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13.9.17

Money, Money, Money: How To Improve Your Credit Rating

In this day and age, there will have been many a situation where you may have been declined credit. It could be anything from applying for a mortgage to getting a mobile phone contract, as they all require a check on your credit history. But if you’ve applied for credit and been declined, it can feel pretty embarrassing. However, even though the ‘computer says no,’ you can still learn about your credit score and be doing things to improve it. Then next time, it can be a yes all of the way.

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Check Your Credit Rating

There are many sites online like checkmyfile.com that can help you to see what your current credit score is and why. Checking this regularly is a good way to check that no one is applying for anything in your name, as well as checking for any other mistakes. It can happen from time to time, but you won’t know yours if you don’t check it regularly. You can usually get a free trial, so just remember to cancel it before the trial is up, so you don’t get charged.

Consolidate Debt

If one of the reasons that you’ve got a bad credit score in the first place is because of outstanding debt and missed payments, then it is time to make some changes. Quite often, if you look to consolidate your debt, through the guidance of a site like consolidated credit, then you can be paying much less interest than you will have been doing previously. The debt is all in one place, making it easier to control, and often, it is at a much better interest rate than you’ve been paying before. So if you have debt in a variety of places, then look to consolidate it to get it cleared.

Close Unused Accounts

You might think that it doesn’t matter that you’ve got some store cards or credit cards that are cleared and you have cut the card up. But if you’re looking to improve your credit score, then calling up to cancel the cards is your best bet. When you’re looking for a new lender, then often they will look at what you’ve got outstanding, as well as what you have available to you. Having cards still in your name is still classed as what has been approved to be lent to you. So call up and get any unused phone contracts, cards or accounts canceled.

Don’t Apply For More

If you’ve just been declined a card, then it makes no sense to apply for another one the next day or even the next week. All applications, whether declined or approved are recorded. So if you are looking to improve your credit score, you need to hold off on the applications for a while. There are some sites that will give you an idea of if you would be approved or not. So they could be worth looking at if you did need to apply for a credit card or other loan. But stick to these tips, and you’ll improve your credit score gradually.

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