How to Improve Your Credit Score

To take out a loan, credit card or borrow money in another way, it is a lot easier when you have a good credit score. For this reason, you may be wondering: ‘how can I improve my credit score?’ The good news is that there are many simple ways you can quickly get a better credit rating by making a few checks and taking action.

How to Improve Your Credit Rating

There are a number of checks you can make that will improve your credit score quickly:

  • On the electoral register: It will be a lot harder to get credit if you’re not on the electoral roll, so check whether you are. If you’re not, you can register online or by post.
  • Mistakes on your file: Details such as your address can impact on your credit score when they’re not correct, so check these and report any mistakes to be amended quickly.
  • Linked credit score: Having your credit score linked to your partner’s or another family member can bring down your score if they have a poor rating. Check if this is the case and remove them where required.
  • Add your name to bills: Check that your name is on all the bills you pay, from energy to phone bills. Add it on if it’s not, as this will go towards your credit score.
  • Fraudulent activity: Look for any activity on your credit report that is wrong or doesn’t apply to you as someone else may have applied for credit under your name. Contact the credit reference agency to have this fixed.

How to Get a Good Credit Score

If you’ve made all the above checks but are still thinking about how to get a good credit score, there are a few other things you can try. One of the main methods of how to improve your credit rating is simply by paying all your bills on time.

Try and make your payments on time and reduce the balances on your outstanding credit. County Court Judgements (CCJs) will have a negative impact on your score. Finally, staying at the same address for a few years can boost your credit score, as lenders can feel more comfortable if you’ve lived at the same address for a long period of time.

These are some of the best ways of how to improve your credit rating when applying for a Likely Loan.

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