How To Improve Your Credit Rating
Here is a checklist to improve your credit rating and thereby get offered a better interest rate when your apply for credit:
Ensure you are on the Electoral Roll which is kept by your local
Ensure that unused credit cards and bank overdrafts are removed from the credit file that Credit Reference Agencies hold.
Take extra care that bills are paid on time. For example, avoid
forgetting to pay bills by setting up bank direct debits so that bills are paid automatically.
Be aware that lenders look at the number of credit applications
you've made in the last 12 months. So suppose you were busy applying
for lots of credit 10 months ago, then it could pay you to wait a couple
of months until those credit applications disappear off your credit
There's a credit report on every UK adult over 18 years old. You
have a right to access the information that Credit Reference Agencies hold
about you, and to correct any inaccuracies or redundant information. For
example, you might be refused credit because on your credit report
you're financially linked to someone who, in reality, you no longer
have any connection with.
- Realise that your postcode impacts on your credit score. If there's a higher amount of crime and people in your postcode with have lower incomes, it will drag down your credit rating. So if you own or live in more than one property then select the higher rated postcode. Also, give this some thought when moving house.
- The longer you live in a property and the longer you work in the same job the more your credit score will improve.
- Getting married will normally improve your credit rating as you'll be viewed as more stable, but it depends upon whether the person you marry has a better or worse credit rating. As it says in the ceremony: 'for better or worse'.
- When children leave home and obtain their credit, you need to make sure they aren’t financially associated with your credit report. Otherwise, if they made late payments that could damage your own credit score.
To resolve these matters try CreditExpert's 30 day free trial. You pay £5 to look at your full Experian credit report online. You can cancel within 30 days and get your £5 back. The report shows what lenders see: your bank and credit card payments; your loan repayment history; how much you currently own; any CCJ's against you; who's financially linked to you; where you've applied for credit within the last 12 months.
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