at home with Sarah Beeny - August 2012 - (Page 54)

where credit’s due They’re criTical for your fiscal healTh, so make sure your crediT raTing is doing you jusTice… Credit henever you apply to a lender, your credit rating will come into play. Although it’s important and may seem bewildering, don’t shy away from checking yours regularly… W reGular checks GettinG started Credit ratings: they can be the make-or-break when it comes to securing a mortgage or credit card but what are they? Your rating is determined by various resources, including your application forms, past dealings with the lender, as well as external credit rating agency scores. These agencies evaluate your credit-worthiness, in other words, how likely you’ll be to miss a payment or not pay back credit. Checking your credit files is essential to ensuring your rating isn’t affecting your ability to secure a loan (this is particularly important if you’re wishing to take out a mortgage – for more on this, go to pg 46). Carrying out periodical checks will make sure no unwanted or unexpected details are lurking, because even something seemingly insignificant could have a negative impact on your rating. You have the right to see your credit files for £2, but some companies – such as Equifax (www.equifax.co.uk) – offer a free check. These assessments should be carried out yearly as part of your financial health check or before making large applications. If you find errors on your credit file, fear not. These can be removed quickly and easily through simply ‘Even something seemingly insignificant could have a negative impact on your rating’ The criteria that companies lay out for their ‘perfect customer’ can vary greatly between organisations, but if you wish to borrow from them, you will need to jump through their particular credit rating hoops. A bank, for example, will want to evaluate how savvy their customers are, because if they pay everything back in full, the bank risks not making any money from them, so being aware of this when it comes to your rating can help you adjust accordingly. 054 | AUGUST 2012 writing to the credit agency and asking them to be taken off. The agency may refuse to delete the detail, but you can add your own comment to qualify the error. Boost it If you’ve got a bad credit rating there are plenty of ways to improve it: Register to vote It might be surprising to find that not being on the electoral register http://www.equifax.co.uk

Table of Contents for the Digital Edition of at home with Sarah Beeny - August 2012

EDITOR’S LETTER
WELCOME FROM SARAH
NEWS
AWESOME AUGUST
IN THE SPOTLIGHT
TABLE TALK
THE THRIFTY FIFTY
TRENDS ON TRIAL
BEENY UNCUT
ESSENTIAL HOME-BUYING GUIDE
SURVEY SAVVY
WHAT’S THE SCORE?
THE NEW FACE OF PROPERTY?
SELLER SECRETS
LOCATION LOCK-UP
SOAP AND GLORY
OPEN UP
RECIPE FOR SUCCESS
TOP SHOP
THE BRIGHT STUFF
GET THE JUNGLE LOOK
WARDROBE WARS
A ONE OFF
MOSAIC MAGIC
GLASS ACT
TAKE TO THE FLOOR
FRAME GAME
IT’S A BLINDER
SNUG AS A BUG
BURNING QUESTION
THE A-TEAM
QUICK FIX
BEAT THE BUILDING BLUES
LET THERE BE LIGHT
GOING DOWN
GARDEN GREATS
DIRTY DEALINGS
ALIEN INVASION
JUMP RIGHT IN
LITTLE WONDER
OUT OF SIGHT
PROFESSOR GREEN
ECO EXCLUSIVE
TALKING TRASH
PRO PLANET PROJECTS
HELLO, SUNSHINE
CARBON-NEUTRAL COVER
STAR GLAZER
EARTH HOUR
HOT TOPIC
MASS REDUCTION
WASTE NOT
SWITCHED ON
ETHICAL INTERIORS
YOU LIVE WHERE?
COMING SOON
WINNING SPOT
LUXE LINEN
CATCH-UP
STOCKISTS

at home with Sarah Beeny - August 2012