Improve Your Credit Score
Friday, February 6, 2009 8:55
A bad credit score can cause all sorts of problems when it comes to the time for one to apply for financial products. Here’s some tips on what you can do about bad credit scores:
First of all, make sure that you’re on the electoral roll.
It’s an important factor of the credit scoring process. Not being registered is likely to result in an application being refused. Contract your local council to make sure you are, and that your personal details are up to date.
Secondly, space out applications.
If a lot of credit searches are done in a short space of time it could have a negative impact on your credit score. Every time you apply for a loan, credit card, insurance or even a mobile phone, a credit search will be carried out—so try not to do it all at once.
Thirdly, never miss a payment.
Missing payments once or twice can affect your credit score for years. Do your best to make minimum payments, and if you are struggling, discuss your situation with your lender. An altered repayment schedule isn’t great, but it’s better than ending up with a County Court Judgement.
Last but not the least, cancel old accounts.
It doesn’t look good to have lots of credit cards to your name, even if they are paid off. If you are not using an account or card, then close it.
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