Top tips to improve your score!
Get registered on the voters roll
Lenders check the electoral roll for evidence of fraud by making sure you live where you say you do. If you’re not eligible to vote in the UK sending the 3 main credit reference agencies (Experian, Equifax and Call Credit) certified copies of your proof of residency and ask them to put a note on your file.
Make monthly payments on time…
…even if it’s the minimum payment!
Pay bills by direct debit
In order to ensure you pay in
Check who you are ‘financially linked’ with
If you’ve applied for credit with someone in the past, this will show up on your credit report. If they have poor credit score then it may impact yours. Contact the credit reference agencies to tell them if you no longer hold the product. When a relationship splits, split up with them financially as well!
Stay within your available credit limits
It may sound obvious but going over your credit limit will show on your credit file and have a negative impact on your credit score.
Reduce the amount of debt owed
Pay off debt if you can
Rather than transferring it to another provider pay it off.
Check for mistakes on your credit file
This includes old accounts registered at old addresses. This can cause problems so make sure you change addresses on accounts as quickly as you can and close down any ones you don’t use.
Check for fraudulent activity
Someone who has committed fraud and used your address for example could impact your credit score, even though it wasn’t anything to do with you. If you’re worried about potential fraud showing on your credit file, you can check on the CIFAS website. It is now free. If you find something the first step is to speak to the company that logged the CIFAS record against you.
Don’t apply for lots of credit in a short space of time
Space out your credit applications as the more applications you make in a short space of time, the more likely you are to get declined.
Close down any unused credit, store or debit cards.
Lenders look at the amount of credit you have available as well as how much you owe. Contact the provider and close down the accounts. They’ll want to keep you as a customer so be prepared!
Build your credit history with a credit card
If you’ve never had credit, a lender will find it difficult to decide whether to lend to you. It might be worth applying for a credit building credit card making a couple of purchases and paying it off in full each month. This shows them that you can manage credit responsibly.
Minimise applications by using eligibility calculators.
You only really find out if you’ll get credit when a credit score is done. Limiting credit scores is important as high volumes of searches can impact your score. But you can find out who is most likely to give you credit by using eligibility calculators that don’t leave a footprint on your file.
Make sure your rent boosts your credit score
If you pay your rent on time. If so you can sign up to the free rental exchange scheme and by paying your rent through the scheme, this can improve your credit rating. Find out more details at creditladder.co.uk
Get your name on household bills
Bills such as energy bills or mobile phone contracts demonstrate your ability to pay bills so get on them!
Resources:
Join The Money Circle membership
Join the next FREE Plug Your Money Leaks Challenge
Book in a complimentary call to discuss how financial coaching can help you move from financial overwhelm to confidence and control.
Join Catherine’s Facebook Page and FREE Facebook Group
I tried the Martin Lewis ‘instant’ Experian report the other day to see how it would work with our MK Money Lifeline clients. It showed my bank accounts but they all had a zero balance (which was not the case in reality) so I’m not sure how much I’d trust it for accurate info.
Hi! That is really interesting. Have you tried Clearscore as I too found this much more reliable for data x
I so needed these tips 4 years ago when we were looking for a mortgage provider. Can you believe I lived at home during uni and had a great part time job and still managed to build up debt and a bad credit rating. They such teach you this at School, such great life skills. Great post x
Some great tips and advice here, thanks
Really useful! Thanks for sharing it. It’s a good idea to check on your credit history.
Have you tried linkcreditrepair@gmailcom
they helped me fixed my credit score fast and very reliable.
get in touch with them
This is very helpful thanks as I never understood this! I didn’t know I should have bills in my name. I think ours are all in hubby’s name so will look at changing a couple. Thanks.
I make a point of checking mine every year for mistakes. Great post!
Brilliant article and lots of great tips for people of any age!
Fab tips. I wish I’d known about all of this in my early twenties when I was stupid with money lol. I agree with the commenter who said this should be taught in schools
Debbie
I love helpful tips like these
Gosh it’s so important to do this. It really affects everything as well. And just when you need it you will wish you got this organised sooner. Great advice!
Good tips! Always good to check and see ‘unused’ credit x
Great tips! I was able to increase my credit score 28 points this month alone just by paying down some debt. I have been working the debt snowball and seeing great results from it.
Oh, these are so useful! Thank for info and I’m glad to discover you!
Debora
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Thanks for helping me fix my credit and raising my score high Mr. Josh. A couple of weeks ago, I obtained a copy of my scores from 3 of three bureaus; they were in the 597 range, how pathetic. Yet, when my lender obtained my scores about ten days ago, they were 577, 563 and 563 yet very poor. He says there was no way I could be granted a loan with such a low score so He rather introduced me to a fast credit repair specialist. In basically 8 business days, the credit specialist deleted all negatives on my report and raised my score to a whooping 794 across all 3 bureaus and I got my loan after 2 days, very excited. Here is his contact details : C R E D I T S P E C I A L I S T 4 @ G M A I L . C O M.