Tips to Improve Your Credit Score

Reading on the credit score news today , it shows that there are varied reasons why an individual with virtually no outstanding balance due on another company can still be denied for possible loan or will be awarded low credit limit on credit card spending. There are several reasons though and most are listed at bizonline. Read on the news for more information.

But I would like to take note some of the most interesting credit score facts and truth about improving bad credit score through increasing financial discipline as explained by Adam Aiken of bizonline.

TIPS TO IMPROVE YOUR CREDIT SCORE

• Ensure you are registered on the electoral roll.
• If possible, make more than the minimum payments on credit agreements every month. You will benefit by paying back your debt quicker and paying less in interest, and you will build a positive payment history.
• If you have paid any county court judgments, make sure the settlements are recorded on your credit file. If not, contact the court to get confirmation details and inform the credit reference agencies.
• If you have been refused credit, obtain a copy of your credit rating. But DO NOT carry on applying elsewhere. Each search by a lender will leave a 'footprint' on your credit file, and this may look as though you are over-stretching yourself financially.
• If your circumstances have changed then say so. You can place a notice of correction on your credit file, explaining your financial situation, which lenders will review when accessing any credit applications you make. For example, you could place a notice of correction if you were made redundant or have recently been divorced and have fallen behind on credit repayments.
• Avoid carrying a balance that is more than 30pc of your credit limit (creditors may view it as excessive debt and that you may not be able to keep up with repayments).