Top Tips To Improve Your Credit Rating
Credit scores offer a fast, objective way for lenders to assess your eligibility and credit risk. Lenders combine your credit score with the information in your credit report to assess your risk as a borrower. Your credit rating builds up your financial picture which enables financial institutions to predict your future behaviour based on what you’ve done in the past. For instance, if your score is high, you seem like less of a risk; if your score is low, lenders may not be inclined to let you borrow as you present a risk. It is important to maintain a healthy credit rating as your credit score affects many aspects of life such as, your mortgage, car finance, prospective jobs and your ability to start your own business. Luckily, there are a few things you can do to deter yourself from bad credit…
Setting up payment reminders may seem obvious, but one missed payment to a lender could greatly affect your credit score. Setting up direct debits means that you can make minimum payments on your credit cards without having to think twice.
Check that you are on the electoral roll. Lenders need to be sure you are who you say you are and without assurance of your address and ID it is much harder to get accepted for credit. You can register to vote at any time on [email protected] to make contact today.
