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When you are applying for finance of any kind, it makes sense to look for the best deal you can get, at the lowest rate of interest possible. What determines this, ultimately, is how good your credit rating is.
Our team consists of professionals from across the financial industry determined to make your finances healthy. We start by improving your credit score. A good credit score is likely to give you better options when it comes to obtaining credit. By contrast, a low credit score will leave you with fewer options, meaning that you are likely to have to pay a higher rate of interest.
Here are some of our best tips on how you can improve your credit score:
Quantity of checks
When you apply for credit, a notification is placed on your file, showing that you have attempted to obtain credit; this can be viewed by potential lenders in the future. Too many applications will look as though you are desperate for the cash, and you might, therefore, be viewed as a high-risk customer. This, in turn, will result in either your application being rejected, or you being offered a deal which involves you paying back a higher rate of interest. It therefore makes sense to minimise the number of places that you apply for credit, and choose options that will give you the greatest chance of being accepted.
Pay on time
Credit checks provide a judgement to a potential lender on how likely you are to pay the debt back. Having a history of missed payments tells future lenders that you are likely to be a high-risk lending option as they will view your missed payments as an inability to manage your finances effectively. Conversely, if you have made payments on time, this demonstrates to future lenders that you are good at managing finances, indicating a minimal risk to them. Make sure that you pay your credit agreements on time, to prevent any future problems.
Keep personal details consistent
If you default on a payment, the last thing a supplier wants to do is travel around the country trying to find you. In addition, if you use inconsistent details on each application (e.g. address or phone number), the application might appear to be a risk of fraud. Neither of these two scenarios are attractive to a potential lender and therefore your credit score is affected detrimentally. Check that the details you use when applying for credit is consistent to keep your rating as good as it can be.
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When you apply for credit, a notification is placed on your file, showing that you have attempted to obtain credit
Credit checks provide a judgement to a potential lender on how likely you are to pay the debt back.
Other ways in which your score can be improved, are by using a payday loan or credit card. See our pages on each of these for further details.
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