13:31 13 January 2014
The only thing that could be standing between you and borrowed finance is a disreputable credit report. Most loan rejections are made because a lot of people have very bad credit. A bad credit score can put you in a disadvantageous position, and can hinder any means of finance getting your way.
For instance, account conduct and affordability are some of the things that people look at in credit reports.
It is important to have a good credit history, and remain in control of your credit. However, most people leave these situations to handle themselves, which is very wrong.
You should make sure that you look at your credit report on a regular basis. The very first step in any battle is to make sure you know what you are facing. To this end, you should consult your credit report regularly and one tool you can use is Noddle. This is a free service that gives you access to your credit report forever. Not only can you take a quick look at your report you can get to know the best cards and other loan products for you - all based on your credit status.
To err is human and it is important that you keep your credit report accurate. Working on inaccurate information is very detrimental to your borrowing. Hence, in line with keeping track of your credit score you should ensure that your correct information is entered.
If you have an erratic payment history, it will affect your credit report. You should pay everything on time if you can. Setting up standing orders ensures that you do not forget.
Do not go whole hog when you are borrowing. Most lenders are skittish about people who max out their credit. Lower the value and you will be fine.
Do not send applications all at once. It brings too much suspicion from lenders. Spread out your applications.
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