Boosting your credit score is something everybody wants. It makes it easier to get loans and score phone contracts for example. But getting the score high won’t be easy. The thing is, a credit score keeps a record of years into your past and the worse it is the longer it’ll take to straighten it out. There’s a lot you can do to get your credit score in its best shape, but it’s going to require a lot of discipline and patience.
What affects your credit score?
Well, before diving to what you need to do to raise your score, you first need to know what not to do. You have to know what impacts your credit score and how. Here are some of the most common things:
What to do to raise it?
Now that you know what affects the scores, here’s what you can do to raise your credit score much higher.
Register on the electoral roll
This is perhaps one of the easiest ways to raise your credit score standing. The effect is that it’ll confirm your name against a fixed address, and this information is valuable to the lender. Remember, your address plays a lot in determining your credit score so once your identity is ironed out, then you can be assured of a better credit score.
Pay your debts in time
Debts are the number one flag that lenders spot when generating their credit rating. Late payments are an even worse scenario. They’ll show on your records and really lower your score. To lenders, late or missed payments are a sign that you’re not really responsible when it comes to paying your debts. That places you as a high-risk client that they’ll avoid at all costs.
However, paying your debts in time proves that you’re a safe client and less risky. You’ll therefore have a higher score if you pay all your debts in time.
Close joint accounts with bad records
Guess what? Financial associations also matter. If you’ve got a joint account with someone that’s has a poor rating, then the effect will rub off on your score. Lenders make the assumption that your partner has an impact on your income so get rid of such accounts and pay any shared debts fully.