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Misconceptions about your credit score

If you’re planning to buy your first home then you’re probably saving hard for a deposit, researching suitable areas to buy and even visiting show homes or browsing the internet for suitable properties.

But there’s another important factor that will affect the kind of mortgage you are able to get, or even whether you qualify for one at all, and that’s your credit score.

A future mortgage lender will consider your credit history and most will look at your credit score when deciding whether they can lend to you, so it’s important to give it some thought now and do what you can to enhance it.

It’s important to note, that not all lenders check (or base their decision on credit score), so taking expert advice before you apply for a mortgage may stand you in good stead despite a poor credit history. Nevertheless, improving it is something you should consider.

When it comes to credit scores, there can be a lot of misinformation out there and it can be hard to know what to do to improve your score. But don’t panic; once you understand credit scores it is actually quite simple to boost yours.