How to Improve Your Credit Score

 

With the New Year well underway, many of us are looking to improve our financial outlook. Building a good credit score is important because it can impact your ability to lend money or access products such as credit cards and loans.

We’ve put together a quick guide to help you understand more about your Credit Score and how it can be improved over time.

 

How do I check my credit score?

You can check your credit score for free online, using a trusted site like ClearScore or Noddle.  These sites will estimate your score and tell you what standard it meets. It’s important to bear in mind that each site has their own set of standards for rating your score, so it may vary from one site to another.

 

If your score comes back as ‘Good’ – remember this is only an estimate, and does not guarantee that you will be accepted for credit. If your credit rating is ‘Bad’, don’t worry – there are many ways in which you can improve your score. 

 

How can I build a good credit score?

If your credit score is low, you can start improving it right away! Here are some steps you can take today:

 

Register on the electoral roll -

One quick and easy way to increase your score is to register to vote – you can do this online or by post.

 

Paying your bills on time –

This is another important step in proving to lenders that you’re capable of managing finances responsibly. From mobile phone to internet contracts; be sure to keep track of your upcoming payments and set up direct debits wherever possible.

 

Clear outstanding debts –

High levels of debt can prevent credit providers such as banks and building societies from lending you money. Clearing as much debt as possible will improve your score. If you need help and advice on ways in which to tackle your debt, talk to one of our Advisors today. Our professional advice is free and confidential.

 

Check for mistakes on your file –

Double-check all of your personal information. It only sounds minor, but even an incorrect address could affect your score. Make sure your details have been inputted correctly and are all up-to-date.

 

Get in touch

If you need more financial advice or help solving a debt problem, contact GMMAP today. Getting in touch is easy! Our Debt Telephone line is open 8am-8pm Monday to Thursday, and 8am-4pm on Fridays. Alternatively, pop in to speak with one of our debt advisors. Simply fill in our Get In Touch form to arrange an appointment.