which can be contacted as follows

The Financial Ombudsman Service, Exchange Tower, London, E14 9SR
www.financial-ombudsman.org.uk

© 2022 Grimsbymoneyman

Grimsbymoneyman, 13 Dudley Street Business Hive, Grimsby DN31 1UL

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