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4 Tips to improve your Credit Score

Improving My Credit Score

There is always room for improvement when it comes to your individual credit score and the great news is that even if you do have a low score, there are several things that you can do to address this. If you are looking to improve your credit score, we've put together a list of a few things you can do to help ensure your score is at its best going forward. Read on to discover our top tips for putting a poor credit score in the past.

Use applications

For most people our money is at the touch of our fingertips due to the technology we use in our lives. A great way of improving your credit score is to be aware of your financial circumstances. First, it's important to know what your current credit score is, most credit check companies now offer a mobile app that allows you to see monthly updates. Some companies offer this as a free service and just so you know, when you check your score this doesn't show on your credit file. Mobile banking is an excellent way to check you don't miss paying a bill. Setting up regular Direct Debits to cover your credit payments means you'll be showing potential lenders you're capable of paying back money you've borrowed.

Ensure your name is on the electoral roll

Did you know that you can improve your credit rating simply by registering to vote? If you are registered on the electoral roll, this will have a positive impact on your score, so why not make yourself look more attractive to lenders by letting them know you are eligible to vote?

Keep credit applications to a minimum

Making multiple credit applications around the same time may suggest to lenders that you're in financial difficulty, which can damage your credit score. Every application you make leaves a footprint, be this a soft search or hard search, on your credit history so think carefully before you apply.

Be clever with credit usage

Another factor that could affect your credit score is how much you charge to your credit card each month and how much you pay off. If all your credit allowance is maxed out, this shows lenders that you have low available credit and could suggest you aren't managing your finances effectively.

Building a good credit rating needn't be stressful, use our tips to improve your credit score and get in touch to see if you are eligible for a short term loan with us today.

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Wills the name, content is the game. I’m always on the dot when it comes to finding a bargain, and staying up to date with the latest financial advice.