Website design By BotEap.comYour credit score not only determines whether or not you’ll be able to get credit, it can also have an impact on the interest rates you’ll be charged. If you haven’t checked your own credit score, then it might be a good idea to do so, because there are many things you could be doing without realizing it that could negatively affect you. If you want to improve your credit score, there are some simple steps you can take. Here are ten ways you can improve your credit rating.

Website design By BotEap.com1. Find out what is already registered against your name

Website design By BotEap.comIt really is worth the few pounds it will cost to check your credit score. Credit reference agencies make mistakes and lenders don’t always give them the correct information. If you register online with a credit reference agency, you will see what is recorded against your name and then correct any errors.

Website design By BotEap.com2. Enroll in the electoral roll

Website design By BotEap.comEven if you do not intend to vote in the next election, it is still a good idea to register on the electoral roll. Failure to do so will have a detrimental effect on your credit rating and some lenders will not lend to you if they cannot find all your details.

Website design By BotEap.com3. Close old credit card accounts

Website design By BotEap.comIf you’re one of those people who regularly transfer credit card balances to take advantage of introductory offers, don’t forget to close old accounts. If you don’t, you could have thousands of pounds of unused credit in your name and this could reduce your chances of getting more credit.

Website design By BotEap.com4. Always meet your mortgage payments

Website design By BotEap.comIf money is tight, always pay your mortgage payments first, then find out what else you can afford. A late mortgage payment puts a big dent in your credit score, so if you’re struggling, talk to your mortgage lender and see if you can arrange reduced payments or a forbearance.

Website design By BotEap.com5. Be careful with making loan requests

Website design By BotEap.comIf you’re looking for a loan, be careful not to do too many inquiries with too many potential lenders. If you apply for a loan, or even just inquire about a loan, the lender may run a credit check on you, which lowers your credit score.

Website design By BotEap.com6. Remember to get your ex out of all your finances

Website design By BotEap.comA divorce does not prevent you from being responsible for joint accounts that are left open, so make sure all joint accounts and financial arrangements are closed or transferred to one name. This is a common mistake that people make only to find out later that their own credit score has been damaged by something their former partner has done.

Website design By BotEap.com7. Always pay your bills on time when you can

Website design By BotEap.comMany of your regular bills are classified as credit, and late payment of these bills could affect your credit score. Utilities like electricity and gas are particularly important, because utilities are notoriously quick to pass unpaid bills on to debt collection agencies, and that will impact your credit rating.

Website design By BotEap.com8. Build a credit history for yourself

Website design By BotEap.comThere have been cases of very wealthy people being denied credit, simply because they had never borrowed money before. Lenders see credit used correctly as a good sign, so even if it’s not necessary, use your credit cards and then pay off the balance at the end of each month, so you have some type of credit history in your name.

Website design By BotEap.com9. Reduce your utilization rate

Website design By BotEap.com30% of your total credit score is based on how much you owe in total, so one of the easiest ways to get better credit is to pay off some of your debt. If you know you’ll be taking out a loan or other form of credit, it might be worth paying even smaller debts, like store cards, up to date.

Website design By BotEap.com10. Carefully review your credit report

Website design By BotEap.comSome lenders can be very slow to tell the credit bureaus when the debt has been paid off, and sometimes mistakes are made. Check your credit report very carefully to make sure it’s accurate. You should also be on the lookout for credit fraud, which can occur if someone has used your information to obtain credit for themselves.