Low credit score

Rada

I have paid all my debts off and have substantial savings my score is low I've heard if I borrow it will increase my score but I dont need to borrow ! I have a mortgage and all Bill's are up to date ! Any advice ? Please !  Just to comment two years ago I was in debt with credit cards and I took out pay day loans which I was able to do irresponsible lending on ! I have a good well paid job !  I save at least 400 a month 

cymruchris

Only you see your score so it doesn't really matter. What's important is the recorded data. If you have a mortgage and pay all your bills on time, you're going in the right direction. It's good you have savings, but those don't impact on the 'imaginary' score - as credit reference agencies record debt, not assets. 

If you want to improve your credit history (not your score) - and you don't already have one - you could apply for a credit card from the likes of Aqua, Vanquis or Capital one. They all have high interest rates - but that doesn't matter as long as you always pay off your balance in full each month.

Having a credit card, using it for your supermarket shopping and everyday essentials, and then paying it in FULL every month (preferably by automatic direct debit) will help build your credit history, so that over a period of time you'll be able to get better deals, and if you want to remortgage further down the line, you might also achieve a better rate. 

sourcrates

Rada said:

I have paid all my debts off and have substantial savings my score is low I've heard if I borrow it will increase my score but I dont need to borrow ! I have a mortgage and all Bill's are up to date ! Any advice ? Please !  Just to comment two years ago I was in debt with credit cards and I took out pay day loans which I was able to do irresponsible lending on ! I have a good well paid job !  I save at least 400 a month 

Then just carry on and live your life as normal, and ignore the stupid credit score, as it means absolutely nothing.

Don`t get caught up in the credit trap just to keep up with a marketing gimmick.