Improving your credit score can seem like a daunting task, but it’s an important step towards financial stability. Here are some effective strategies to help you boost that all important number:
One of the most impactful steps you can take is to pay off any outstanding debt. This includes personal loans and credit card balances. It’s also wise to avoid using your overdraft as much as possible as they can be seen as a sign that you’re struggling financially, which can negatively affect your credit score.
For your regular payments to positively impact your credit score, any bills must be in your personal name. This means that every time you pay a bill on time, it could help build your credit history. So, double-check that all your utility bills, rent, subscriptions and other recurring payments are linked to you personally.
It might be surprising, but unused accounts can potentially harm your credit score. If you have old accounts that you no longer use, consider closing them. However, remember that a long history with a credit account can be beneficial, so weigh the pros and cons before closing older accounts.
Did you know that being financially linked to someone with a poor credit score can affect yours too?
This includes joint accounts or joint loans. If you currently are or have been previously connected to someone who has a less-than-ideal credit history, it could drag your score down. Work on disconnecting from these harmful credit connections where possible.
Credit cards can be a double-edged sword when it comes to your credit score. On one hand, they can help build your score through regular and timely repayments. On the other hand, if not managed well, they can lead to high levels of debt.
Keep a close eye on your spending and always try to pay off the full balance each month. This shows lenders that you’re responsible with credit.
By following these tips, you can work towards improving your credit score. Remember, a good credit score opens a vast amount of opportunities when it comes to your financial picture.
Take control of your credit by getting in touch with one of our mortgage & protection advisers to take the first step to a healthier financial future.
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.
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The Mortgage Society is a trading name of Just Mortgages Direct Limited which is an appointed representative of The Openwork Partnership, a trading style of Openwork Limited, which is authorised and regulated by the Financial Conduct Authority.
YOUR PROPERTY MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE
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The Mortgage Society is a trading name of Just Mortgages Direct Limited which is an appointed representative of The Openwork Partnership, a trading style of Openwork Limited, which is authorised and regulated by the Financial Conduct Authority. Just Mortgages Direct Limited Registered Office: Colwyn House, Sheepen Place, Colchester, Essex, C03 3LD. Registered in England No. 2412345
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