Like it or not our credit score is an unavoidable fact of modern life. We all carry them with us but whilst a bad credit score is a hindrance, it should not mean that you can never, ever get a loan. Everyone has a right to know their credit score and looking at the detail of your credit score is a good starting point from which to improve the situation. You should check to ensure that the information held on you is correct and if there are errors, contact the company immediately.
Get yourself on the electoral roll
Getting yourself on the electoral roll is a good way to confirm your identity, if you are not on it you may find it difficult to get a loan, credit card or insurance.
Look carefully at the existing credit that you are using
Lenders are interested in the amount of credit being used as a ratio of the total credit available, however, lenders do not like you to have access to too much credit because of the increased opportunity to fall into debt. Clearly, paying off credit cards will enhance your credit score, but you need to be aware that if you close an account that has a high credit limit, it could damage your credit score.
Close joint accounts that are no longer in use
Lenders look at both credit scores when assessing your credit, so if your partner, or ex-partner, has poor credit score, it will adversely impact on your credit score.
Spread out your credit applications
Every time you apply for credit it is recorded. Making several applications within a short period will make you appear desperate and consequently a bad risk for the lender. If you are declined credit do not immediately try again.
Make your credit repayments on time
Failing to meet your repayment schedule is very detrimental to your credit score, so however much you want to spend that money on other things it is crucial that you make your credit payments on time. Failure to do so will incur financial penalties and increase your debt as well as harming your credit score.
Explore the possibilities of a ‘bad credit loan’
If you are in need of a loan but you are having difficulty securing one, you could consider a ‘bad credit loan’. As you would expect, this is a more expensive way to borrow money, but it does give you the opportunity to borrow money at a fixed interest rate and pay it back over an agreed length of time.
Take control of your spending
Scrutinise your spending to see if there are ways in which you can make savings. Prioritise your disposable income to pay off existing credit. Short term austerity will mean that you have a lot more financial freedom in the future.
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