What’s Your Score?

Do not make assumptions. Don’t assume your score may be good just because you have always paid your bills on time. The only way you can know your credit is by checking. You can get your score free every year via different websites.  In addition to the number, there may also be a breakdown of factors that affect your score and get recommendations to make your credit as strong as possible.

Lenders all have their own definition of good score. A good credit score can be maintained by taking into consideration the following points:

Check your files annually or before any foremost requirement

Your credit reference files, held at Equifax, Experian, Callcredit, stores a lot of data about you. Your files and applications may get destroyed due to errors, so it is important to check your files regularly and to go through them thoroughly to check everything is right. It is usually recommended to check files at all three agencies as different lenders use different agencies. The info may vary on each.

To get an extra credit register to vote

It is unlikely that you will get any credit if you are not on the electoral roll.  So sign up immediately. Don’t wait for the annual memento, visit your country’s official credit rating website and apply any time. Simply follow the instructions online and answer the questions it asks.

Never miss or be late on any credit repayments

Try not to default or miss payments, even if you are struggling. It will lead to disproportionate hits. One mistake can cause problems for years. To avoid missing the payments, pay everything by direct debit. You will never be late.

So, in the nutshell, it will really pay you if you understand your credit scores and raise credit rating as strong as possible. Your lenders can help you in case you fall behind.