As a leading mortgage-based website in the UK, we recognise the critical role that credit plays in achieving financial goals, particularly when it comes to securing a mortgage.
Understanding your credit status can sometimes feel like deciphering a complex code, but it doesn’t have to be that way. Our hub is designed to demystify the realm of credit, offering clear, digestible information that equips you with the knowledge to confidently make decisions about your financial future.
From articles that break down the basics of credit scores, to guides that offer practical steps on how to improve your credit status, we cover a broad range of topics tailored to both beginners and those with a bit more knowledge. Explore pieces that go into the impact of mortgages on your credit score, learn about the role of credit reference agencies, and gain insight into how to effectively manage credit.
Whether you’re planning to apply for a mortgage, wanting to enhance your credit score, or simply wishing to be more informed, our Personal Credit Knowledge Hub is here to support you on your journey.
Am I on the Electoral Register?
In this article, we will look into the significance of the Electoral Roll, its connection to credit ratings, and how being registered can positively affect your mortgage prospects.
Do I have a CCJ? How do I find out?
In this article, we will explore what CCJs are, how they can affect your credit score and borrowing abilities, and most importantly, how to find out if you have a CCJ.
What is Your Credit Utilisation Ratio?
Keep your credit utilisation low. This is the percentage of your credit limit you actually use. For example, if you have a limit of £3000 and you’ve used £1500 of it, your credit utilisation is 50%. A lower percentage is usually seen in a positive light and should help your score go up. To help improve your Experian Credit Score, try to keep your credit utilisation at 25%.
Credit Score Gone Down? Here’s What You Need to Know
Finding out your credit score has dropped can feel like a shock, especially if you’re planning to apply for a mortgage or loan. Many people see their scores change without properly understanding why. The good news is that most drops in credit scores can be explained and fixed. Let’s look at what affects your score …
A Guide to Fixing Mistakes on Your Credit Report
Finding mistakes in your credit report can feel like a setback, especially when you’re planning to apply for a mortgage or loan. Many UK borrowers face this problem, with errors showing up in reports from Experian, Equifax, and TransUnion. The good news? You can fix these errors, and it’s often simpler than you might think. …
Understanding Your Statutory Credit Report
Getting ready to apply for a mortgage or loan? You’ll want to know what lenders see when they check your credit. That’s where statutory credit reports can help – they show exactly what UK lenders look at when deciding whether to lend money to you. Every UK adult has the right to see their statutory …
Checkmyfile Explained
Understanding your credit report can feel like trying to solve a puzzle with pieces from different boxes. Each credit reference agency seems to speak its own language, with varying scores and mysterious calculations that can make even the most financially savvy person scratch their head. Checkmyfile offers a comprehensive solution to this credit reporting confusion. …
What Lenders Want To See On Your Credit Report
Getting a mortgage means letting lenders look at your credit report. Many people worry about what these lenders might find, and whether past money troubles could stop them buying a home. You’ll want to know exactly what catches a lender’s eye when they check your file. Mortgage lenders look at credit reports differently from other …
Which Credit Report Do Mortgage Lenders Use?
Your mortgage application success depends heavily on your credit history – but with multiple credit reports showing different results, which one really matters? Many mortgage applicants check their credit score with one provider, feeling confident about their rating, only to discover vastly different scores elsewhere. Some find they have an excellent score of 900 with …
How Long Do Defaults Stay on Your Credit Report?
Money problems can strike anyone. If you’ve missed payments and received a default on your credit report, you’re probably worried about your borrowing options and wondering how long it’ll affect you. Fortunately, a default won’t stay on your credit file forever, and understanding how they work puts you back in control of your financial future. …
Does Your Overdraft Affect Your Credit Score?
Have you just checked your bank balance and found yourself in overdraft? If you’re hoping to get a mortgage or loan soon, you might be wondering what this means for your credit score. You’re not alone – with energy bills and food costs climbing, more people are using their overdrafts to help balance their monthly …
What is a hard credit search?
A hard credit search is a comprehensive review of your financial past, conducted by a lender or company when you apply for credit, such as a loan, credit card, or mortgage. It’s a deep dive into your borrowing and repayment history, providing a detailed picture of your financial behaviour. These searches can leave a temporary …
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What is a subprime mortgage?
If you’re reading this, chances are you’re on the hunt for a new mortgage, but maybe your credit history has seen better days. Don’t worry. This is quite a common situation and for some, a subprime mortgage is the solution. Sub-prime mortgages don’t have the squeakiest of reputations and they are not as common as …
Can You Get a Mortgage with No Credit History?
Challenges of Getting a Mortgage with No Credit History Lenders use a borrower’s credit history as a key tool to assess creditworthiness. Without a credit history, lenders find it difficult to gauge your risk as a borrower. This uncertainty can make them hesitant to approve your mortgage application, and increases the chances that your mortgage …
How to get a joint mortgage if one of you has bad credit
Getting a mortgage when one person has bad credit Getting a mortgage when one applicant has bad credit is still possible, although, it’s not always plain sailing. Many mortgage lenders reject applications from individuals with poor credit, while others may accept the application but impose higher interest rates and demand a larger deposit. To increase …
Does a payday loan affect getting a mortgage?
Payday loans are aptly named because they are designed to be repaid by borrowers at the end of the month, in-line with their payday. These loans are most commonly offered by online lenders, although doorstep lenders may also provide such services. But do they affect getting a mortgage? These loans can offer a helpful temporary …
How Does a Debt Management Plan Affect Your Credit Rating?
Understanding Debt Management Plans A Debt Management Plan (DMP) is a structured repayment program designed to help individuals struggling with unmanageable debt. It provides an affordable way to repay creditors by consolidating your unsecured debts into a single monthly payment. If you don’t repay your debts, and end up defaulting on the agreement, most creditors …
Do I have a CCJ? How do I find out?
Understanding County Court Judgements (CCJs) A County Court Judgement, commonly known as a CCJ, is a court order issued in England, Wales, and Northern Ireland. It is usually issued by a county court when someone fails to repay a debt they owe. The individual or organisation owed the money, referred to as the claimant, can …
Am I on the Electoral Register?
What is the Electoral Register? The Electoral Roll, also known as the Electoral Register or Voter Registration List, is a comprehensive record of eligible voters in the United Kingdom. It serves as an essential tool for democracy, ensuring that individuals who are eligible to vote are included in the voting process. The Electoral Roll is …
Will Checking My Credit Report Affect My Credit Score?
Understanding Credit Scores Credit scores are numerical representations of your creditworthiness. Lenders use them to help assess the risk associated with lending you money. In the UK, credit scores are calculated by credit reference agencies, taking into account various factors such as payment history, credit utilisation, length of credit history, and types of credit accounts …
Does car finance improve your credit score?
How Does Car Finance Influence My Credit Score? Car finance can affect your credit rating in two ways. First, your application results in a “hard check” on your credit report. This can temporarily reduce your credit score by a few points. However, there’s no need for alarm as this effect is short-lived. Second, the car …
Am I Responsible for My Spouse’s Debt?
Understanding Debt in a Relationship When you enter into a relationship, you’re not just sharing your life with someone, but often your finances too. In the UK, the concept of ‘joint and several liability’ often applies to debts. This means that if you and your partner jointly borrow money, you’re both responsible for the debt. …
What is a Notice of Default?
What is a Notice of Default? A Notice of Default, or Default Notice, is a formal communication issued by a creditor (lender) to a borrower when they fall significantly behind on their repayments. It serves as a warning sign that the borrower’s loan or credit agreement is in jeopardy. The creditor sends this notice to …
What is a Credit Reference Agency?
What is a Credit Reference Agency? At its core, a credit reference agency is an independent organisation responsible for collecting, holding, and maintaining credit information about individuals. They serve as intermediaries and data collaters, between individuals, financial institutions, and other companies seeking credit-related data. It’s important to note that CRAs do not make lending decisions …
What are Settled and Satisfied Credit Accounts?
In this article, we look into the concept of ‘Settled’ and ‘Satisfied’ credit accounts, and how they can impact your mortgage application. These are entries that can be found on your credit report, so it’s helpful to understand how they are perceived by a lender. What are Settled and Satisfied Credit Accounts? Your credit report …
Do I Have A Default and How To Find Out
Understanding Defaults Let’s first clarify what a default means in the context of credit agreements. A default occurs when a borrower fails to meet their contractual repayment obligations within a specified time frame. It signifies that the borrower has fallen behind on their payments, indicating a breach of the agreed terms and conditions of the …
What is a soft credit search?
What is a soft credit search and how does it work with a mortgage? We explain how credit searches work and why a soft search is so useful.
What credit score is needed for a mortgage?
It is a common misconception that you must have a minimum credit score to be accepted for a mortgage. Here’s everything you need to know.
Boost your credit score to improve your chances
Imagine finding your dream home, only to have your mortgage application rejected because of your credit score. This happens to thousands of hopeful home-buyers each year. A poor credit score can put your property dreams on hold, force you to pay higher interest rates, or severely limit how much you can borrow. But here’s the …
Credit Report Guide
Understanding your credit report is an important step in maintaining your financial health and getting a lender to say yes.
Specialist Mortgages
Specialist mortgages can be very varied. From an unusual property, to multiple streams of income to using an SPV Company.
Mortgage Broker Guide
In this guide we’ll take a look at what mortgage brokers do, how they can help you, how they get paid plus tips on how to find a good one.
