Finance Roll

If you are applying for a mortgage or any kind of credit, it is extremely likely that your potential lender will need to carry out a credit search on you. You may think that your credit report is in good shape. Perhaps you have always paid your bills on time, perhaps you have never missed a payment on your Mortgage, rent, credit cards or loans. Perhaps you have done everything expected of you by your creditors. However, your credit report could still let you down. So if you're about to apply for a loan, a Mortgage or any other kind of borrowing, take a look at our list of little known credit killers...

Credit Facilities in your name. You may have nothing outstanding or very little outstanding with other lenders, but if you have high credit limits that you could dip into, it could result in your application being declined. For example, perhaps you have credit cards, which just sit in a draw and are never used. However, the very fact that you have them and they give you the potential to borrow more money may cause the lender some concern. Associated Credit You may have been very responsible in terms of your finances, but if someone who has lived in your property previously or who lives in your property right now has not been, it could affect your credit rating. The good news is you may be able to financially disassociate yourself from that person by contacting the credit reference agencies.

You should be able to find out more by visiting their website or speaking to one of their advisors The Electoral Roll If you are not on the electoral roll this could seriously affect your chances of getting credit. Lenders use the information on the Electoral Roll to help them identify you so if you are not on it chances are they will not lend you money So if you are about to apply for new borrowing make sure you know that you are in the best possible position by dealing with these credit killers before they put an end to your application.