"Having an incorrect credit report removed from your file can improve your credit score."
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Advantages and Disadvantages of Credit Score Influence on Mortgage Eligibility
When considering the impact of credit scores on mortgage eligibility, it’s important to weigh both the positive and negative aspects, which will be outlined below.
Advantages of Credit Score Influence on Mortgage Eligibility
1) Better Interest Rates
– Lenders often reserve their most competitively low interest rates for those with higher credit scores.
– A good credit rating could save you a significant amount of money over the long term of your mortgage because of decreased interest.
2) More Mortgage Options
– A strong credit score typically gives you wider access to different mortgage products.
– Borrowers can choose from a lot more varied mortgage types that may not be available to those with lower credit scores.