Check your credit 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. Different credit reference agencies will have different reports so try to get one from each of the main agencies to ensure the information they hold is correct.
Use any credits cards for small transactions and pay them back quickly
From your Netflix bill to your dating site subscription (and if you’re doing the latter instead of using free dating websites, why?!), using your credit cards little and often will teach your responsibility with borrowing and repaying bills.
Spending small amounts on your card each month and can show on record that you pay back without any hassle. As a result, your credit rating will go up.
Don’t max out your credit
Lenders like to see that you are credit worthy, but that you don’t actually need to use all the credit that is available to you, so don’t go spending money unnecessarily.
Pay down any existing loans or credit as much as you can, create a budget and live within it. Even if you’re looking for the love of your life on an Isle of Wight dating site, you can still date on a budget and create a romantic memory or two!
Sign up to the electoral roll
Signing up to the electoral roll will improve the way that lenders and other finance companies will view you.
Credit agencies are reassured that you say who you are and will be reassured that fraud is not being committed.
Registering for the electoral roll is free. Check with your local authority 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!