Five Ways to Improve Your Credit Score
12 October 2022
Are you planning on buying a new car? Applying for a mortgage? Need a loan to cover cost of living increases this winter? Unless you can pay for a car or house up front, all the above will require a credit check of your finances, from any potential lenders/creditors.
Before asking for credit, check your credit score! You can do this online via a credit reference agency.
Need to improve your credit score?
We’ve compiled 5 ways to help:
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Register on the electoral roll. If you’re already registered, check that your address is correct and check that those registered at your household address is correct. If a previous tenant with perhaps bad credit, hasn’t updated their address, this could potentially affect your own credit score.
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Consolidate debt into one lower interest payment. Consolidating may help you manage your payments and ensure they are more affordable, with less likelihood of you missing a payment.
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Never miss payments and do not exceed your overdraft or credit limit. If you do miss a payment, contact the creditor at your earliest convenience to make a payment.
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Pay mobile phone bills / credit card balances monthly via direct debit. Remember no credit can be bad credit! Using a little credit and often can help improve your credit score.
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Limit the amount of credit applications you make. Remember that every time you get a quote from an insurance comparison site, a credit check is made and this can impact on your credit score!
Talk to us if you have any questions!
Email creditunion@harpandcrown.co.uk or phone 028 9068 5198.
