A fast house sale could improve your credit rating
Your credit record is consulted on a regular basis, to help lenders and credit providers decide whether you are a good financial risk or not. If you want to be able to borrow money easily and at a reasonable interest rate, you need to have a good credit record. Lenders will give loans and other financial products to those with a bad credit history, but you will end up repaying more in the long term.
How can a fast house sale improve my credit record?
If you’re experiencing financial problems, it’s likely that these will be reflected in your credit record already. Banks, card providers, lenders and other financial companies send regular updates to the companies that hold your credit information, so once you’ve missed a couple of mortgage payments, or fallen behind with your credit card bills, it will start to show. The more missed payments on your record, the less likely a lender will be to offer you low rates or favourable terms.
A fast house sale could raise enough money for you to pay off your debts, even if you are in real financial difficulty. If you’re worried about how your credit record could affect your finances in the future, think about:
Checking your credit record – you are entitled to see the contents of your credit record and, for under £5, you can apply to either of the UK’s two largest credit companies, Experian or Equifax, for a copy of your record. If there’s anything in your record that’s inaccurate, out of date or you don’t understand, you can write to the credit company asking them to place a note on your record. Anyone who looks at your record will be able to see the amendment.
Clearing your debts – everyone wants to clear their debts – it’s finding the cash that’s the difficult bit. If you are a homeowner, however, you could find a solution through a fast house sale. Completing within a month, and with a cash payment, you can avoid months of extra interest charges, and clear your debts in one go. Whilst your past credit history will remain the same, your record will show that you have paid off your debts and lenders may be more willing to consider your applications for loans or credit.
At the Yorkshire Property Company, we believe in giving you the best deal for your property, so that you can get on with your life. Our experience and our professional standards of service make us the ideal choice if you live in Yorkshire and you need to sell your property quickly. With our no-fee service and plenty of help and advice along the way, we’re happy to talk to you about your property and how we can help you sell it with no stress and no hassle. Call us free now on 0800 088 7037 or send in your online enquiry form.
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