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The Secret to Achieving and Maintaining a Stellar Credit Score

This guide was last updated 7 February 2024


Hey there! Welcome to Coreco’s no-nonsense guide on managing your credit score like a pro. If you’re dreaming about getting a mortgage for that perfect home, knowing the ins and outs of your credit score is like holding the key to a secret garden. Let’s break it down in a way that’s as easy as making your morning cuppa.

  • Know Your Score: The Starting Line

First things first, you’ve got to know where you stand. Your credit score is like your financial report card. It tells lenders how good you are at handling money. The higher the score, the better you look in the eyes of lenders. It’s like being the teacher’s pet in school, but for banks.

Where to Check?

  1. Free Credit Report Services: There are plenty of websites where you can check your score for free. It’s like peeking at your grades before report day.
  2. Credit Bureaus: The big ones are Experian, Equifax, and TransUnion. They’re like the headmasters of credit scoring.
  • Pay On Time: Your Credit’s Best Friend

Here’s a golden rule: Always pay your bills on time. Whether it’s your phone bill, credit card, or that gym membership you forgot about, late payments are a big no-no. It’s like turning up late for an important meeting – doesn’t make the best impression.

  • Keep Your Balance Low: The Juggling Act

Try to keep the balance on your credit cards low. Maxing out your cards is like eating an entire cake by yourself – not the best idea. A good rule of thumb is to use less than 30% of your credit limit. It shows lenders you’re not overly reliant on credit.

  • Mix It Up: Variety is the Spice of Life

Having a mix of credit (like a personal loan, car loan, and credit card) can actually be good for your score. It’s like showing you’re not just good at playing the guitar, but you can rock the drums and keyboard too.

  • Limit New Credit: Play Hard to Get

Every time you apply for new credit, it shows up on your report. Too many applications can make you look desperate, like someone who’s applying for every job in sight. Play it cool and only apply when you really need to

  • Check for Errors: Keep an Eagle Eye

Sometimes, credit reports have mistakes. It’s like getting a stain on your favorite shirt – you want to fix it ASAP. Regularly check your report for any errors and dispute them if you find any.

  • Patience is Key: Rome Wasn’t Built in a Day

Improving your credit score isn’t an overnight thing. It’s more like growing a garden. You plant the seeds (good financial habits) and nurture them over time. Be patient, and you’ll see the fruits of your labor.

  • Educate Yourself: Knowledge is Power

Stay informed about how credit works. Read articles, talk to financial advisors, and keep learning. The more you know, the better you can manage your credit.

  • Don’t Stress: Keep Calm and Carry On

Lastly, don’t let credit scores rule your life. Yes, they’re important, but they’re just one part of your financial picture. Keep a healthy balance between managing your credit and enjoying life.

Remember, achieving and maintaining a great credit score is a journey, not a sprint. With these tips from Coreco, you’re well on your way to becoming a credit score superstar. Happy house hunting! 🏡✨

Your home may be repossessed if you do not keep up repayments on your mortgage.

There may be a fee for mortgage advice. The actual amount you pay will depend on your circumstances. The fee is up to 1% but a typical fee is 0.3% of the amount borrowed.


    Andrew Montlake

    Written by Andrew Montlake

    Andrew Montlake, better known as Monty, began his journey with an Hons degree in Economics & Politics before starting in the mortgage industry in February 1994. As a main founder of Coreco in 2009, he successfully grew the brand, marketing, and communications, and was made MD in 2019 focussing on the overall vision, strategy, and culture of the company. As Coreco’s media spokesperson, Andrew can often be seen or heard on TV and radio as well as regularly commenting in the national, local, and trade press. He is the author of this acclaimed Mortgage Blog and is well-known for his social media, podcasts, and public speaking. Andrew is now proud to serve as Chairman of the Association of Mortgage Intermediaries, (AMI) as a cheerleader for the Mortgage Industry as a whole and continues to work at the coal face, writing mortgage business and advising clients.

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