3 Ways to Boost Your Credit Rating
If your financial history isn’t strong, then it’s likely that you’re currently looking for ways that you can boost your credit rating. Fortunately, if your poor credit history means that you’re struggling to get credit, then help is at hand, as there are simple ways that you can boost your credit rating. Here are our top three…
Get on the Electoral Register
The first thing that you can do is really simple… get yourself on the electoral register. If your name’s not on the electoral register, you’ll find it much harder to get credit. Signing up is simple and can be done in a matter of minutes, too. If you visit the About My Vote website, you’ll be able to enter the details of where you live. Then, simply complete the form and return it to the local registration office. Registering really is as easy as that, and it’ll help you improve your rating.
Cancel Unused Credit Cards
Firstly, if your credit applications are being declined, it’s time to take a break from applying, as the rejections will lower your score. It’s likely that there’s a problem on your credit file and this should be resolved before you apply for further credit.
As part of this, if you currently have any credit cards that you’re not using, then be sure to cancel them and cut them up. As well as helping with your credit rating, doing this will also reduce the chance that you’ll be a victim of fraud, as the details can’t be stolen. It’s a real win-win.
Consider a Guarantor Loan
Finally, if you’re in need of money but you’re struggling to get credit, one way that you can build your credit score is by getting a loan.
If you have a poor credit rating, then getting a loan can be difficult. Fortunately, as long as you have someone who can make repayments if you can’t, there are options available. Guarantor loans are perfect for the occasion, as they allow you to make regular repayments and boost your score. Banks and providers are also happy because it means that the money they lend you is guaranteed to be paid, even if it’s not by you.
If you then pay this loan off on time and as expected, you’ll prove that you’re a sensible borrower and your credit score will increase, making it easier to get credit in the future.
So there we have it, three simple ways that you can boost your credit rating in no time.