Credit Score - What the banks don't tell you

Here's a galling statistic from ClearScore the credit checking agency that may shock you. Did you know that nearly 20% of graduates will start their working life struggling to get a mortgage? Duh! But any idea what the reason is. Student debt? Can't save for a deposit?

Neither.

It is because their credit score is ruined.

Here are 4 tips to ensure that you keep on the right side of the banks so that you have no problems in securing that mortgage

1. Always register on the voter's role. Did you know that lenders use it to confirm a credit applicant's identity. I have had clients who could not get the best deal because Nationwide Building Society could not find the client on the voter's role.

2. If you still have a joint bank account with a pal from uni, I would be making sure that you get that closed. Even shared utility bills can come back to bite both of you if there has been a previous missed payment. You will be both be tarred by your tardiness! Best thing to do is to write to all 3 credit agencies Experien, Equifax and Callcredit and ask them to request that the connection is removed.

3. Don't max out on your credit card. A monthly balance 30% below the max limit can gain you as much as 90 points on your credit score with Experien. You can wave goodbye to 50 points if you have a balance of 90% of you available credit however.

4. Make sure that you do not carry out multiple applications in a short space of time. The lenders just think that you have been refused credit and that you are jumping to the next lender. If you can, opt for a soft footprint. Don't be too concerned that a refusal for credit will impact on your score. The outcome does not appear on your report only that you have applied.

If you need any advice on

your credit and you applying for a mortgage then get in touch and I can see what I can do to help.