Friday, 27 January 2017 09:00

Credit Scores and where you live in the UK does matter!

We all know that credit scores are everything, especially when it comes to getting a mortgage or a personal loan. With this in mind, everyone wants to be in a good financial position and get that all important high score.

There are some areas in the country that are, on the whole, better than others when it comes to credit scores. We’ll see if you live in a credit score hotspot.

It may come as no surprise that the capital of our country and the biggest financial sector, London, is 15 per cent higher than the UK average with a score of 396.  Lerwick in Scotland is not far behind with a score of 390.

It isn’t all good for Londoners, however, as it shows that some parts of London fair better than others. West London and Central London have higher than average credit scores, but East London and South East London are below average on the whole. They were two of the worst places in the country a couple of years ago.

Some of the worst areas in the UK include; Oldham, Blackpool, Liverpool and Kilmarnock to name but a few.

So why is it so important and ideal for a person to live in an area that has a pleasing credit score? After all, it isn’t the area that a credit company looks at, it’s individuals.

Basically, while the area that you live in will not impact on your credit score, it could still be better when applying for certain financial products. If you have a poor credit score and live in a poor area it probably isn’t the best scenario. But, if you have a poor credit score and live in an area that is slightly above average, certain financial benefits may become available. These should include lower interest rates and faster approval times by lenders.

Similar sort of hot spots occur in Car Insurance, with car insurance quotes in Bradford being substantially more expensive than that of Wakefield for example, just 14 miles to the South East. 

If you have a low credit score there are a couple of things that you should do to help iron it out. The longer you leave it, the worse it gets. As soon as you realise that your credit score isn’t as good as you need it to be, you need to begin getting back on the straight and narrow.

Never apply for anything before you’ve checked your score. If you apply and you have a poor score, your credit score could be harmed and become irreparable.