How to Fix Your Credit Score

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A credit score can determine many things in your life and maintaining a good credit score will make your life a lot easier when you want to get anything on finance. A good credit score means you will be able to get loans easily.

The higher your credit score, the better loan deals and financing options will become available to you. Your credit score proves how reliable you are at paying back what you owe and if a company can see that you are reliable, they will be able to offer you better deals with cheaper rates to pay back than somebody with a bad credit score.

Having a low credit score is not the end of the world, you can build it back up over time with lenders such as iLoans who can help people with a bad credit history. Here are a few important steps to get you started.

 

Use any credits cards for small transactions and pay them back quickly

If you use your credit cards little and often will teach your responsibility with borrowing and repaying bills. If you spend small amounts on your card each month and can show on record that you pay back without any hassle, your credit rating will go up.

 

Check your report for any mistakes

Your personal credit score is based on the information that is held on your credit report, sometimes this information can be inaccurate. If this information is not accurate then your credit score won’t be either.

 

Sign up to the electoral roll

If you sign up to the electoral roll you can improve the way that lenders and other finance companies will view you. It gives credit agencies a proper chance to check who you are and give less chance of fraud being committed.

Registering for the electoral roll is free and you can check with local authorities to see if you are registered or not. Don’t miss out on an easy way to boost your rating!

 

Don’t make lots of credit applications at once  

Making an application for credit requires a search in your account and this leaves a mark on your credit report. Making too many of these applications in a short space of time can negatively affect your credit score.

It can look as though you are desperate to lenders. Don’t try another credit company instantly if you have been rejected by one and check your credit report information again before making another application.

If you don’t use every chance to boost your chances of being accepted then you are inadvertently sabotaging your own efforts.

 

Use reputable eligibility checkers  

There are eligibility checkers that you can use to do a soft check before applying to credit agencies for a loan or other credit. It gives lenders the option to see information about you without affecting your credit score.

Only you will be able to see if soft searches have been done on your credit report, nobody else! They are a good way to gauge whether or not you will be accepted before damaging your score.

In theory, this should also stop you from making multiple different attempts and lowering your credit score even more.

Your credit score is something that should be nurtured over time because life happens and we never know what is around the corner. Sometimes we don’t have savings and that can seriously get in the way of life plans, one day you may decide that you want to travel, open a business or something else.

Fixing and maintaining a good credit rating will make that much more possible!

 

 

 

 

 

 

 

 

 

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