How can you improve your credit score?
There are some simple steps you can take to improve your score.
Register to vote
Once you’re on the electoral roll, lenders can more easily check for proof of address – which can also speed up your application for a credit card.
Fix mistakes in your report
If you spot any accounts you don’t recognise, or mistakes in your personal information, let the credit reference agency (like Equifax, Experian or TransUnion) know.
Put some bills in your name
This can be helpful when you’re new to credit. Opening a bank account and paying your bills by Direct Debit means you can start building your credit history.
Try not to apply for lots of credit at once
It’s a good idea to wait about 6 months between credit applications (so you can show you’re borrowing responsibly).
Keep your credit utilisation between 10% and 70%
Credit utilisation – which just means how much of your available credit you use every month – impacts your score. Keeping it between 10% and 70% can show you’re borrowing responsibly.
Pay on time and in full
If you think you’re going to miss a payment – for your credit card, loan or other expenses – let your lender know. That way, you can see what your options are in advance.