There are a variety of reasons that a person might be classed as having bad credit. Generally speaking, the judgement is based on your credit search and credit score, which can be affected by transactions you make and credit you arrange. Reasons for your credit level going down may include missing payments on credit cards, loans, car payments or mortgages. Your ability to get a mortgage will also be affected if you have gone through bankruptcy or repossession.
Where can I find out my credit score?
For a small fee you are able to get an idea of your credit score and an explanation of how they calculated it through a number of companies. These companies are Equifax and Experian, their details can be found through a Google search. It's worth remembering that your credit score will be different with every company that you approach for a mortgage as all lenders are looking for different things when they calculate your score and every lender has their own idea of what an acceptable score is.
What can I do to improve my credit score?
Unfortunately, there are no miracle cures to improve your credit score overnight. The best way to improve it is simply by paying all your bills on time - missing a payment on a bill is the fastest way to a bad credit score. Over a period of time your score will improve and you will find it easier to get credit.
I have Bad Credit but I need a Mortgage - help!
With a Bad Credit Mortgage from Endsleigh Financial you can finance that house move without worrying about your credit rating. We can of course also deal with Bad Credit Remortgages - if you decide to remortgage your property to consolidate some of your debts, Endsleigh Financial can offer you the help and information you need.
You can find out more about our Bad Credit Mortgages in our Mortgage directory.
What about Debt Consolidation Mortgages?
We also offer a Debt Consolidation Mortgage facility - rolling all your current debts in to one easy monthly payment. You'll find payments a lot easier to make (and harder to forget) when there's only one to pay. It's worth remembering that when you consolidate existing unsecured credit with your mortgage it will be secured against your home and may be over a longer term than your original loan.
Consider taking out a mortgage with Endsleigh Financial - you might be surprised by what we can offer you.
Think carefully before securing other debts against your home. Your home may be repossessed if you do not keep up repayments on your mortgage.