Everyone who lives in the United Kingdom has their own credit history, so-called credit score. If you are a foreigner, it starts building from the first day of moving to this country.
The author: Marta Manuszewska, Director/Mortgage and Protection Advisor
Everyone who lives in the United Kingdom has their own credit history, so-called credit score. If you are a foreigner, it starts building from the first day of moving to this country. British nationals, in turn, start creating their credit history from the moment they become adults. The credit score is publicly available and every citizen has a right to see his own credit history. You can receive such report from a credit reference agency. Three of the biggest British agencies are:
A credit score is influential in terms of what financial services you can obtain including credit cards, loans, and mortgages. This rating determines whether a specific bank will give you a loan. In some cases, your credit score will also have an impact on the interest rate of the loan. That’s why it is obvious that we should avoid situations which could negatively influence our rating.
That’s why is it obvious that we should avoid situations which could negatively influence our rating.
These problems may lower our credit score
If your rating is marked as poor or you don’t possess a long credit history, the best way to improve the credit score is
The improvement of credit history is also influenced by the regular and timely repayment of current liabilities.
Instead of writing a summary, we would like to give a word of encouragement for those who have been refused a mortgage in the UK – chin up! If you follow our guidance, you can quickly improve your credit score and re-apply for the mortgage.
Therefore, please remember that if a bank refused you once, it doesn’t mean that you won’t receive a credit never again. If you have any additional questions about credit score, please, contact our office on 01536216418.
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP REPAYMENTS ON YOUR MORTGAGE.