With lenders criteria tightening in some cases, I have highlighted below some tips to ensure you stand the best chance of being approved for a ‘decision in principle’ This is usually the point at which a lender credit scores you.
- Get on the voters roll.
- Set up a direct debit for the minimum payment on all credit or store cards.
- Never close down a direct debit until you are sure the provider has closed the account at their end.
- Keep a note of your 3 year address history and dates you moved
- Call the provider and increase the credit limit if you think you may exceed the current limit.
- Call the provider and close down unused credit cards.
- Beware of comparison sites as they perform credit searches on you when you enter your personal details into them.
- Keep the amount of credit searches you have carried out on you to a minimum.
- Download a copy of your credit file if you feel you may have had an issue, you cannot fix things you don’t know about!
- Remember that any credit held in joint names is your responsibility. If the other person decides not to pay, you will need to!
There are other many other personal considerations that will be taken into account, so be sure to chat to one of our brokers at Chancery about ways to help yourself get approved first time.