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Many homeowners may find that once that their deal comes to an end, their interest rate and mortgage payments may well go up. This could be a good time to check out whether you can re-mortgage and get a lower rate elsewhere.
In this case you are generally going to be taking out a mortgage which is the same size as the one you already had. Your monthly payments may be higher or lower than you currently pay, depending on the mortgage you go for. Alternatively, you may just want the stability of a fixed rate, if you’ve been on a variable rate that you think may fluctuate.
It can take a few months to process a mortgage application, so it’s best not to wait until your current deal ends before you start looking around. Watch our new #AskExperian video to find out what some of the options are.
If you have recently moved to the UK, or moved back after a spell abroad, you may be wondering what you can do to start to grow your Experian Credit Score.
You may even be looking to spread your wings and move abroad, and wondering how this will impact your score.
Due to the differences in data protection laws between countries we are some way off having a “global” credit score, we at Experian in the UK only hold information relating to individuals at UK addresses and so moving to or from a new country will mean starting your credit history afresh.
We’ve put together some tips on what you can do to get started on building your credit history.
If you’re…..moving to the UK for the first time
Firstly, you will need to start building your credit history. For those that have moved from another EU country, then the first step to take would be to register on the electoral roll.
EU citizens can vote in EU elections, and registering at your current address on the voters roll will help when you apply for credit, as lenders often use this to help confirm the ID of their applicant. You can find out more about registering to vote at www.aboutmyvote.co.uk
If you are not able to register to on the electoral roll, you can add a note to your credit report (once you have obtained a copy of your credit report) to explain this, called a Notice Of Correction.
Many banks now share information relating to current accounts with overdrafts, so speaking to your bank about such an account could be the next step towards building up your credit history.
As your accounts become more established, lenders will be able to use the information to help make their lending decisions.
If you’re…..moving back to the UK We hold information on closed accounts for six years, so when moving back from a spell abroad there may still be information on your credit report, depending on how long you have been away.
To check for any old information, make sure you supply your old UK address in your application when it asks for a previous address.
If you’re …..moving to another country from the UK ~
As information on your UK credit report is for use within the UK only, we can’t supply your UK credit report to any countries outside of the UK.
If you are moving abroad, you may want to get a copy of your credit report to take with you when you go. This way you would be able to provide a potential lender with your UK credit report yourself should they wish to see it.
The Experian Credit Score is a guide to help you understand your credit report, and how the way you’ve managed the credit you’ve had in the past might affect applications you’re making now. For more information on how to improve your Experian Credit Score, here are our top 5 tips.
Reviewing your credit report can help you look after your finances better. The data & information held there summarises your credit history, so it can be worth reviewing it on a regular basis, and making sure it provides an accurate and up-to-date picture of your credit histories.
Lenders usually check your credit report when you apply for financial products, as it helps them decide whether to offer you the product and which terms to set, such as interest rates. Continue reading →
Lenders use the electoral register to help confirm who you are and where you live. This info usually has to be up to date before they are willing to offer a mortgage, a loan or any other form of financial account.
Being on the Electoral Roll makes it easier for banks and financial institutions to confirm your identity and not being registered will reduce your Experian Credit Score.
Not being registered could cause a delay when you apply for credit, while the lenders confirm your details some other way. With some lenders it may even hurt the credit score they give you, and some applications may even be turned down. Continue reading →
Do try to stay within your credit limits and do try to pay your credit bills on time. Missed or late payments stay on your credit report for at least six years, and this can have a big impact on your score. Continue reading →
The Experian Credit Score is a guide to help you understand your credit report, and how the way you’ve managed the credit you’ve had in the past might affect applications you’re making now.
It can also help you keep an eye on your progress while you maintain or improve your credit score before you apply – and here are our five top tips to help you do that.
Tip 1 – Stay within credit limits and keep balances low – The lower your overall balances (not including mortgage), the better. If you can afford to pay off a bit more debt and you want to improve your Experian Credit Score, reducing the balance on your credit cards and overdraft can be useful. Close unused credit accounts if you don’t use them anymore, as lenders can take into account the credit limits available to you, not just what you owe at the moment.
Tip 2 – Try not to make too many applications in a short space of time – A scattergun approach to making credit applications, even if you see it as just shopping around, can have a negative impact on your Experian Credit Score. Each application is recorded on your credit report and if lenders see lots in a short period, they could think that you’re desperate for credit or suspect fraud.
Tip 3 – Set up direct debit payments to make sure credit bills are paid on time – Missed or late payments stay on your credit report for at least six years, and this can have a big impact on your score. Regular payments on time can help build up a good credit account payment history.
Tip 4 – Register to vote at your current address - Lenders use the electoral register to help confirm who you are and where you live.
Tip 5 – Review your credit report regularly - Make sure it’s up to date, and that the information on it is accurate. If you do find anything that needs correcting, contact the relevant lender and ask for an amendment – Experian can also raise a query on your behalf. Even small details like the way your name and address is recorded could have a significant impact.Also check your financial associations with other people.