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How Can I Improve My Credit Rating FAQ

How Can I Improve My Credit Rating?

Secured Loans > How can I improve my credit rating

How can I improve my credit rating?

You could improve your credit rating in a number of ways. One is to pay off loans on time and in full.

Improving your credit rating is about showing good financial habits. Use your credit card but pay the balance on time – along with all your other bills.

Register on the electoral roll and close any unused credit cards and other accounts. Also, be mindful that any new accounts you open may affect your credit rating.

  • Make loan repayments on time and in full
  • Use your credit card but pay the balance on time – along with all your other bills
  • Register on the electoral roll
  • Close unused credit cards and other acccounts

Making your agreed loan repayments on time and in full each month can be one of the most effective ways to improve your credit rating. If you are struggling with multiple monthly loan repayments, you may wish to consider whether a debt consolidation loan could help you better manage your payments.

Register on the electoral roll – this helps lenders verify your address. Closing unused credit cards and other accounts could also help to improve your credit rating; this will reduce the amount of credit you have access to. While you may not owe money to these old accounts, in the eyes of prospective lenders, there is the potential to borrow more money.

However, bear in mind taking out any new loan may also affect your credit rating (though the effect may only be temporary).

Warning: Late payment can cause you serious money problems. For help, go to moneyhelper.org.uk
Representative 28.96% APRC (Variable) - For a typical loan of £20,950 over 85 months with a variable interest rate of 23.00% per annum, your monthly repayments would be £537.44. Including a Product Fee of £2,095.00 (10% of the loan amount) and a Lending Fee of £714.00, the total amount repayable is £45,682.15. Annual Interest Rates ranging from 11.7% to 46.5% (variable). Maximum 50.00% APRC. The loan must be paid back by your 70th birthday. Read more.

Think carefully before securing debts against your home your home may be repossessed if you do not keep up repayments on your mortgage or any other loan secured against it. If you are thinking of consolidating existing borrowing, you should be aware that you may be extending the terms of the debt and increasing the total amount you repay.
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