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Home > Money Blog > News > Top Tips To Improve Your Credit Rating – Clean and Clear Guide to Money

Top Tips To Improve Your Credit Rating – Clean and Clear Guide to Money

Top Tips to Improve Your Credit Rating

This credit rating top tip list is far from definitive and different companies may pay more attention to one area or another, but the bottom line is that looking after your credit rating is important and can save you a lot of money when it comes to borrowing;

1. Make sure that you are on the electoral roll. You don’t have to wait for a reminder to drop through the post, you can register anytime at gov.uk/register-to-vote

2. Pay your bills on time every time. Credit Reference Agencies hold information that shows when your bills have been paid.  If you are late or miss a payment, it is recorded against your credit file.  Set up timely direct debits to take the stress away.

3. Make sure that you’ve cancelled any revolving credit accounts (credit cards, store cards, mail order accounts) that you no longer use.  It’s so easy to forget and think that they don’t matter.  But, if you have a few accounts even with a zero balance, it looks like you have a lot of available credit.  Lowering your available credit can help.

4. Ask a lender to carry out a ‘soft search’ just like we do here at Progressive Money. It means if you don’t go ahead with a loan, there is no record of the search on your credit file.

5. Try and pay more than the minimum payment on credit cards. First and foremost, you’ll pay a lot less interest and pay off your balance quicker. Secondly, many credit card companies report on borrowers that only pay the minimum amount.

6. Don’t use the hole in the wall with your credit card. The cash advance interest can be high, and credit card issuers may report this on your credit file.

7. Check your credit file yourself! If you know what’s on there, you will know if the information is correct.  If it isn’t, challenge it with the lender.

8. Reduce the amount of debt you have – OK, it’s not easy, but if you can pay off one of those credit cards or loans, it may look better on your credit file.

9. If you are trying to get on the credit ladder, don’t rush out and open lots of new credit agreements at once. This could affect your credit rating.

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