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4 Simple Steps to Improve Your Credit Rating

Published: 03 April 2015

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Author: Carl Shave - CEO and co-founder
Last updated: 14Jul2024

For those with an impaired or adverse credit history it can be very difficult to obtain the mortgage they need. Many find themselves in the situation of having a bad credit record through specific life events and although in time this information will be removed from your file, there are simple ways now in which you can look to improve your credit rating.

Cancel Unused Credit Cards

When assessing your application, lenders will look into how much credit you have available to you. For this reason, it is a good idea to cancel any unused credit cards. Generally, this is an accepted practice anyway, with the opportunity for being a victim of fraud greatly reduced.

Soft Search For Credit Checks

Every time you apply to a lender it will leave a footprint on your credit report. If you have multiple searches in a short space of time it could possibly start to have a detrimental impact on your credit rating and chances of being approved by future potential lenders. By having lenders carry out a soft search they will still be able to check your credit history without leaving a lasting mark. A broker can also assist by carrying out any initial checks with lenders prior to any formal credit checks.

Make Payments On Time

Maybe it seems a little obvious, but making payments on time goes a long way to maintaining a healthy credit rating. If you’re failing to make payments on time, make a change, perhaps set up a direct debit. Actions like this will actively show lenders that you are a sensible borrower.

Keep Your Details Up To Date

If some details are wrong on your credit report it can adversely affect how potential lenders view you. It is entirely possible that someone may have opened up a line of credit without you noticing. It is also important to make sure that any accounts, which have been closed down or settled, have been marked on the report as well. Keeping your details up to date is a simple step, but one that is often overlooked. Improving your credit rating is not an immediate process, and seeking the advice of professionals is always the best advice that we can give, but taking immediate and simple action is the first step towards easing the stress of bad credit. To discuss how Just can help acquire a bad credit mortgage; speak to Just Mortgage Brokers today.