December 16, 2019   |   Jack Taylor

Worried About Being Declined a Mortgage? You’re Not Alone

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Did you know that a being rejected for a credit application means that you’re more likely to be rejected again in the future? Multiple rejections can quickly cause your credit score to spiral out of control. 

There are many people in the UK with a less than perfect credit rating. Sometimes life throws you a curve ball and without expert advice you won’t know how to deal with it. If you are one of the many, you could be right to worry about being declined a mortgage. 

What are the top causes of a bad credit rating?

Understanding how to improve your credit rating begins with knowing how people get bad scores in the first place. Luckily, the most common causes of a negative credit history are avoidable or preventable in most cases: 

  • Not keeping to the terms of a credit agreement
  • Choosing the wrong credit card
  • Making the minimum repayment each month 
  • Ignoring a problem can result in a County Court Judgement (CCJ)

What can you do if your credit score has taken a knock?

The first thing to say is that you are not alone. Sometimes there are quick and easy ways to boost your score, such as: 

  • Cancel any unused credit and store cards 
  • Make sure you’re on the electoral roll 
  • Deal with any CCJ’s and get the documents to prove it
  • Take out a pre-paid credit card and make sure to pay the monthly fee
  • It may seem obvious, but: pay off your debts as soon as possible

Check your credit rating online

Did you know you can check your credit rating online, for free? Click here to find out how. There are several organisations that offer consumers a free online credit check. These services will give an overview of your credit rating. They can help you understand what might be affecting your score and give an indication of how to correct it.

Talk to a Professional Financial Advisor

There is a wealth of free information online, advice and tips from people who have been in similar situations, but there is no substitute for meeting with a professional financial advisor. 

Luckily, that’s where we can help. Our sister company, Real Financial Advice have the knowledge and expertise needed to offer you the advice you need to get on with living and enjoying life, free of financial worries.

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