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Your credit record is a key piece of information about you. It’s consulted every time you apply for a mortgage, loan, credit card, store card, finance agreement and more. It gives lenders an idea about how you handle your finances – whether you regularly fall behind with payments and what sort of loans you already have, for example. If you are in financial difficulty at the moment, and you’re a homeowner, a quick property sale could help to make your credit card much better reading.
How is my credit record used?
Each lender looks at your credit record differently and has their own set of rules. This is why some lenders might approve your application and others may turn you down. The best way to ensure that you get the loan or credit card you want is to have a good credit record, and the best way to do that is to keep up with your payments. Lenders don't mind seeing that you have a mortgage, a car loan and a couple of credit cards, as long as they can also see that you have been keeping up with your monthly payments. Once you start to miss payments, they are logged on your credit record, and that will affect the decisions that other lenders make about you.
How can I improve my credit record?
Problems that are reflected in your credit record can give you problems for many years. It can take a while for missed payments to come off your credit record and if you're in serious trouble and you're considering bankruptcy or and Individual Voluntary Arrangement (IVA) your credit record could really suffer. If you're a homeowner, you could choose a quick property sale. This will let you release the cash that's tied up in your home, so that you can clear your debts and make a positive impact on your credit record. What's more, if you select an independent company for your quick property sale, you could even arrange to rent your property back so that you don't have to worry about moving out – just about taking control of your money.
The Smarter Choice is a company that's dedicated to helping you to get a quick property sale. We're available 24 hours a day, seven days a week, and we try to ensure that you get a written valuation for your property within 48 hours of your enquiry. We offer a guaranteed, stress-free sale for a fair cash price. Call us FREE on 01632 960543 now or use our online enquiry form and we will get in touch with you as soon as possible.