borrow cash
Millions of people have trouble with their credit scores at some point. A bad credit score will make it very difficult to access loans, credit cards, and other forms of credit. It can also prevent you from doing simple things like buying a mobile phone contract.
Your credit record will store information about your buying history, loan history and financial history. This will include County Court Judgments (CCJs), default payments, bankruptcy or sequestration orders and any other forms of debt against your name.
If you have been turned down for credit or are unable to purchase items on credit, then you should look at your credit score without delay. If you have a poor credit rating it can be difficult to know how to start repairing it and the task can seem almost impossible. But it is possible and is worth doing. Having a strong credit score will stand you in good stead for all your financial needs now and in the future so if you score is low it is worth making the effort to improve it.
Most lenders will refer to one of the major credit reference agencies to check your score and your past financial history.If you want to fix and improve your credit score, here are some tips to help you.
borrow cash
The first step is to get a copy of your credit score. Check all the information and make sure it is correct. Make sure your name and address is correct, and that all the details are correct and the information up to date. If there are any errors you can address these with the credit reference agency and the creditor in question.
The next step is to make sure that you pay all your creditors on time. Any accounts that you have that are in arrears, work to bring them back up to date as quickly as possible, and then keep them up to date by paying everything on time. Outstanding defaults that continue to go unpaid will bring your score down. Make sure everything is being paid and all debts are cleared as quickly as you can.
If you were declared bankrupt or previously signed a trust deed but have now been discharged, make sure you inform the credit reference agency so your record can be correctly updated.
In certain situations you may also be able to attach a notice of correction to your file explaining a certain entry. If you are unsure, always ask the credit reference agency, they will advise you on how to deal with inaccurate information or special circumstances.
These are the golden rules to follow to ensure you credit record is as healthy as possible:
borrow cash
• Make sure your name, address and listed debts or credit agreements are all correct.
• Address any mistakes on your file.
• Make sure you are on the electoral role.
• Don't make too many applications for credit in a hurry. Every time you apply the search is recorded. Many searches for credit will be recorded and bring your score down.
• Only apply for credit you are likely to be successful with and that you can afford to repay.
• Always pay your creditors. Fully repay your debts and clear all your arrears assuring everything is up to date.
• Close all the credit agreements you no longer use.
• If you had joint finances with a spouse or partner you are no longer with, and their rating has affected yours, you should write and tell the agency so that your credit score is not affected by theirs.
If you take these steps, over a few short months, you will see a marked improvement in your credit score. Keep working at it and check it regularly to ensure it is kept up to date and accurate at all times.If you know you are going to be applying for credit, check your record first to make sure all is well.borrow cash