With the outlook of the economy always uncertain at best, it’s important to make sure your credit score is as good as possible when looking for finance.
Just having a good score may not always be good enough anymore – however an ever increasing credit score is a sure-fire way to improve your chances of getting a good deal from banks and lenders. These 5 quick tips will have you popping the champagne bottle in no time!
If any of the details on your credit report are wrong they can literally end up costing you through a worse score! Check your report and change any details which are not correct. You can also see any old credit or store cards which you may have since forgotten about, and are pulling down your score – pay them off.
Credit lenders can be quite choosy when it comes to deciding who they want to lend money to – If they see you have taken out several loans and credit cards in the past few months, they may consider you an increased risk. Try and space out any applications you make.
Don’t Be Late
One of the biggest killers of a good score is a history of late payments. Prioritize paying off any loans or credit cards you have on-time every month. Set yourself a reminder to always make a payment by a certain day each month.
Spend Money to Make Money
It may seem counter-intuitive, but lenders like to see people who actively use their credit cards to buy things – just make sure you stay within your means and always pay it off each month.
Pay it Off
Where possible, try consolidating multiple loans and cards into one to help reduce the amount of interest you pay and therefore pay them off sooner to improve your score.