Moving home means a big ‘to do’ list. With contracts to read through if you are renting, finding a solicitor if you are buying and organising your removals. However looking at your credit score should be on there.
You will also need to contact all your current suppliers to get things switched off at your current property and turned on again at your new home. You may be thinking that this is the perfect opportunity to switch providers, if this is the case these providers are likely to seek proof that you can meet the payment requirements.
They will often use your credit score and information off your application form to ascertain as to whether you have kept up to date with payments on loans and credit cards etc.
This helps them to decide whether to accept you as a customer or not – the higher your credit score, the better chance you have of being accepted. In the case of utility providers this will determine the repayment terms they require.
There are of course bigger issues than the utility companies, if you are applying for a mortgage, your credit score being in good shape is very important. It will help you get a much better interest rate, whether you take out a fixed term mortgage or a variable one.
This all depends on your current financial circumstances of course, the main thing to remember is that you can work with credit reference companies to better your score, so it is worth paying for. An example could be that an old creditor or energy supplier is still listed, or you could find that payment information is incorrect on a loan or a credit card. By fixing this you put yourself in a much better position to apply for a mortgage.