Tips on improving your credit score

Nashmia

What are all the different things one can do to improve your credit score fast?

Thanks!

izools

Improving your credit worthiness takes time.

Nashmia

ok, then how?

izools

1. Pay off and settle any defaulted accounts and any CCJs.
2. Pay off any arrears you may have on existing accounts.
3. Clear down your debt to a point you owe less than you earn in a month.
4. If you have a lot of unused credit lines, close a few until you only have one or two revolving credit accounts
5. Make sure you're registered to vote
6. If you have never had a credit card, take a sub prime card out and pay it in full each mobth
7. Wait six months. In that time don't apply for any more credit scored products
8. Enjoy a much improved creditworthiness

The_Boss

People do not have credit scores unless they apply for credit and even then it is valid only for the specific product from the specific lender.

As well as points already raised, the below will also help significantly :

Get a pay rise
Continue your current job
Stay with your current account holder for a longer time

Alternatively to the first two you could get a higher paid job, but you'd have to wait at least 6 months before lenders will score you positively again so that doesn't help the 'quickly' requirement.

Nashmia

Thanks both.

Funnily, I can seriously tick all the boxes. I've been with my current job for long and actually in the middle of moving to a better job.

Can the movement of jobs affect it??

No debts I need to clear, just an automatic student loan, which is peanuts, and no unnecessary credit cards, just one.

I have a feeling it could be my company credit card, but I don't know if I would be affected by that, because even though it's in my name, the company pays for it.

I do have my own credit card which I got just last April, and never used it...

One thing is I need to see my report soon so I can figure this out.

You-kip

Nashmia wrote: »

Thanks both.

Funnily, I can seriously tick all the boxes. I've been with my current job for long and actually in the middle of moving to a better job.

Can the movement of jobs affect it??

No debts I need to clear, just an automatic student loan, which is peanuts, and no unnecessary credit cards, just one.

I have a feeling it could be my company credit card, but I don't know if I would be affected by that, because even though it's in my name, the company pays for it.

I do have my own credit card which I got just last April, and never used it...

One thing is I need to see my report soon so I can figure this out.

Past credit history plays a lot bigger factor then your salary.

Don't matter if you're on 100k a year with a few missed/late payments you'll be rejected.

Nashmia

You-kip wrote: »

Past credit history plays a lot bigger factor then your salary.

Don't matter if you're on 100k a year with a few missed/late payments you'll be rejected.

yeah that makes sense. thanks!

londonTiger

applying for credit isn't the only methods

there are non credit ways to build your credit file

DD to mobile phone & electrol roll are two essentially borrowing free ways to build your credit,

Any debit card you have that has an overdraft facility will also have entries on your credit report.

freemoneysavingadvice

You'll build up your credit rating just by proving you're reliable and trustworthy..

Anything from paying your mobile phone contract, to buying something on a credit card and paying it back will improve your credit rating.

Thrugelmir

How many years have you been registered on the electoral roll?

Some lenders now look for a continuous history.