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7 ways to ‘ace’ your credit score


7 ways to ‘ace’ your credit score

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Your credit score is a big part of your life, more often than not it is the crucial factor determining whether a company will lend you money or not.

Calculated by the credit reference agencies, credit scores are a way of showing someone’s ability to repay borrowed money. Put simply, the higher the score, the better the person looks to lenders.

Summertime is upon us, which means it’s time for Wimbledon to grace our television screens. As such, we thought we’d get in on the action and serve some ‘deuce-y’ tips on how to bring your score into advantage.

How to improve your credit score

1. Be consistent

Lenders favour stability. The longer you have stayed at your address, the better it looks to lenders. This is because the details you use to apply for credit will be consistent, which will always go in your favour.

2. Don’t get trigger happy with applications

Lenders run a hard credit search every time you submit an application, which leaves a trail of marks on your credit report. This, in turn, causes your score to drop because you have made several applications within a short period of time.

If you are rejected for credit, don’t apply again straight away. Leave some time between applications and give your credit report a once over to ensure its correct before applying again.

3. If it’s broke, fix it

It’s important to check your report regularly to make sure all the information in it is correct. If there are errors in the report, it can mean that your score is also incorrect, having a negative impact on your ability to obtain credit.

If you spot any errors, contact the lender and the credit reference agency as quickly as possible to have them corrected and bring your score to the correct number.

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4. Be financially reliable

As much as lenders favour consistency in your details, they also favour consistency in your payments. The basis of your credit score is how reliable you are in paying back what you owe, so making your payments on time makes you look good in their eyes.

It’s always best to set up automated payments for your bills, that way you won’t forget about any of them and are less likely to fall behind.

5. Don’t overdo it

Having credit will always help to boost your score, but don’t overdo it by maxing out your limits. Spending small amounts and paying it back each month is often looked at more favourably than almost/completely reaching your limit each month.

6. Look out for fraud

There are millions of people who fall victim to fraud each year, causing people’s credit scores to fall, at no fault of their own. As such, it’s important to check for debts that you didn’t apply for or irregular spending that you don’t recognise showing on your credit report.

If you become a victim of fraud, you should report this to the police and fraud establishments such as the National Fraud authority.

7. Only borrow what you know you can pay back

Falling behind on your payments can lead to having defaults on your credit report, which can stay there for up to six years. As such, it’s always good practice to only borrow amounts that you know you will be able to pay back comfortably to avoid this.

If you are struggling to keep your credit score at the top of its game, we can help. Contact us today on 0808 2234 102 and speak to one of our friendly experts for free and confidential advice.

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