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What is my score and why does it matter?

What’s my credit score?

It’s really easy to get hold of your credit score. There are three main credit reference agencies – Experian, CallCredit and Equifax – and they will all provide a copy of your credit report for as little as £2, that’s your legal right. There are other options, like Clearscore.com and Noddle.co.uk, that let you check your score and view your report. 

Most will also offer a credit monitoring service for a monthly fee, which you can then check whenever you like. If you have work to do to improve your score then this can make more sense than a one-off report.

So, once you know your score it’s time to improve that number so you have the best chance of getting a mortgage. We’ve looked at some of the common myths around credit scores, as well as some top tips on boosting that score.

Why does my score matter?

Your credit score has always mattered when applying for a mortgage but in recent years it’s become even more important. The financial crash made lenders more careful and, since then, tighter new mortgage rules mean that lenders have to show they have checked each applicant could afford their repayments.

That means that a good credit score can play a key role in whether or not you qualify for a mortgage. It’s not the only thing a lender looks at, of course; they will also factor in your income, outgoings, other debts, the value of the property itself and the deposit amount you have available, but without a good credit score you won’t look like a good borrower.