Bump And Beyond


5 Ways You Can Improve Your Credit Score*

There are many reasons why it is imporrtant to have a good credit rating, from buying a new car on credit, getting credit cards or loan with a low APR or if you are saving up for a mortgage.

If you are in need of a loan and have been rejected due to having a poor credit rating, then a instant loans might be best for you. Remember though, loans are great if they work for you - however sometimes it's important to make sure that you only borrow for what you need and can afford to pay back!. 

You can check your credit score using one of the four main credit scoring agencies in the UK: Equifax, Experian, Callcredit and Noddle. You can ask a full report of your credit report for free. Your credit report will include; all loans,credit card accounts which are open, current overdraft, previous credit applications, any missed payments and the number of times it has happened and any history of debt, CCJs etc. This will also identify people who are connected to you including partners, other people who have lived at the same addres as you etc

Today I am sharing with you 5 ways you can improve your credit score;

Pay bills on time
Credit history is built up slowly over time as you increase the number of on-time payments you make. Missed and late payments can stay on your credit file for up to six years. Paying your bills on time is a great way to prove to lenders that you’re capable of managing finances effectively.

Register to vote 
If your name is not registered on the electoral roll, you will find it harder to get credit. You can register with your local council to vote on-line or by post.

Pay off your debts
Paying more than your minimum payment can be seen as you managing your debts responsibly. Which means that prospective lenders would more than likely want to give you credit.

Stay within the agreed credit limit
Try and avoid getting into your overdraft, regularly being in your overdraft means you are not in control of your spending, and a credit company will be less inclined to loan you money, as there is a risk that you will not be able to pay back the money borrowed.

Avoid opening many new accounts
Credit reference agencies don't get told if you are rejected for credit, but a note is made every time a credit search is made by a lender. The more credit searches carried out in a short space of time, the less likely you are to be accepted for credit by most lenders.

If you need some more advice about improving your credit rating Step Change are a debt charity who give free debt advice & debt management. Step Change are fantastic, they are happy to give you advice when you need it.

Have you recently improved your credit rating? I would love to hear how you did it.


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