| These are the Six Top Credit Score Killers . . . | | | | usually not cause any problems, though you really |
| 1. | | | | want to have been in your new job for a few months |
| Not on the Electoral Roll | | | | before applying for new credit. Remember, lenders |
| If you are not on the electoral roll at the address on | | | | often ask to see the last couple of months pay slips |
| the application there is a high probability of rejection. | | | | when applying for a loan. |
| 2. | | | | Since continuous employment is what they like to see, |
| Bad Credit History | | | | having 3 or more jobs in the last 3 years will adversely |
| Past credit history usually counts for 35% of your | | | | effect your credit score. As will having had bouts of |
| credit score. It is not just having County Court | | | | unemployment between jobs. |
| Judgements (CCJs) or defaults on your credit report | | | | 5. |
| that has a negative impact. Missed and late payments | | | | No or New Bank Account |
| will also dent your score. But whilst negative entries will | | | | Lenders will award maximum points if you have been |
| stay on your credit file for 6 years, the impact of | | | | with your bank for a number of years. Having only |
| missed and late payments diminishes over time. If you | | | | recently opened your current account will reduce the |
| have been making payments on time for at least the | | | | score. Not having a bank or current account will be |
| last 12 months those negative entries will begin to | | | | most detrimental to your credit score. |
| influence your score less. | | | | 6. |
| 3. | | | | Too Many Credit Applications |
| At Current Address Less Than 3 Years | | | | Every time you apply for credit a search is made and |
| Lenders like continuity. A score will be higher if you | | | | will be recorded on your credit file. Multiple credit |
| have been at the same address for 3 years or more. | | | | applications in a short space of time will negatively |
| There may be some impact if you have had two | | | | impact your credit score. Such applications may be |
| addresses in the last 3 years, but probably less if you | | | | perceived as indicative of someone desperately trying |
| are a homeowner. | | | | to obtain credit. |
| Multiple addresses in the last 3 years will have the | | | | It is commonly accepted that making one credit |
| greatest impact. Likewise, your credit score may be | | | | application every month or two should not have too |
| effected if you have been at your current address for | | | | much impact on your credit file. |
| less than 6 months. This means that tenants are most | | | | However, if you have recently made a number of |
| likely to fall foul of this scoring criterion. | | | | applications and been declined, it is advisable not to |
| 4. | | | | make any new applications for six months so as to |
| New Job | | | | give a good breathing space before applying again. It |
| As with residency, when it comes to employment | | | | also gives you time to review your credit file and |
| continuity is also paramount. Ideally, lenders are looking | | | | determine if there is anything on there which shouldn't |
| for someone who has had the same job for a number | | | | be. |
| of years. Such applicants will benefit from the | | | | |
| maximum score for this. | | | | Check your Credit Rating free for 30days with |
| Having had two employers in 3 years need not be that | | | | Equifax. |
| detrimental. Changing jobs so as to get more pay will | | | | |