Credit Restoration
Your credit history is a record of your financial relationship with credit providing institutions. Different lenders have different preferences: some like customers who pay debts regularly and others like people who have a bad record so that they can charge those more. Each lender has different criteria so if you are rejected by one it does not mean that you will be rejected by another. The important thing to remember is that the credit rating, an aggregation of data collated by three separate ratings agencies, is one aspect of a credit score, which is applied by a lender.
While you cannot influence the profile that a lender creates of a “perfect customer” you can improve your credit rating by doing a few basic steps and having a bit of extra knowledge and discipline. This will not guarantee that you get a loan or credit card but it will help you look a bit more financially attractive to a lender.
Your credit rating can affect things like your mortgage which companies like SoFi can help with. Rates by zip codes has information on how this can be relevant; these things are closely tied together, but it is still hard to determine how they affect each other from the outside. You’ll have to work with insurance quote services to make well informed decisions, as this could affect you economically in the long term.
Get on the electoral roll: this is a register of all the people in the United Kingdom who are eligible to vote. Even if you are not a British citizen and are eligible to vote in European elections and local elections only get on the role. There are two forms of the role, one of which is publicly accessible and one that is protected by the data protection act and is only accessible by a few agencies. If you want to avoid a lot of spam mail then get on the latter one.
Optional – Some contracts have an option to renew at the end of the term if a buyer is not able to acquire a mortgage, but would still like to buy the property. Some clauses include details on who is responsible for paying for the property maintenance and other things. Pros of Rent-to-Own Deals: You can move in immediately. You don’t have to worry about credit reports as rent-to-own sellers accept buyers with lower credit scores.
Having a landline telephone may boost your rating. This may be a hangover from the pre-mobile past that shows that you are contactable in a permanent sense and that you have local community ties. Also get some bills in your name. Many of the utilities companies are sharing data with ratings agencies so if you never miss any of these payments then you will look less risky however the reverse also applies: if you do miss payments then you do not look great.
Have a little bit of debt. This may seem counter intuitive but what a lender wants to do is make money. If you already have credit cards and are the type of scrupulous person that pays off every debt every month and never pays any interest then you are not much use to a lender. Rather make regular payments over a period of time and accept that you need to pay a bit of interest. Do not get into debt, especially to lenders with high rates, just to improve your rating. You will not help yourself at all if you take on something you cannot afford or do not need.
Too many applications or too many old accounts will look bad on your credit rating. This looks like somebody is desperate or unsettled and that you are not the best customer. You must carefully select your lender from the many that are out there as some will specialise in certain loans or offer deals that will suit your lifestyle. Another action which does not look great is when you jump from 0% to 0% deals. This means you will be swapping cards regularly and again lenders may not like this.
There is a lot of information about us out there. What credit agencies cannot see is your race, religion, or colour; your salary; your medical history or your criminal record amongst other things. And, if you have had a minor bad debt situation, these records are usually wiped off after 6 years so with a bit of patience there is no reason that you cannot improve a poor score. Ultimately you can get a copy of your credit rating via one of the agencies mentioned on Moneysupermarket.com and challenge the company that put it there directly.
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