The quick credit check that could help you make big savings
How often do you think about your credit score? Unless you are struggling to pay debts or you are applying for credit, you may not think about it at all.
However, it is important to keep a close eye on your credit score on a regular basis. An inaccurate credit report, out of date information or even fraudulent attempts to use your details could prevent you from obtaining credit in the future. If you are accepted for a loan or credit card, you could find you are paying more interest than you need to due to inaccuracies on your record.
Thinking of applying for credit? Plan ahead by carrying out a credit check
If you are thinking about applying for credit in the future, you may be worried about having your application refused. After all, the banks and building societies have tightened their lending criteria in recent years. Run your own credit check now by following this link.
By planning ahead, carrying out a personal credit check and knowing what you could afford to borrow, you can get a good idea of your credit worthiness and your chances of being accepted for a loan, mortgage or credit card. Checking your credit score will also help you to pinpoint any inaccuracies that may exist and to correct them by getting in touch with the relevant lender.
Here are a few ways you can keep your credit score healthy and give yourself the best chance of being accepted for credit with lower rates:
Don’t make too many applications for credit at once - What you might not know is that every credit application you make, whether it is refused or accepted, leaves a footprint on your credit record. If you make lots of applications for credit in a short period of time, it can be a warning to credit lenders and cause them to reject your application.
Keep up to date with your credit payments - When a lender carries out a credit check on you, they get a very detailed picture of how you handle your money. There are the usual details such as your name and address, who you owe money to and how much you owe, and there are also details about missed or late payments.
Prove to lenders that you are a responsible borrower by always making your repayments on time. Also make sure you do not go over your credit limits and keep them as low as possible. Late and missed payments stay on your credit report for at least six years and could severely damage your chances of having your credit application approved.
Check for inaccuracies - Mistakes can happen on any type of data system, but mistakes on your credit file could have a significant impact on your future. For example, you could be refused a mortgage on a new house or that business loan that you need to secure your family’s future. Just one single mistake such as a late payment that has been falsely listed or incorrect Electoral Roll data being on file could cause you a lot of upset and frustration. Lenders do not always reveal why they turned you down and unless you check your credit record and correct false information, you could face the same problem time and time again.
It only takes a moment to run your own credit check
If you are thinking of applying for credit in the near future. Regular checks will ensure you are always sure of your credit status and the chances of having a credit application accepted.