Newspaper article Evening Chronicle (Newcastle, England)

Knowing the Score; CONCERNED ABOUT YOUR CREDIT SCORE? THESE INSIDER TIPS WILL HELP ENSURE IT STAYS ON TRACK, WRITES Victoria Shaw

Newspaper article Evening Chronicle (Newcastle, England)

Knowing the Score; CONCERNED ABOUT YOUR CREDIT SCORE? THESE INSIDER TIPS WILL HELP ENSURE IT STAYS ON TRACK, WRITES Victoria Shaw

Article excerpt

WITH Christmas around the corner and bills to juggle, at this time of year, lots of people feel they have to turn to credit to tide themselves over. Or, perhaps with the Bank of England base rate having just been increased, you're looking to sort a new mortgage out.

But if you are about to apply for credit, it's worth doing some preparation and making sure you look in good financial shape to a lender - otherwise you may run the risk of being offered a worse rate, or being rejected altogether. And there might be something you're doing - or not doing - which, without you realising it, could be damaging your credit Being on the can help your rating. Here, Jacqueline Dewey, managing director at credit checking service Noddle, highlights 8 pitfalls which could wreck a good credit score...

1. NOT CHECKING YOUR CREDIT REPORT IGNORANCE isn't bliss. By checking your report regularly, you can help protect yourself from a range of potential problems and risks.

Also, be aware of errors on your report which can be costly - as it can mean you're rejected for a loan, mortgage or credit card. Make sure you check, check and check again and report any incorrect information immediately to the relevant financial body or credit reporting service.

2. BEING 'FASHIONABLY LATE' A lack of punctuality with your financial obligations is a sure-fire way to ruin your credit rating. As a rule of thumb, lenders respect punctuality - as it highlights that you can successfully meet your current financial commitments on time each month.

ELECTORAL ROLL credit score 3. MAKING EXCESSIVE CREDIT APPLICATIONS MAKING too many 'hard search' credit applications at once can really damage your credit score, as lenders view this as desperate behaviour - even if you're just shopping around.

There are credit eligibility checkers out there which are helpful resources that give you an idea of what you'll be accepted for, without damaging your credit score. …

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