Blitz Bad Credit Demons With This Guide

It’s the worst feeling in the world. You sit there, sweating, heart racing, feeling all kinds of guilty. There’s an intake of breath. The tension in the room is a physical presence. The salesperson looks at you pityingly. “I’m sorry,” they say “you’ve been declined for credit.”

If you’ve been in a situation where this has happened, you know the dreadful sinking feeling, and the grave implications of not being able to access credit when you need it, whether it’s an emergency loan for that urgent repair, finding a home or purchasing a car to get to a job. If you have bad credit, it can be the monster under the bed. Thankfully, there are some steps that you can take to repair your credit rating and get free.

Understand your Score

Begin by making a check on your file and finding out your credit score. Your file will contain details of all your lines of available credit, such as store cards, loans, credit cards, car finance and mortgages along with a record of your repayments and other details. The product that you’re applying for will only accept you if your score meets or surpasses the level set by the lender. If it comes under that threshold, you will get declined – and the bad news is that the more declines you get, the worse your score becomes. It’s a balancing act – applying for too many things without knowing if you’re likely to get accepted risks severely damaging your score. But paradoxically, never having had any credit can go against you too – as you have no history to enable a prospective lender to decide on whether or not you’re likely to pay a loan back.

Your financial associates are also listed – this is anyone you share a joint financial arrangement with or have lived with in the past. Their scores could potentially affect yours, but you can apply to have the association removed if it shouldn’t be there.

The score that you have will change over time to mirror your evolving circumstances and payment history –  so if you have paid off some credit successfully or missed some repayments, your score will go up or down accordingly, although it can take several months for these changes to show up. So you should make checking your score a regular event to be aware of these changes – this can also help to protect you against identity fraud, as you have a chance to spot any applications made in your name that you aren’t aware of.

Close Unused Accounts

One of the factors lenders base a decision on is how much credit you already have available to you. So if you spot any old, unused accounts then contact the provider and ask them to formally close the account – just cutting up the card won’t work. Prepare for them to throw offers at you to try and keep the account open, but stay firm as too many lines of credit will mean a rejection from other suppliers.

Budget to Exceed Repayments

Use automated banking to make sure that your payments for any loans and credit cards are always made on time, but try to pay off a little more than the minimum amount each month. Even a few dollars will help as it signifies to borrowers your intention to pay the balance off and demonstrates that you can afford the repayments.

Build Up Your Rating

Even if things are dire, you can build up your rating. Go through a website like and pick a loan specifically targeted to help those with a poor credit rating. The Annual Percentage Rating, or APR, which is the rate of interest you pay will be high, so make sure you have budgeted enough for it, even if that means learning how to budget better so that you can afford the repayments and more. When the loan is completely paid off, your rating will go up, meaning that the next time you need credit, you should be able to access better deals with lower rates.

Time Your Applications – and Make Them Consistent

We already know that when we’re in a panic and needing credit, it’s easy to get into a spiral of application and rejections. And we know that the more rejection applications, the bigger the negative impact on your score. So be smart and plan well in advance. Use an eligibility checker tool yourself to see what you are likely to be accepted for before approaching a lender, and leave yourself enough time that if you do get rejected, you don’t need to apply for something else straight away. Another thing to beware of is being consistent with the personal details that you use on an application. Anti-fraud agencies can flag you up if you’re making applications to different lenders with different details – so pick one mobile number and job title format and stick to it across everything.

Avoid Credit Card Cash Withdrawals

Rightly or wrongly, these are seen as evidence of bad money management and can count against you – some mortgage lenders even openly state they would reject applicants for this reason. It comes in the same bracket as missing repayments – a massive no-no. Your credit score also dictates the rate you are offered if a lender does decide to take you on. The attractive APRs you see advertised are usually ‘representative’ meaning that they only legally have to be offered to a percentage of customers, not everyone. If you have a patchy history, it’s highly unlikely that you’ll be able to access these deals so that borrowing will cost you more than someone with a good rating.

You Aren’t Their Type

Even people with great credit history sometimes get rejected. That’s because lenders may be looking for someone with a particular profile – for example, a home-owner to cross-sell a mortgage product do. Sometimes you just can’t know what the criteria really are.  Again, using an online eligibility checker can help to mitigate the risk.

A few simple steps can make all the difference to your prospects of getting accepted. Good luck!

5 Simple Rules For Buying Your First Home

There is an awful lot of confusion surrounding the rules for buying your first home. The financial and psychological burden of the whole process can be stressful, painful and downright frustrating at times, so it makes a lot of sense to get as much help as possible during the process. Buying a house comes with a set of rules if you hope to be successful, and making smart, sane decision is an important part of the process as a whole. We’ve put together for you a list of five simple rules for buying a home to keep your sanity intact!


Rule 1: Talk To Lenders Before The Hunt.

Picture the scene: you’ve booked yourself in to see several beautiful homes. You are going from house to house looking for the family home of your dreams and finally fall in love with the perfect house and plot of land. You are determined that THIS shall be your house, so you go to start sorting out applications, only to learn that you will not be able to get the funding for it. Deflated? We would be, too. You need to speak to independent lenders and real estate agents from so that you can get advice on financing and contracts ahead of time. Learn what mortgages are on the market and are available for you before you get started, too.


Rule 2: Check Out The Neighbourhood.

That house you fell in love with earlier? It may be the most majestically beautiful house you have ever seen, but it doesn’t mean the neighborhood itself is any good. If you’re moving to a new town this is particularly important, as you want to be able to integrate the children into their school and feel safe on your commute to work. Do your research before you hunt.

Rule 3: Think Hard About Your Offer.

Before you approach a seller with an offer on their house, you need to be absolutely sure. You need to have your funding in place, you need to know all the associated costs with the house itself and you also need to be sure you can afford the mortgage long-term. Check out the local houses that recently sold so that you can ensure you have a fair offer.


Rule 4: Get Inspected.

You get to have a period of due diligence before you complete on a home, and this should include having an inspector come in and assess the home for any damage or ruin. Your dream home can easily be a dud home wearing fancy dress! If you don’t take the time to do the right checks, you could end up spending a lot more money trying to rectify mistakes that you shouldn’t have to.


Rule 5: Keep Your Seller On Side.

One of the biggest reason a house can fall through is not getting along with the seller. Keep the goodwill of the seller and you can make sure that you don’t lose out due to animosity. Kindness goes a long way, so don’t pick apart the sale of the house and just enjoy the ride.

When Property Investments Go Wrong

We’re all trying to continually look for sound investments that won’t see our money dip in value too much if they ever take a hit. Unfortunately, though, a totally sound investment doesn’t really exist, and there is always the potential to lose some money while you are investing in various opportunities.

It’s true that some investments are safer than others, but even these can be quite risky at times. Just look at the property market, for instance. Lots of investors have been buying properties as investments and, over the past few years, this has proved to be a wise choice, as the property market has been relatively stable. However, many experts believe that we are long overdue a burst when it comes to the property bubble. If the bubble does burst, then properties will quickly fall in value, and investors will lose out. Doesn’t sound good does it? Thankfully, there are some things you can do when property investments go wrong. Read on to find out more!


Know When It’s Time To Sell

No one is a mind reader, but all of the best investors are able to sense when something is going to happen and, as a result, sell their investments before their money drops in value too much. It isn’t easy knowing exactly when the best time to sell is, but there are some ways you can kind of work it out. You just need to research the property market and read up on what the experts are saying. They might drop some hints before something is about to happen, and it is super critical that you are able to pick up on them!

Get A Quick Sell

If you do decide to sell your investment properties, you need to make sure that they sell as quickly as possible. If they are left on the market for more than six months, they will only start to decrease further in value, and you will have to bring down the asking price accordingly. See for more tips on a quick sell. Basically, though, you just need to make sure that you price the house right as a high asking price can put off serious buyers. Plus, you should ensure that the house is in top quality so that it impresses anyone who looks around.


Speak To A Financial Advisor

In some cases, it can actually be a good idea to hold onto your investments even when they lose quite a bit of value. That’s often the case if the market is just going through a dip and is expected to recover. However, this is a very risky thing to do, so it’s a good idea to chat with a financial advisor, such as the ones on, about your property investments and they will be able to tell you the best course of action.

Investing in property shouldn’t feel like such a huge risk, but sometimes it is. Make sure you don’t end up playing with fire!