Buy to let, First time buyer, Mortgage, Remortgage

How to Improve your Credit Score

 July 14, 2021

By  sterlingcapitalgroup

4 ways to improve your credit score before you apply for a mortgage

If you can’t wait to get on the property ladder and are keen to get the ball rolling with a mortgage application, your credit score willHow to Improve your Credit Score Sterling Capital Group be key to bringing your dreams into reality. 

Doing a little prep work to improve your credit score now can improve your chances of being accepted by lenders for a mortgage a little further down the line. Here are a few expert tips to make you a safer bet when it comes to getting your foot on the property ladder.


Register to vote

One of the fastest and easiest ways of improving your credit score is by registering to vote.

Lenders like to see your details on the electoral roll as this makes it far easier for them to confirm your identity when carrying out searches into your financial background. It takes just a few minutes to register on the Gov.UK website and could give your credit score a lift with virtually no effort required. 


Check out your credit report 

Lenders love looking at credit reports as it gives them instant access to your rating, but what many people don’t realise is that these reports don’t always contain the most up to date information. 

There are several credit report providers that will give you access to your own report, so be sure to check them all to ensure that all of the details are current and correct. If something doesn’t look right, you can request that the information is corrected before you make a mortgage application.

Checking your credit report is also a good way of flagging up any potential problems that may make you a less attractive proposition to lenders, such as unpaid bills or missing accounts that need to be added, so it’s well worth requesting these reports and checking them thoroughly. 

Better still, checking your report doesn’t harm your credit score, so keep an eye on any changes you’ve requested to ensure they’re doing before going any further. 


Prove yourself 

If you’re a first-time buyer that doesn’t have much in the way of credit history, proving that you can manage debt is an excellent way of giving your credit score a boost. 

Pay any monthly bills by direct debit to create a repayment history or take out a mobile phone contract if you don’t currently have any loans or regular bills. Be sure to pay it by direct debit as this will prove that you are a responsible borrower and make lenders more likely to approve you for a mortgage. 


Reduce your reliance on credit 

Another way to show that you’re good at managing your finances is to reduce the amount of unsecured debt you might have on credit cards or overdrafts as this is something that mortgage lenders are keen to see.

Try to keep your use of unsecured credit below 50% in the months leading up to your mortgage application as this will have a positive impact on your overall credit score and will open up access to better rates.


Talk to one of our experienced brokers for more guides on how to improve your credit

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