Whether you’re new to credit cards or have a long history of using them, you’ll have a rating attached to you that plays a huge part in whether you will be accepted for credit. There are a huge range of providers, deals and interest rates out there but before you even start looking it might be wise to get a handle on your credit score.
If you’ve already done this and found the results weren’t exactly what you hoped for, there’s no need to despair as it’s possible to turn things around. Here are a few tips that could help to give your credit score a boost and in the long term help put you in a better position to be accepted for a loan or mortgage.
Make sure you’re registered to vote
Regardless of your political persuasion, or whether you’re likely to even exercise your right to vote, being on the electoral roll can give your credit rating a serious boost. Make sure you are registered for your current address as failing to do so can slow down the application process and in some cases even lead to you being rejected.
Check your file is accurate and up-to date
Mistakes can happen so it’s important to check your file to ensure the information held on you is accurate. If there are any errors then you are perfectly entitled to challenge them and get them put right. With this in mind, it’s also worth thinking if you have financial ties that are no longer relevant. This might be in the form of a joint account with a former partner, so ask for their details to be removed if you are separated. Lenders have a habit of checking not just your records but those you are thought to be connected to, so don’t allow someone else’s poor rating drag you down.
Build up your score with a high-interest card
Lenders ultimately want to see that you are reliable and a good way to do this is by demonstrating you a capable of making repayment on time and in full. It might then be wise to apply for a credit card you’re likely to be accepted for and use it for a single payment each month to raise your score. Make sure you don’t miss any though as this is one of the worst things you can do.