Articles & News About Your Credit

Tips To Improve Your Credit Rating

The day you open a bank account is a very significant day. It's the day you take your first steps towards financial responsibility. It's also the day that your credit report is created ? and unlike your bank, your credit report will be with you for the rest of your life.

Your credit report consists of financial data stored with a credit reference agency. Equifax and Experian are the largest and best known. Your credit report will affect whether you can get loans, credit cards, mortgages and other financial products. It will affect credit in retail outlets as well. That's why it's very important to keep your credit report looking good. Here are some tips to help you get a good credit score.

Keep On Banking

Banking history is an important aspect of any credit report. It shows financial responsibility. Banks check your credit too, so if you have a cheque account, an approved overdraft, a savings account and a credit card from your bank, lenders will increase your credit score. What's more, the longer you stay with the same bank, the better that portion of the credit score gets.

It can be tempting to change bank accounts to take advantage of preferential interest rates or account incentives. The best approach is to keep and use your original bank account, even if you manage the bulk of your finances elsewhere.

Be Responsible

Responsibility comes in many forms. Credit checkers score older people more highly than young ones. They also score homeowners more highly than tenants. People who are living at home will not score well on this aspect of the credit file. Lenders are hoping to see the profile of a responsible citizen. Someone who owns a home is less likely to disappear and leave bad debt behind.

Another aspect of being responsible is being on the electoral roll. This means that your local authority has a record of where you live. It also makes it easier for lenders to look up your address details. If they can't find your address, they may hesitate before lending money.

Make sure you have a telephone at home. This is a sign that you have successfully passed a credit check and that you have paid your bills on time. Lenders will see this as another way of showing responsibility.

Manage Your Credit

Another key way to improve your credit rating is to get some credit. This can be a store card, credit card, loan or other form of credit. Whichever you choose, the trick is to manage it well. That means making payments on time and in full, no defaults, no arrears and definitely no CCJs. Managing existing credit well looks good on your credit report and makes you a good risk for further credit.

Good credit history, responsible banking and traceability will help to improve anyone's credit report. And if you have got bad credit there are still many loan and credit products available to you. If you manage those well, then you could be on your way to a better credit report.

Joe Kenny writes for the UK personal finance sites http://www.ukpersonalloanstore.co.uk and also http://www.cardguide.co.uk

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