Loan comparison website offers tips to improve your credit profile

thelendingwizard.com a free, simple and efficient online consumer tool to compare loans is offering consumers 5 top tips to improve their credit profiles. The site is the only loan comparison tool where you see the actual interest rates you will be paying before you apply. This protects your credit score by limiting the number of direct loan applications borrowers have to make to lenders.

Olivier Beau de Lomenie, MD, thelendingwizard.com says: “It is undoubtedly a tough climate for those looking for credit at the moment. There are a myriad of factors that lenders can take into account when deciding on someone’s eligibility for a loan. These range from the number of credit searches carried out on you in recent months to the length of time you have been with your bank, how long you have lived at your property, the length of time you have been in your current job and how many credit accounts you have. It can seem that the list is endless but there are steps you can take to tidy up your profile and increase your chances of securing the loan that is right for you.

Don’t be afraid of credit – to build up a good credit history you need to have some credit but this doesn’t mean large loans if you can’t afford them. It could simply be a credit card that you pay off in full each month that shows lenders you are responsible with the money at your disposal. It also means they have something to base an assessment of your creditworthiness on.

Make your monthly repayments on your credit in full and on time. If you’re not going to be able to meet your minimum payments speak to your creditors as soon as possible as this can look more favourable on your credit file.

Don’t go over your credit card limits as it appears to lenders that you cannot live within your means. If you feel you need advice speak to your local citizen’s advice bureau as soon as possible.

Don’t shop around too much – this can impact your credit rating and score as historically it appeared that you were getting desperate for money. Don’t forget you get credit searched for a wide variety of things, such as a new current account, mobile phones, and some car insurance policies.

Get a copy of your credit file from Equifax or Experian if you are unsure of what information lenders are able to see about you. Mistakes can happen on credit files so it is important to get them identified and rectified as soon as possible.“