Your credit score can affect your ability to borrow money or access products such as credit cards and loans. Everyone can check their credit score for free. One of the easiest ways to check your score is by clicking on the following link:
If it looks like your score isn’t as good as it could be, don’t worry, there are ways you can improve it! How can I improve my credit score?
- Register on the electoral roll – if you are not registered to vote then you will probably find it harder to get credit. It is easy to register on the electoral roll by post or online
- Correct any mistakes on your file – it is important to check all your details are correct because even a small mistake could have an impact on your score. It is also important to ensure all your personal details are correct, including your name and address with your local authority and government bodies.
- Pay your bills on time – by paying for your bills on time you are proving to lenders that you can manage your finances well.
- Check if you are linked to another person – if you are linked to someone else’s credit rating through means such as a joint account, their credit rating could affect yours.
- Check for fraudulent activity – if something appears on your credit report that doesn’t apply to your activity, it may be a sign of fraudulent activity. If this is the case you should contact the credit reference agency and any other relevant bodies such as your bank to inform them.
- Manage your debt – if you are struggling to manage your existing debt, you should seek debt advice. This is important because you don’t want to be issued with a County Court Judgement (CCJ) as it would have a huge impact on your credit score.
- Reduce your debt – if possible you should reduce any remaining debt before applying for more credit. This is because lenders will usually hesitate to lend you more credit if you already have high amounts of existing debt.
- Stay in one place – lenders prefer to see that you have resided at one address for a substantial amount of time.
How long will it take to improve my credit score? Your credit history is built up gradually over time as you increase the amount of payments you make on time. If you have a negative mark on your history, such as a CCJ or late payment, it will usually stay there for at least 6 years.
However, if this is the case there are still options available that we can help you with.
Contact Acorn4mortgages today.
0800 970 1795